It is difficult to enter the world of private equity. Even for executives who have been working in the industry for years, the odds are normally against them if they try to start a new firm.

So-called first-time fundraisings have struggled since the financial crisis. While a record $97.5 billion was raised by 429 funds in 2007 globally, by 2009, this had fallen to $44.1 billion by 267 funds, according to data provider Preqin. Last year, 278 funds raised $41.4 billion.