The huge pools of capital around the world have pushed valuations towards a peak not seen since before the global financial crisis, says the founder of private equity firm BGH, Ben Gray.

And as his $2.3 billion firm prepares to take over listed education group Navitas in the next month, Mr Gray has weighed in on the rash of public-to-private deals in the Australian market, arguing many companies benefit from being out of the market’s glare.