Edoardo Bugnone, partner of Swiss-based Argos Soditic, middle-market buy-out specialists, started his new role as chair of EVCA last week. He takes over just as the industry has hit its most troubled waters in the best part of a decade.

Speaking at the symposium, he said: 'It was a surprise how much money was raised last year we had expected a slowdown in the second half. There is still a lot of appetite for a growing industry in Europe.'