In theory, listed private equity funds offer a compelling investment opportunity. Not only does it offer smaller investors some exposure to an asset class that typically has minimum fund commitments of £1 million in addition to high annual fees, it also offers liquidity as selling shares is easier than selling fund stakes.

However, since listed private equity share prices collapsed in 2008, investors have remained wary. For roughly the past eight years shares for the listed private equity sector as a whole has been trading at a minimum of double-digit percentage discounts to the value of a firm's underlying assets, or net asset value.