European private equity has changed beyond recognition over the past 20 years. In 1984, when NatWest launched its first private equity operation – later to become Bridgepoint – the European Venture Capital Association had fewer than 83 members. Today the association has more than 950 members and competition for deals has never been fiercer.

Twenty years ago, the idea that a private equity house might tinker with the operational management of a portfolio company would have raised eyebrows. Business models were driven by financial engineering and rising price/earnings multiples, while buy-out houses relied on proprietary dealflow to find transactions at attractive prices.