Deutsche Beteiligungs has raised €228m ($256.3m) for Germany's largest buy-out fund since 2002 but still missed its €250m target as fundraising conditions continue to be difficult.

The firm, Germany's oldest private equity business, has closed its fund after a year of knocking on investors' doors. It is its fourth fund, but the first that it will manage for investors outside its group of shareholders. This means it has had to establish its credentials among a substantially new investor base.