To lose one senior private equity executive might be regarded as misfortune, to lose two looks like carelessness. To lose a raft of senior figures, when coupled with the near collapse of some of its firms and a wholesale change in its business model, suggests something more dramatic.

The industry has witnessed a changing of the guard in recent months that is unprecedented in years. There has been a succession of senior departures. Some have been rehearsed with succession handled seamlessly. Others, such as the departure of PAI Partners chief executive Dominique Mégret last month, have been characterised as a "palace coup".