In today's tougher, more mature private equity market, entrepreneurs have an increasingly significant role to play alongside private equity and venture firms to make investments work. This was the unanimous verdict of the panel of experts' at this year's Financial News awards for excellence in private equity seminar, which addressed the issue of entrepreneurship.

John Lovering, a serial entrepreneur and chairman of UK group Debenhams, the Laurel Pub Company and Fitness First, companies backed by buy-out firms, said: "The old days, when private equity firms could make money through buying from unsophisticated sellers and financial engineering, are over. If they want to generate money they have to make a step change in the business. Entrepreneurs are becoming increasingly important to them."