A lack of large buy-outs is largely to blame for the value of private equity deals plummeting by 37% in 2002, a survey has revealed.

The total deal value for the first 11 months this year was €38bn ($39bn), compared to €60bn for the same period last year, according to figures from Initiative Europe, a private equity research group which has published the Europe Buy-out Review 2003. Only two €3bn-plus buy-outs were sealed, compared to four last year.