The European private equity industry proved its resilience last year by raising almost as much capital after the credit crunch began as it did in the first half of the year, according to research commissioned by industry trade body the European Private Equity and Venture Capital Association.

European firms raised €74.3bn ($115.6bn) last year with 50.7% of that in the first half and 49.3% in the second. This was the second highest amount on record beating 2005’s total of €71.8bn but was substantially less than 2006’s record of €112.3bn.