The business world is full of examples of entrepreneurial founders who face the tricky issue of succession planning, from Sir Martin Sorrell at advertising group WPP to Sir Richard Branson at Virgin.

Nowhere is the challenge of changing the guard more apparent than in private equity, where the issue is brought up every time a firm raises a new fund. Coller Capital, Advent International and Gresham Private Equity are just a few of the firms dealing with generational changes, which require careful planning. Investors are demanding they are kept in the loop.