CCMP, the former private equity arm of JPMorgan, is close to finalising a new $3.5 billion (£1.7 billion) global buyout fund, despite the credit market turmoil.

It is understood that CCMP is in the final stages of negotiations with its investors and could sign off on the new fund by the end of September. CCMP Global Fund II will be the first independent fund CCMP has raised since it was spun off by the US investment bank in August 2006, over fears of conflicts of interest with its clients.

Given the closure of the credit markets to leveraged loans and the backdrop of negative sentiment about the industry, there have been concerns that private equity firms would find it difficult to raise new funds.

CCMP has been successful partly because it started its fundraising well before the credit crunch took hold.

Apollo, the US buyout group, is also understood to be close to finalising its latest global fund, at about $10 billion.

However, others have yet to test the market and investors say that they could face a choppy ride. KKR, the American private equity giant, appears to have delayed fundraising for its next European fund. It was due to close by the end of the year, but sources said that KKR is yet to begin marketing the fund.

One private equity investor who declined to be named said: “This is not a particularly good time in the cycle to be investing in private equity. Fundraising will slow down, but good groups should still be able to raise - but it will take more time.” Another said: “It’s definitely going to be harder for these guys to raise mega-funds.”

Carlyle Group has also recently closed a €5 billion (£3.4 billion) European fund and is currently raising a US fund that is set to top $17 billion. Carlyle is under siege from investors about problems in its listed Dutch fund, which invests in mortgage-backed securities.

CCMP had wanted to raise more than $3.5 billion, but given market conditions is understood to be happy to cap the fund at its planned target. The money will be invested in deals in a range of sectors.

The firm was recently part of a consortium that sold Brake Bros, the European food distributor, to Bain Capital for £1.3 billion.

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