The amount spent by European private equity firms fell 29% to €38.8bn in the first half of 2019 compared to the previous year, due to political uncertainty surrounding Brexit, according to a new report.

The number of private equity-backed acquisitions in Europe dropped to 275 in the first half of the year, down from 419 with a total value of €54.4bn over the same period last year, according to the Centre for Management Buyout Research at Imperial College Business School.