Argan Capital, the European private equity business that span out from Bank of America in 2006, will not return to fundraising until 2013, in a market where an increasing number of firms do not have fresh capital to deploy.

Lloyd Perry, managing partner of Argan Capital, said that the firm had spent the past 12 months shoring up its portfolio companies and now aimed to achieve exits of "at least one or two" of its businesses in 2013.