The former buyout arm of Aberdeen Asset Management has abandoned attempts to raise its maiden independent fund and is currently “developing other ideas” for the business. The news comes amid a backdrop of a growing number of private equity firms facing difficulties in the fundraising market.

Spirit Capital - which span out of Aberdeen Asset Management in a management buyout in September 2008 - had aimed to raise £125m for its maiden fund, targeting deals with an enterprise value of between £10m and £50m in the environmental, industrial services and healthcare sectors in the UK.