While firms make the most of favourable market conditions, there are lingering concerns over what could happen when the music stops.

A trickle of fund managers choosing to link carried interest to their impact and ESG targets is good news for private markets, showing the industry is serious about its sustainability goals.

Money has been flooding into growth equity, with $70.5bn raised for the strategy in H1 alone. Increased competition and macroeconomic headwinds pose a stern challenge.