The moribund state of private equity has been depicted in half-year reports on the troubled sector, which showed how activity tumbled in the first six months of the year. Global buyouts hit a 12-year low with an 82% drop on the same period last year, while fundraising also generated its smallest amount in five years.

Buyouts in the sector totalled $24bn (€17bn) in the six months to the end of June, down from $132bn last year, according to data provider Dealogic. The number of buyouts fell 54% to 524.