“It’s insanity. Philip has done nothing wrong.” These were the words of one private equity adviser yesterday bemoaning the departure of 3i Group’s chief executive Philip Yea.

While the reasons for the departure remain unclear, many would share that sentiment. Yea was widely credited with implementing the sensible strategy of diversifying 3i's business model. At a time of booming private equity investments he steered the firm away from the lower mid-market towards larger deals in new sectors and new geographies, as well as developing the infrastructure practice.