In 2007, following criticism from politicians and the media, the UK private equity industry faced a Treasury Select Committee inquiry into its practices. Following that, a code for buyout firms operating in the UK was drawn up by former Morgan Stanley banker Sir David Walker to encourage greater transparency at portfolio company and general partner level. In the years since, the industry has taken slow, tentative steps on the road to compliance.

The guidelines require private equity firms to provide certain financial employment and environmental information for their UK-based portfolio companies.