Private equity secondaries specialist Coller Capital has invested almost half a record $4.5bn (€3.1bn) fund it raised last April as institutional investors seek to generate liquidity by cutting their exposure to the asset class.

Coller has invested $1.8bn, more than 40%, of the fund it raised less than 12 months ago, according to sources close to the firm. Despite its rapid pace of investment it does not intend to raise a new fund this year, the sources added.