US private equity firm Cerberus Capital Management is planning a return to the fundraising market early next year in a key test of investor confidence, following its high-profile problems with investments in carmaker Chrysler Group and lender GMAC.

The firm is expected to raise substantially less than the $7.5bn it raised for its 2006 fund, according to investor sources, with one saying it might be as much as 20% less. But another said the firm had already received inquiries from investors. Cerberus declined to comment.