Shriti Vadera, a powerful adviser to chancellor Gordon Brown and a former investment banker, met senior executives from Apax, BC Partners, Blackstone, Permira and 3i to discuss how they planned to deal with unions, portray their industry in a better light and address issues relating to a perceived lack of transparency.

The Treasury was concerned that vocal attacks from unions on private equity as asset strippers who sacked thousands of workers were placing it under political pressure to act against the industry even though it was was reluctant to do so.