A sharp fall in the share price of UK retailer Debenhams has heightened concern among asset managers that private equity houses float the companies they own at too high a price.

Texas Pacific, CVC and Merrill Lynch secured 195p for Debenhams' shares last May. They fell 11p to 173p last week, following news that sales in the 19 weeks to January 13 were down 4%, against strong rises at rival department store groups Marks & Spencer and House of Fraser.