Conni Jonsson, the managing partner of Nordic private equity firm EQT Partners, questioned the private equity industry's culture of secrecy, aggressive use of tax avoidance measures and lack of diversity in a taboo-tackling speech at the SuperInvestor conference in Paris.

Jonsson - who will step down from his current position into the role of chairman at EQT in March - said private equity firms including EQT needed to "wake up" and acknowledge their important role in society, and said private equity firms were more accountable than ever to the general public, trade unions and the media.