Three of Europe’s biggest listed private equity groups on Friday reported drops in the value of their investment portfolios for the first half, while indicating they might be past the worst of the financial crisis.

SVG Capital, the biggest investor in UK buy-out house Permira, said its net asset value per share fell 18 per cent in the six months to June as it reported a net loss of £120.9m ($197.2m), against a £187.2m loss a year beforehand. SVG shares fell 9p to 129p.