UK fund of funds SL Capital Partners has reached the half-way point to raising a vehicle to invest in small private equity funds despite it being the worst period for such fundraising since the onset of the financial crisis.

SL Capital European Smaller Fund I has reached a €155m second close, according to a person familiar with the situation, after reaching €75.8m for its last close in October. The fund is targeting €300m. SL Capital declined to comment.