It was already difficult for newcomers to the private equity industry to launch debut funds. Now it has become even more arduous as the coronavirus pandemic pushes investors towards names they know and trust.

“In these conditions, emerging managers are basically off the game,” says Gareth Smith, head of private equity and real estate for Emea at fund administer Apex Group. “There is going to be more consolidation among stronger players with a good track record winning investor confidence,” Smith adds.