Simon Borrows is by no means the first investment banker to beat a path into private equity, but the Greenhill banker’s impending move to become 3i Group’s chief investment officer is more prominent than most. While his career has been spent in corporate finance, he will be no stranger to his new role.

Seventeen years ago, in June 1994, Borrows was the director at Baring Brothers who led the UK bank's work as sponsor of 3i's flotation, which was 1.7 times covered despite tough market conditions.