A retrenchment by private equity investors in the UK mid-market has been blamed for a failed fundraising by a buyout firm that was spun out of ABN Amro five years ago.

AAC Capital Partners UK, the buyout firm formed out of a spin-off from the Dutch bank, has failed in its quest to raise a new fund, meaning that it has gone into "run-off". A firm that is in "run-off" sells its remaining assets without acquiring any new ones.