Private equity has come in for its fair share of public scrutiny in recent years, not least over the politically charged issue of tax.

At a time when people across Europe are braced for more austerity, the buyout sector has faced questions over the morality of low tax rates paid on carried interest, the share of investment profits made by the general partner - the team that manages the investment funds for limited partners, or investors. In the UK, it is taxed at 28% as capital gain, rather than up to 50% as income.