Go Equity, an Austrian private equity firm, has raised €54m ($53m) on its second fund, which is more than one third of the total amount of funds raised by all players in the under-developed Austrian market in the whole of last year.

Chris Kennedy, who led the fundraising for Go Equity, said Austria was not only a very promising prospect, but also that competition for deals in the country was virtually non-existent. He said: "We have never had to bid against other firm. It is an under-penetrated market and deals are acquired cheaply."