Buyout firms that have not raised funds in the last two years appear to be more reticent in their ability to invest during the downturn.

In a ranking of the 10 most active mid-market buyout firms in Europe this year, compiled by Financial News with data from Dealogic and Preqin, just two had raised funds before 2008. The same was true for firms when ranked by value of deals, with six of the top 10 having raised a fund in the last two years.