Mid-market UK private equity firm Phoenix Equity Partners, an early backer of shoe retailer LK Bennett, is making progress with its latest fundraising, which is nearly halfway to its target..

The London-based firm has so far collected commitments of around £200 million from investors for its fourth fund, which is targeting £500 million and has an upper limit or 'hard cap' of £575 million, according to a person familiar with the matter.