This year will be the worst for German private equity investment since 1999, according to the German Private Equity Association (BVK), despite an improvement in levels for the second quarter.

Members of the German association have invested just over €1.2bn ($1.16bn) in the first half of this year, which is more than €500m down on the first six months of 2001. The second quarter recorded €727.2m, up from €482.2m in quarter one this year.