It is admittedly a First World problem, but raising a new private equity fund can be a pain. Because private equity funds have a finite life, every few years firms have to traipse round potential investors collecting new money to keep the show running. Whatever they say, most private equity executives find it a real bore. The puzzle is why more don’t try a different model. Perhaps, if the Melrose bid for GKN succeeds, they will.

The fundraising grind is not the only drawback of the traditional approach. The cycle means there comes a stage in every fund’s life when remaining investments have to be sold to return the cash to investors, even if it would make more sense to hang on.