The British Venture Capital Association caused outrage among private equity hacks by not inviting the press to the BVCA annual dinner last Thursday, attended by 1,470 guests. Perhaps it was to avoid heckling through the speech by Edmund Truell, BVCA chairman, which concluded: 'To sum up: it is tough out in the real world. In private equity, it is better to be a lucky investor than a good investor. Be lucky!'