Excessive use of cheap debt in private equity was one of the hallmarks of the boom era. But six years to the month since the onset of the credit crunch, this year is proving to be one of the buyout industry’s best years yet for debt provision.

By August 1, $41.2 billion worth of debt had been raised for private equity-related deals in Europe this year, according to data provider Dealogic. This is the highest level on record and has already beaten last year's full-year high of $34.4 billion.