CBPE Capital is believed to be on the brink of closing its first fund since spinning out from investment bank Close Brothers at the end of 2008.
According to Reuters, the firm has raised a £400m (€459.2m) vehicle, which is shy of its original target of £500m, but larger than its previous fund of £360m, raised in 2004. The fund is the eighth raised by the team, but the first since it claimed its independence.
The firm is understood to have enjoyed a strong fourth quarter of fundraising after a slow start earlier in 2009 in what was an incredibly difficult fundraising environment.
The CBPE close does suggest a slow defrosting of the fundraising market. Other firms to have closed funds include US firm Clayton Dubilier & Rice, which raised $5bn (€3.5bn), although it missed its $7.5bn goal.
UK mid-market firm HgCapital is also on the brink of closing its latest fund, a vehicle of more than £1bn and double the size of its predecessor fund.