Video: Jonathan Blake advises on fundraising

"Many firms are theoretically fundraising, but many are holding on before formally going out and perhaps waiting until after the summer," says SJ Berwin head of international funds group Jonathan Blake. This is because of the tough market – though some are finding it easier than others. "The contradiction is that some go into the market – particularly in some regions, such as the Nordics – and close very quickly. Others go on for a long time and sometimes without any success."

The myriad mega-funds currently in the market are not necessarily detracting from smaller offerings. "There are an unprecedented number of first-time funds being raised at the moment. LPs want funds with a particular story to tell," Blake says, indicating success is not skewed towards big brands. But it is these large funds that are more likely to give a break on fees, as "early-bird discounts" have been written about increasingly in unquote". "We are seeing some new incentives, but the most important thing is to get momentum going towards a first closing. GPs must look at their prospective investors and tailor their offering to those investors' needs. The fee discount is actually not that widespread and is mostly limited to larger funds."

Blake also defends his limited partnership model in a time when increasing numbers of GPs are looking at other models, such as segregated accounts and deal-by-deal fundraising. "Just three years ago everyone was talking about permanent capital," he points out, indicating its failure to launch as a widespread alternative to the more traditional vehicle. "Deal-by-deal funding is now the opposite of permanent capital. The LP committed fund is the type that's endured the longest and is best-suited to the market."

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• SJ Berwin