European private equity firms have found it difficult in recent years to offload their portfolio companies and return money to investors. Failed auctions have become common, with buyers and sellers unable to agree on prices, and until recently, initial public offerings have been out of bounds.

To compound the misery, European corporates have been sitting on piles of cash, reluctant to take part in auctions. These factors have led buyout firms and their advisers to look further afield and explore largely untested options.