The topic of private equity and its regulation currently appear to be provoking heated debate and dividing opinion on an almost unprecedented scale. This address will consider the regulation of private equity from three different vantage points: first, the regulation of private equity as an economic activity; second, its regulation for reasons of financial stability; third, the regulation of private equity as an investment vehicle. Taken as a whole, it is important that we maintain a balance when regulating private equity to ensure that opportunities for economic growth can be utilised without incurring excessive risks.