The issue of private equity can be polarising with 64% of managing partners at mid-tier accounting firms telling ICAEW that private equity was ‘not [or] not at all attractive’ to their firm, while 17% said they saw remaining independent as an opportunity.

Negative views of private equity were dominated by concerns over investors’ impact on autonomy, client relationships and cultural alignment, found an ICAEW survey of mid-tier firms.

While many bosses may not want investment from private equity, 57% of managing partners ranked it as a major disruptor and one of the top three macro trends impacting the profession.