Like a mirage, the faintest suggestion of a recovery in global deal activity shimmered on private equity’s horizon during the second quarter. However, practitioners are hoping that – unlike a mirage – the hopes will not evaporate, and something substantial will emerge as the year wears on.

The total amount of money invested was up on the previous quarter by 23% and a small collection of buyside deals of more than $500m (€357m) has left some grounds for optimism.