The private-equity market is expected to be dead for the next year or so but one of the first big deals to come on to the market could be the giant AA-Saga Group combine.

SVG, the old Schroder Ventures group which invests most of its money in the Permira private-equity group, said today: “We believe the next six months will remain fairly quiet in terms of private-equity deal activity.

“Exit windows are likely to remain limited and we do not expect to receive major distributions over the next 12 to 18 months.”

That said, SVG's new chief executive Lynn Fordham intimated, companies like Acromas — the new name for the merged AA roadside rescue company and Saga, the leisure combine targeting the over-50s — and Birds Eye iglo, the fish finger maker once owned by Unilever, could be first that Permira puts up for sale. That is because, said Fordham, they have gone through the restructuring needed.

The companies have also been on Permira's books for some time, five years in the case of the AA and three years in the case of Birds Eye.

The exit, said Fordham, could be through a trade buyer or flotation.

SVG today reported an 18% slump in the net asset value of its investment portfolio to £534 million.

“We are seeing a stabilisation in earnings in our investments after the dramatic falls we had seen earlier,” said Fordham.

Other Permira and SVG investments include gambling house Gala Coral and retailer New Look.