Permira has made a €3bn ($3.4bn) first closing on its new European buy-out fund in just four months, defying the most difficult fundraising climate of recent years.

Permira has succeeded where other well-regarded firms are struggling. Industri Kapital has been trying to raise a €2.5bn fund for more than a year while the timetable on Doughty Hanson's €3bn fund has slipped back. Terra Firma, Guy Hand's new firm, and Charterhouse have cut their targets from €3bn to €2.5bn.