In absolute terms, matching last year’s run of blockbuster deals was always going to be a tall order for the private equity firms operating in Spain.

The record €4.1bn in investment – measured purely on the equity element – recorded in 2005 included the sale to Cinven and BC Partners of Amadeus, the global travel IT group, for €4.35bn and the €2.25bn sale of Auna, the cable operator, to a consortium comprising Ono, a competitor, and four private equity groups.