European private equity firm Candover Partners has spent nearly half of its remaining capital in the past five months, raising questions about what the firm, which failed in its attempt to raise its last fund, will do when the money runs out.

London-based Candover Partners reduced its total "dry powder" - committed but unspent capital - by about half between June 30 and November 18, according to a spokeswoman for the firm who did not put a figure on the spending.