Carlyle Group is looking to capitalise on the growth of Europe's shadow banking system, according to the head of the US private equity giant's financial services team, which today agreed its first deal on the continent.

Olivier Sarkozy, global head of Carlyle's financial services team, said: "What we see as being very much of a trend that we'd very much like to capitalise on is the development and growth of what is known as the shadow banking system [non-bank financial sector]."