For a country that was until recently the second-largest private equity market in Europe in terms of deal volume and deal value, the decline of the French buyout industry has been striking.

Total deal value fell by 45% year on year - from $28 million in 2014 to $15.3 million in 2015 - while the number of deals completed dipped under the 200 mark for the first time since 2004, according to data provider Dealogic. France fell to third place behind Germany in the rankings. At the same time, the value of deals in first-placed UK rose from $70 billion to $78.8 billion.