A managing director at Warburg Pincus has defended the private equity firm’s decision to take its share of profits from funds it manages before reaching a minimum rate of return.

Speaking at the SuperInvestor conference in Paris on Tuesday, Martin Dunnett, a London-based managing director in the US-based private equity firm's fundraising and investor relations team, said that when raising the firm's latest flagship fund, just one investor out of 270 said that the lack of a so-called hurdle was a problem.