European mid-market private equity firm Langholm Capital has made its third investment by placing £24.5m (€36.6m) - around 15% of its equity - in Just Retirement, a start-up financial services company targeting pensioners.

Langholm was prevented from adding debt to the deal due to regulatory rules following the collapse of Equitable Life, a UK life assurer. Langholm had its second and final close of its first fund at €242m ($298.7m) in December, after a first close in September 2002 at €225m.