Banc of America Equity Partners Europe, the private equity arm of Banc of America, will be clinging to the safe harbour of old economy investments targeting the middle market buy-out with its new €590m ($508.8m) fund.

The fund is a fully captive fund which means it has no external investors. Banc of America, the sole limited partner of the fund, has in effect doubled its commitment to the fund which has already drawn down €300m from its parent bank.