Allianz, one of the world’s largest investors, wants private equity firms to standardise how they report performance and fees, throwing its weight behind efforts to improve transparency and reduce the risk of fraud in the fast-growing $4.1tn industry.

The German insurance company’s Allianz Capital Partners unit, which manages more than €32bn ($35.8bn) in private equity investments, has joined a new coalition that is pushing to create common standards for reporting.