The Asian buyout industry has suffered a fresh blow after Tokio Marine Asset Management, a large Japanese investor in private equity, said it may cut its commitments to the asset class by up to three-quarters this year.

The asset management division of Tokio Marine, which is one of Japan's biggest insurers, typically commits between ¥15bn and ¥20bn a year (€115m to €153m) but may cut this to ¥5bn for 2009, the company confirmed through a spokeswoman in London.