Equistone closes €1.5bn fund

Equistone, the private equity shop spun out of Barclays last year, yesterday said it had defied a tough fundraising environment to entice €1.5bn (£1.3bn) from investors for a new fund. The group’s fourth European buyout fund will target investments of up to €300m. The firm has already completed eight investments from the fund, including the acquisition of bespoke UK travel agent Audley Travel in March 2012.