Sales of private equity-backed businesses fell this year, as buyout houses focused on spending the vast quantity of money raised over the past two years.

European private equity sales dropped nearly one-third to €39.9bn in the first half of 2018 through to June 15, down from €61.1bn in the same part of 2017, according to data from the Imperial College Business School. Firms closed 185 exits during the first half of 2018, compared with 232 exits in the equivalent period of 2017.