Deutsche Beteiligungs, Germany's oldest private equity firm, is looking to raise €51m ($64m) through a rights issue as a prelude to launching a new fund in the next 18 months.

German banks Sal Oppenheim, Landesbank Baden-Wuerttenberg and Cazenove, the UK investment bank, have underwritten the issue. Deutsche Beteiligungs said it will use the proceeds from the rights issue for investment.