Times change, and so must a firm’s strategy. For Vision Capital, which one decade on from raising its first institutional fund focused on secondaries deals, is changing direction and moving into private debt, this is a principle the firm could not ignore.

When Vision Capital, led by former Goldman Sachs banker Julian Mash, raised $1 billion in 2006 for buying up legacy assets from buyout funds, it aimed to buy companies - or groups of companies - from funds that were nearing the end of their fund lives. One of Vision's highest-profile deals was the purchase of seven portfolio companies form Legal & General Ventures, a UK-based private equity firm in 2005 that the firm acquired from its pre-2000 portfolio. It was in many ways the innovator of its day.