The average life span of a private equity fund has reached “an unprecedented” 13 years, amid concerns about the high fees charged on tail-end funds.

Online marketplace Palico said in a report this week that the median life span of a private equity fund - across all regions and sectors - had hit 13.2 years. The figure, which is based on 200 funds dissolved last year, has increased from an average life span of 11.5 years in 2008.