Vincenzo Morelli, the outgoing chairman of The European Private Equity and Venture Capital Association, has praised the performance of the continent’s private equity and venture capital firms since the crisis, but said the industry is to blame for many of outsiders' misconceptions.

At the EVCA Symposium in Istanbul, Morelli, a partner at TPG Capital who will step down as EVCA chairman later today to be replaced by Harbourvest's George Anson, said the private equity industry had shown "resilience" through the 1992 recession, 2002 dot-com crash, and 2008 financial crisis.