As 2015 unfolds, more private equity firms, particularly those outside Europe, must ensure they comply with the European Union’s Alternative Investment Fund Managers Directive. In some cases, however, the steps they take to do so could leave European investors out in the cold.

Simon Beedle, head of private equity at fund accounting and software firm SS &C Technologies, said: "A lot of managers have their heads around that regulation and are looking to launch new funds. I see a lot of activity gearing up toward [2015]."