Investors may think that private equity bosses have been sunning themselves on the beach during the credit crunch. In fact, many have been busy primping their portfolio companies for sale. Some of the world’s largest funds, including Kohlberg Kravis Roberts, Blackstone and Permira, are all looking to exit investments. KKR has already filed for the listing of Avago, a Singapore-based semiconductor business, and Dollar General discount stores.

The motive for many, though, is not just a desire to return value to their shell-shocked investors. About 20 per cent of private equity funds have only one year until expiry and one-third will expire within two years. To raise a new fund, a proven track record of successful exits is mandatory. Europe-based BC Group’s most recent fund expires in November 2010 and new fundraising will be heavily influenced by planned public offerings worth perhaps more than €10bn. But for many mature funds the waters ahead may be choppier still.