European mid-market private equity firm Agilitas has announced its first buyout, on a deal-by-deal basis with the backing of co-investors, ahead of the imminent first close of the firm’s maiden fund, in a rare but growing example of emerging fund managers financing deals outside of a traditional fund structure.

A deal-by-deal buyout is where firms raise money from investors for individual deals when they do not have a fund. Two people familiar with the matter said in March that Agilitas is due to hold a first close this summer, having received preliminary commitments of about €150m.