In his first interview for five years, Antonio Alvarez III, son of the firm’s founder and head of Europe, said the new focus comes as buyout firms are putting more effort into making operational improvements to their portfolio companies.

It also comes as leverage has dried up, and in many cases formal restructuring processes have been put on hold as bank lenders renegotiate their terms. "Given upheaval in the private equity asset class, purchase multiples have dried up so there is a greater emphasis on operational improvement," he told Financial News.