GIMV, the Belgian buy-out firm, has made a first close of €78m ($93m) on a new fund targeting the German mid-market, despite the sluggish dealflow that has led other firms to close their German offices.

Investors have come from Germany, the US, the UK and Japan. GIMV, which was established in 1980, said a further group of investors was at an advanced stage of due diligence. It expects commitments to the fund to reach €150m next year.