Doughty Hanson, the UK-based private equity group trying to raise a €3bn ($3.5bn) new fund, appears close to returning as much as €2.5bn ($2.9bn) to investors following exits from Dunlop Standard Aerospace, Umbro and Auto-Teile-Unger.

Doughty is trying to raise an ambitious fourth fund. By last September's initial closing, it had secured just €705m. It declined to disclose the current running total.