When one of the world’s most senior private equity figures stood on a stage in Berlin earlier this summer to talk artificial intelligence, he had one message for the buyout industry: "This is real."

Greg Mondre, co-chief executive of tech investment giant Silver Lake, told delegates at the SuperReturn conference: "Some of you may say you’ve heard this before, or ask if it’s real this time. My view is it’s real… The next mega-cycle is AI."