Private markets are set for a regulatory reckoning, as the Financial Conduct Authority becomes the latest watchdog to set its sights on how assets are valued and whether too much risk has built up.

The FCA did not disclose the number of firms being probed or the exact stage of its enquiries as it revealed on 5 October that it was planning to review the sector. But it is far from alone among global regulators in trying to get a handle on the murky world of private markets.