When annual activity in a market soars by $15 billion in a few years and is expected to keep growing, it would be no surprise if hopefuls rushed in, eager for a slice of the action.

The market in which investors buy and sell stakes in private equity funds shot up from $25 billion a year in 2011 to more than $40 billion in 2014. In a market growing at such a pace, the attractions of becoming an adviser - a firm that charges fees to handle the trades - are obvious, but entry is not as easy as it might look.