In September 2010, in a brief period of calm between the financial crisis and the eurozone turmoil, the largest European buyout firms were limbering up to raise €50bn over 18 months to ensure their long-term survival. It was to be their first big post-crisis test, but it was not to last, and storms in the European sovereign debt markets made the outlook somewhat less sunny.

For many of the fundraisers, braving the storm to seek new commitments from investors was a step too far. Poor sentiment left some with little choice but to wait on the sidelines and save the big ambitions for a less rainy day. Only the luckiest will have that option.