Deutsche Bank has surprised the private equity industry by granting the management of DB Capital, its direct private equity arm, exclusive rights to negotiate on the purchase of €1.5bn ($1.5bn) of investments.

Only last month sources close to the bank were dismissing the much-mooted efforts by Graham Clempson, managing partner of DB Capital, and Ted Virtue, chief executive, saying Deutsche would prefer a piecemeal disposal or winding down of the €3.5bn portfolio.