At the beginning of 2007, Sir David Walker was asked by the BVCA and a group of major private equity firms to undertake an independent review of the adequacy of disclosure and transparency in private equity. Sir David completed this with a view to recommending a set of guidelines by the industry on a voluntary basis.

On 17 July 2007, Sir David issued a consultation document which sought views from the industry and related bodies.

On 20th November 2007, Sir David’s team issued their final guidance.

Part V of the Guidelines was amended in July 2014 following a consultation and is available here.  The latest edition incorporates all other changes that have been implemented since the Guidelines were first issued in 2007.