Access Capital Partners, the Paris-based fund of private equity funds business, has closed its second fund after raising €277m ($270m), far less than its original target of €400m.

The original target was set in January 2001, but the amount raised is less than Agnes Nahum, a founding partner at Access, had predicted even in April of this year. Five months ago, she warned that investor appetite was subdued and said she expected the fund to raise between €300m and €400m.