The value of deals in Europe's private equity industry fell to its lowest level in a decade during the fourth quarter last year, according to new research, thanks largely to a collapse in the value of buyouts in the region.

The total value of European deals, including venture capital transactions, fell 59% from €20bn ($25.6bn) in the third quarter to just €8bn the final three months of the year, the lowest level since 1997, according to the latest barometer report produced by buyout firm Candover.