Direct deals, co-investments and secondaries deals carried out by the London-listed fund of funds managed by buyout firm Graphite Capital have hit one of the highest levels in the company's history, as it continues to diversify away from investing in third-party vehicles.

A total of 67% of deals, by value, carried out by Graphite Enterprise between January and September 25 were direct deals - defined by Graphite Enterprise as deals made by the Graphite Capital team partly funded by the fund of funds - co-investments alongside a fund manager or second-hand private equity assets, according to Tim Spence and Emma Osborne, senior partners at Graphite Capital.