At a time when the largest private equity funds are taking an ever-rising share of investor capital, some in the industry are taking the view that small is beautiful, FN's sister publication Private Equity Newsreports.

Capital flowing into private equity in recent years has overwhelmingly found its way into funds raised by established firms. While more money was raised by private equity firms in 2017 than ever before, first-time managers raised less than they did a year earlier. They raised a total of $26bn across 226 funds, down from $36bn across 283 funds, data provider Preqin said in a report in February.