Investors in private equity hit the brakes this year amid economic uncertainty, pushing fundraising to its lowest level since 2004. However, commitments continued to flow to the top funds.

Capital raised in the industry globally slumped 65% year-on-year to $225.6bn in 2009, according to data provider Preqin. The average fund size fell 13% from $592m last year to $513m this year, Preqin said. The drought came as investment committees paused to come to terms with the changing global economy, and capital became more constrained.