Capvis Equity Partners, the Swiss mid-market buy-out firm, has closed its second fund on €340m ($401m) - ahead of target, despite the retirement of two of its partners.

A spokesman for the firm said the fund had been substantially oversubscribed with demand from institutional investors worldwide. He said: "We had to scale back investors in order to stay within the maximum fund size." Capvis' original target was €300m. It used MVision as a placement agent to help raise the funds.