The four years between football's World Cup can feel like an eternity to the game's ardent fans. It is, however, but a moment compared to some of the European Union's more protracted negotiations, especially if your industry is directly affected by the outcome.

As the world's favourite sport is entering the final stages of its quadrennial jamboree, the European Commission is on the brink of a decision that will have a far-reaching impact on the region's private equity community, freeing pension funds to invest in the asset class.