Experienced mountaineers say Mount Everest is not necessarily the most difficult mountain to climb. The difficult thing is getting back down alive. It is a position some private equity firms may relate to after a bonanza of deals prior to the credit crunch was followed by a dearth of exit opportunities.

In recent months, however, there have been increased negotiations with bankers about the use of initial public offering as an exit route. Several household-name portfolio companies owned by Europe's largest buyout firms have been linked with a potential flotation.