Relations between buyout firms and investors "have passed their nadir", according to Carlyle Group co-founder William Conway, with appetite for the asset class, and in particular co-investments, set to increase.

Speaking at the British Private Equity and Venture Capital Association's 2012 Summit event in London, Conway said that since the financial crisis the private equity industry had made great strides in improving both transparency and reporting standards, to which investors had responded positively.