Official figures from the battered German private equity and venture capital industry have a shown an apparent slight improvement in its fortunes in the final quarter of last year - but in reality the numbers flattered to deceive.

Most of the improvement came from an increase in members joining the BVK, Germany's national venture capital association, which tracks the investment of its members. They invested €1.9bn ($1.7bn) in 500 companies, of which €712m came from new BVK members, including some big buy-out houses.