In the aftermath of the financial crisis, most of Europe’s banks re-assessed their love affair with private equity. Some retreated from lending to buyout houses altogether, others sold off old non-performing loans, while many began the long process of waiting for debt-laden boom-era deals to conclude via a sale or refinancing. Others, such as Royal Bank of Scotland, have taken a more proactive approach, converting the debts it had in 300 troubled companies into equity and managing them back to health.

At the epicentre of the UK's role in the global financial crisis and still 81% owned by the UK taxpayer, RBS has largely retreated from lending to new buyouts, and does not wield the influence over today's private equity market it once did. But not all of the bank's post-crisis strategy has been so risk averse.