Growth and venture deals accounted for most private equity activity in France in the first quarter as the buyout market remained virtually closed. Total deal values fell by 78% from the first quarter of last year to $548m (€413m) in the first quarter of this year, according to data provider Dealogic.

The fall came as total European buyouts fell by 90% to $2.8bn in the same period. Global deal values dropped by 85% to $9.9bn.