European private equity firm Permira has held a first close for its latest buyout fund with over €10bn ($12.8bn) in commitments, making it the largest fund to be raised outside the US.

The firm expects to meet its agreed limit of €11bn and close the fund in September. New investors have contributed 13% of the fund, pension funds comprise 31%, investment managers 45% and the remaining 24% comes from other financial institutions. The fund was "significantly oversubscribed" according to a spokesman, who added that allocations were still being finalised.