The controversial practise of private equity firms using dividend recapitalisations to take payouts from their European portfolio companies is at the highest level since the onset of the financial crisis, according to Dealogic figures.

In the first three quarters of this year there have been $8.2 billion worth of dividend recapitalisations for 20 private equity-backed deals in Europe, the highest level since the same period in 2007, when $38 billion worth of recaps were done for 36 deals.