The issue of succession looks set to linger for the industry as it navigates what Harley called “the shake-out phase”. The manner in which the baton is passed from senior executives to the next generation of buyout firm heads will be an important element in the evolution of the buyout industry. Many buyout stalwarts remain firmly in place with no intention of stepping down, but there will be further departures. The new guard is waiting in the wings.

• Absent on parade: the old guard march off