The company said its investors had agreed to put the new fund on hold until 6 October, by when it hopes to have settled doubts over its future.

In return, the group will cut its management fee. It will still charge investors a 1.5 per cent fee, but will levy it on the £150 million it has invested out of the fund so far, instead of its €3 billion of committed capital.

Private equity fund-raising has decelerated sharply in recent months, industry figures show, as investors such as high net worth individuals and institutions have drawn back from this asset class. The sector has been hit by the spike in borrowing costs last year and the increased cost of financing buyouts.