Doughty Hanson, the European buy-out firm, has made a fourth investment from its new fund and bought Tumi, the US-based luggage maker, for $276m (€224m).

Doughty has returned $2bn from eight transactions in 18 months while fundraising for a new fund targeting €3.4bn and scheduled to close in just over two months. It has already spent €485m of that fund.