In 2007, when Sir David Walker set out transparency guidelines for the UK private equity industry, the world looked very different. Speculation about a possible buyout of a FTSE 100 company, coupled with criticism in the mainstream media of private equity treatment of household names, meant the guidelines were focused on very large buyouts.

Since such deals have died away, the code has ended up applying to only the top 2% (by size) of private equity-owned companies.