3i Quoted Private Equity, a fund floated by UK-listed 3i in June, has invested less than 5% of the capital it raised as turbulent markets caused its fledgling team to adopt a cautious approach.

It its inaugural interim results statement ,3i QPE, which invests in influential stakes in listed companies in the UK and Europe, said it had invested only £19m (€27m) of the £400m it raised in the June listing.