UK - Candover calls it quits

The only investment made from the fund has been the £1.6bn acquisition of oil services company Expro International last April. As of now, LPs will only be obliged to pay management fees based on the Expro investment rather than the full value of the fund's commitments.

In March, the firm's listed parent said that it no longer had funds to invest in the 2008 Candover fund, which held a EUR 2.8bn first close in August 2008.

The buyout firm has been severely troubled by the state of the financial markets. It also wrote down the value of its portfolio by more than a third from £483.6m in December 2007 to £310m, with six of the firm's 22 investments written down to zero.

Meanwhile, Candover is looking to sell its stake in energy consultancy company Wood Mackenzie, with the price tag thought to be around £650m.

The private equity firm has a limited number of options if it will survive. According to reports, Candover has received a number of potential offers for a full takeover of the firm. Another option is to sell of its stakes in portfolio companies.

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