EUROPE - Candover to "substantially" reduce fund

Following nearly 12 months of difficulties that stemmed from its parent's liquidity issues at the beginning of the year, Candover has today announced it will "substantially reduce" the size of its 2008 Fund, which had targeted EUR 5bn and reached a first close of almost EUR 3bn just weeks before Lehman's collapse. The reduction will release all investors, include its listed parent, from a "significant proportion" of undrawn commitments.