Private equity fundraising remains muted as the industry grapples with unsold assets acquired at higher valuations. Industry leaders at the recent SuperReturn conference in Berlin said managers who fail to demonstrate value creation will struggle in fresh fundraising rounds as competition drives up asset prices.

The asset manager has said the legal claim by the North East Scotland Pension Fund - which centres on investments in wind farms which lost 83 per cent - is based “entirely on hindsight”

Fund management companies which are mid-sized may find themselves in “no man’s land” where they are not small enough to be nimble but not big enough to compete against the industry behemoths

Asset managers will need to demonstrate a commitment to good governance as defined contribution master trusts consolidate in time for 2030, according to Jonathan Lipkin, director for policy, strategy and innovation at the Investment Association.