Sun Capital Partners, a US-based leveraged buy-out firm, took two months to raise $500m (€474m) for its third fund, which will specialise in turnaround and distressed companies in the US and Europe.

Sun Capital Partners - a separate enterprise from Pizza Express founder Hugh Osmond's investment vehicle - relied on existing investors to surpass its original target of $400m. Commitments came from the US and Europe, with pension funds, university endowments, high net worth individuals, families and trusts pledging funds.