Secondaries investors have historically managed to avoid the headlines, unlike the high-profile buyout of Danish telecommunications provider TDC in 2005.

Permira, Blackstone Group, Kohlberg Kravis Roberts, Apax Partners and Providence Equity Partners bought an 88.2% stake in the listed company for €13.4bn. The deal represented the biggest buyout in Europe at the time and is still the second largest five years on.