Tough fundraising conditions after 2009 shook up the private equity industry, concentrating capital in the hands of those firms viewed as the best performers. After four years in the doldrums, private equity fundraising picked up sharply last year, with $431 billion raised, according to figures from data firm Preqin.

The figure is still some way below the $688 billion raised in 2008, but large funds from Apollo Global Management and CVC Capital Partners, and record deal firepower of more than $1 trillion, have fuelled the belief that the industry is clawing its way back to where it was before the financial crisis.