The UK’s Department for International Development has today congratulated itself on securing a decent payout for the chunk of emerging markets private equity firm Actis. It is significantly more than the $229,000 (£373,000) Actis managers paid for 60% of the business in 2004.

But it is difficult to value a private equity firm. Traditionally in such situations there has been no value placed on carried interest because that is already allocated to the individual partners, according to advisers.