German politicians may deride them as “locusts”, but when it comes to their investment decisions, private equity managers are proving remarkably unfazed about evaluating the opportunities offered by Europe’s biggest economy.

Together with France, Germany is shaping up as the top destination for private equity funds over the next five years, according to a study published on Monday by PwC. The consultants’ survey of 98 – mainly European – fund managers based outside Germany, showed 39 per cent were planning to invest in the two countries between 2007 and 2012.