Private equity is rarely accused of hyperbole so David Rubenstein, co-founder of Carlyle Group’s observation that “the greatest period is probably ahead of us” as “you will see the industry coming back into the Platinum Age – better than its ever been” was probably meant to be taken at face value.

His talk in May to students at the Wharton Private Equity Club said the golden age of private equity ran from 2002 to the middle of last year – the trough to peak of market sentiment, debt terms and availability and fundraising in the past cycle.