These funds tend to be valued on their dividend yields, they have performed poorly as interest rates have risen, but the 3i fund has raised its net asset value by 87 per cent over five years, which shows that investment returns can be competitive.

However, investors are well aware these assets have a cyclical element. Perhaps the UK’s oldest investment vehicle, investment trusts, backed by the retail public and with the transparency of any public company, would be a better source of long-term private capital for investment in the UK.

Simon Edelsten is a former global equity fund manager