The performance of private equity-backed firms that have been returned to the public markets in the US appears to be worse that in Europe.

US companies listed by financial sponsors since 2003 have underperformed other flotations by an average 15%, according to research by Financial News. This is a reversal from last year, when shares of buyout-backed flotations between 2003 and April 2008 outperformed other initial public offerings by 50%.