Investors in private equity are more powerful now than they have ever been. In the industry’s boom era between 2005 and 2007, top buyout firms could effectively name their price to eager limited partners, or investors – but the financial crisis ushered in a new era of plunging fund values and poor fundraising conditions that has returned the reins of power to investors

As private equity firms return to the fundraising market, the support of the loyal investors that fuelled their early growth will be critical. At least 10 of Europe's largest buyout firms are preparing to raise €50bn over the next 18 months, according to research published two months ago by Financial News' sister publication Private Equity News.