Star Capital Partners, the European private equity firm, has closed its first fund at €581m ($523m), exceeding its €500m target in a fundraising environment that is still difficult, particularly for a new firm.

Tony Mallin, chief executive of Star Capital, set up the firm in early 2000. He was previously vice chairman at Hambros, but left to set up his own fund when Société Générale bought the bank. He built a team of 13 and began fundraising in the autumn of 2000.