Apax Partners' decision to merge its US and European operations is the latest step in its attempt to institutionalise its business without sacrificing its core entrepreneurialism.

Clive Sherling, a director of Apax based in the UK, says his firm is a trailblazer: "I wish there were more models out there for us to follow." At the mention of 3i, he says: "I would agree it's institutional, but not entrepreneurial."