Delta Private Equity Partners, a Moscow-based buy-out group, has closed a new $120m (€94.9m) Ukraine and Russia fund, just a week after US private equity giant The Carlyle Group abandoned its own attempt to raise a fund to invest in the region.

Ekaterina Panteliushina, Delta's communications director, told Financial News that the new fund's investors are primarily from the US, western Europe and Japan with approximately 10% of the money coming from local investors.