Private equity investment in Hungary, touted as the most important emerging market of central Europe, is slowing after the big boom of last year. During the first quarter of this year, only $8m (&euro9.2m) of venture capital and private equity investment went into Hungary, according to a survey by the Hungarian Venture Capital Association (HVCA).

This level of investment indicates a significant slowdown after a bumper 2000. According to HVCA numbers, $103m was invested in 47 Hungarian firms last year. That was up 150% on the previous year.