UK-based buyout firm Permira has become the latest firm to cut its target fund size after encountering problems on the fundraising trail.

The firm, which started fundraising in September 2011 with a €6.5bn target, is now aiming for between €4bn and €5bn for its latest fund. The fund, if raised, would mark a noticeable reduction in spending power for the firm, which secured €11.1 bn in 2006.