Italian private equity firm Clessidra will reduce the size of its latest fund by 20 per cent.
Clessidra hopes to reduce the vehicle by €300m to €1.1bn after holding discussions with LPs, said Bloomberg, citing two people with knowledge of the matter.
The decision had to do with concerns that the firm may not be able to deploy the entire fund before the investment period ends in the last quarter of 2014, said one of the sources.
Clessidra is set to lose €4.5m in management fees after cutting the size of the fund, which was raised in 2009 and now has €150m left to spend.
Last month it was reported that Clessidra, Apax Partners and Permira were considering floating Italian gaming and betting business Sisal before the end of the year.
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