Gerrard Energy Ventures (GEV), the Luxembourg-based private equity firm set up earlier this year, is the latest fundraiser to suffer from the economic downturn and market uncertainty following the September 11 attacks on the US.

GEV is currently raising its first fund, focused on the European energy sector. The fund has a target of €150m ($138m), and GEV had hoped to close it by the end of the year. But since receiving a €20m cornerstone investment from Old Mutual and a Swiss private bank, fundraising has come to a standstill.