In my private equity, it was 'all business, all the time'. Off to the Paris office? Here's a £500 fully flex J ticket. Hotel per diem was £300 per night, pick what you want.
It was a partnership, we owned the company, we were all cool with it.
HFP retains the same policy :-)
My wife works for the tightest bank in the City but still gets business over 4 hours.