Spain's private equity market failed to repeat its gravity-defying performance of 2001 as investment fell 22% in 2002, taking it to below €1bn ($1.1bn) for the first time since 1999, according to a survey by the Spanish Association of Venture Capital Organisations (Ascri).

The value of European private equity investment overall has been falling since the end of 2000 but Spain defied the general trend in 2001, when the total invested in companies by private equity firms increased to €1.2bn from €1.1bn in 2000.