David Rubenstein, founder of Carlyle, the US-based private equity fund, was one of the first executives at a major buy-out firm to champion the idea of a public listing. But before he could convince his partners that the idea made sense, the market meltdown hit.

As the financial markets collapsed, private equity firms such as Carlyle shifted gears. Leveraged buy-outs became scarce. Rating agencies predicted bankruptcy for the heavily indebted companies the private equity firms had bought.