One of Europe’s most influential private equity investors has expressed a bearish outlook for the industry in the second half after enjoying a “favourable” exit market in the first six months of the year.

Partners Group Global Opportunities, a listed private equity fund managed by Swiss alternatives manager Partners Group, this morning released its first half results for 2011. The fund's net asset value, or NAV, rose 19% to €7.73 a share over the period. It also revealed it a €24.4m net cash position on its books thanks to a number of successful exits in the first half.