London-based buyout manager Montagu Private Equity is in talks with investors to alter the fund documents for its latest investment vehicle to enable it to use bank debt for longer and boost its returns.

The European-focused firm, which closed its fifth buyout fund in September 2015 after hitting its €2.75 billion hard cap in just eight months, is trying to change the fund's documentation so it can borrow money against the vehicle for up to 190 days, according to people familiar with the matter. It needs 75% of investors to agree to this change, one person added.