Intermediate Capital (ICP), the specialist investment firm with €12bn under management, says it saw depressed levels of private equity activity in Europe in the final quarter of 2011.
The firm also says leveraged buyouts are decreasing as European banks "retrench".
ICP says money is now flowing in to capital restructurings of "solid companies".
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The firm reports it has made its first transaction in Australia, in the form of a 45% investment in the acquisition of bus operator Grenda Motors by Ventura Motors.
ICP has seen no defaults in its credit funds and has won a contract to manage a €100m portfolio of senior loans on behalf of an unnamed European institution.
New investments for the first nine months of ICP's accounting year totalled £111m.
It raised £35m in December through a retail bond but has so far not needed to tap its £724m credit lines.
Today's trading update saw Intermediate Capital Group rise 2.43% by 10.46pm. Over the last 12 months the stock has fallen 29%.
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