A consortium of 10 investors has agreed to pay Deutsche Bank €1.5bn ($1.6bn) for part of the late-stage private equity portfolio of DB Capital, its private equity arm, in secondary purchase of record size.

The value of the deal far exceeds the £522m (€769m) paid by Coller Capital, Hamilton Lane and Lexington Partners for Royal Bank of Scotland's interests in the former NatWest Equity Partners almost three years ago. Secondaries firms expect other large deals to follow, and have said several banks are looking to reduce their exposure to private equity.