Investors are less likely to make new commitments to private equity funds next year after the asset class has left them dissatisfied and expecting lower returns, a new global survey has found.

The Coller Capital Private Equity Barometer found the amount of investors expecting net returns of 16% or more has fallen to less than a third (29%) after a difficult year for portfolio companies. In the previous annual winter survey last December, 43% of investors said they expected returns of 16% or more. The most recent figure is the lowest for five years.