Private equity investors have got into the habit of trading in the same way as wealthy individuals have long bought and sold stakes in racehorses. But whether the market will continue to gallop ahead is still in question.

Following the financial crisis, when many investors in private equity funds were looking to shrink their allocations to the asset class, firms raising funds to acquire second-hand private equity fund stakes - known as secondaries investments - were inundated with capital. Deals are now starting to slow but, despite this, the sector remains very much part of the financial landscape.