Credit Suisse First Boston (CSFB) has closed a private equity secondaries fund at $1.925bn (€1.585bn), the third largest fund of its type to be raised.

A spokeswoman for the bank said the fund, CSFB Strategic Partners II, exceeded its target by $400m. The fund will give CSFB one of the largest concentrations of firepower available in the secondaries market, where firms offer investors a discount to buy their stakes in private equity funds.