Half-year figures for German private equity provided a slim ray of hope to an industry disheartened by some of the worst returns for a decade and the slump in US investment levels.

The German Venture Capital Association reported that DM3.3bn (€1.7bn) had been invested in 1,004 companies across all stages of investment, marginally up on the same period last year, when DM3.2bn was put to work.