UK mid-market private equity firm Duke Street has halved its workforce since 2011, as the firm adjusts to life without a permanent fund.

According to accounts filed at the UK's Companies House earlier this month, Duke Street cut its total number of staff by a third to 21 in the year ending December 31 2013, down from 31 in the previous financial year and 40 in the financial year ending 2011, when the firm first became an limited liability partnership.