Buyout firms have become increasingly reliant on first time investors to raise fresh funds, according to new research, as fundraising experts predict “mediocre funds” will face an uphill task maintaining their existing investor base.

Data provider Preqin's 2012 Global Private Equity Report has revealed 27% of buyout funds that closed in 2010 and 2011 had over 50% of capital contributed by investors who had not supported them before.