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BC Partners writes up fund value

Private equity firm BC Partners, which has estate agent Foxtons as its largest investment, wrote up its current fund by almost a quarter in the first half, returning it to par value, a person familiar with the matter said yesterday. The markup is one of the first signs that European buyout houses, who took steep writedowns last year, are enjoying something of a recovery in the value of their investments, helped by improving stock markets and in some cases better cash flow from portfolio companies.<br />