The chairman of HgCapital has urged private equity firms to address the issue of promoting youth in their organisations saying the industry can only prosper if their “imagination and intellect are allowed to run free”.

Ian Armitage, who gave the keynote address at the Private Equity News awards last night, said that a combination of older partners not retiring and "the increasing professionalism of firms' operations" was limiting opportunities for junior staff to gain a rounded view of investment process and build relationships, particularly with investors.