UK-listed private equity firm 3i has hit the upper target of €5bn ($6.4bn) for its latest round of fundraising for mid-market investments, after it raided its own balance sheet to provide 55% of the total.

3i increased the upper limit by almost half for its Eurofund V from an original €3.5bn target in the summer following high investor demand, as first revealed in Private Equity News. It has contributed approximately €3bn of the total €5bn.