Inflexion Private Equity has launched its latest fundraising, setting its sights on an upper limit of £1 billion across two funds and a final close date of September 30, according to two people familiar with the matter.

Last month, it emerged that the UK-focused buyout firm would raise two funds - a £600 million main vehicle for mid-cap deals and a £300 million minority investment fund, called Partnership Capital. However, demand for the new funds has been strong enough for the firm to consider a £400 million upper target for the minority investment fund, which it is "likely" to hit, according to people familiar with the matter.