When it comes to winning business with financial sponsors, it is all about capital – both intellectual and financial. Each is in demand at different points of the life cycle of an investment, and each is key to ensuring that investment banks are able to service financial sponsor clients during every stage of the ownership.

On intellectual capital, Harry Hampson, head of financial sponsors for Emea at JP Morgan, said: "Typically, it is ideas, it is bringing good industry coverage, it is being innovative in terms of financing ideas. It is a mixture of things. I don't think it is as simple as having nice lunches with them. You need to be thoughtful in your approach and try to provide value add."