Isis Equity Partners, the private equity subsidiary of Isis Asset Management, has made a second closing on its third fund at £143m (€211m) - more than 80% of target - less than five months after launch.

The fundraising is proceeding at an unusually rapid pace, assisted by a cornerstone investment from its ultimate parent, Friends Provident. Most firms are struggling to close their funds within 12 months and they say that investors, many of whom are suffering from losses in their public equity portfolios, are taking longer and longer to make commitments.