British firm, Dow Schofield Watts, has raised £4.68 million on the first closure of its debut private equity fund, AltAssets reports. The PHD Equity Partners Fund No 1 will target buyouts in the £2-10 million range in established businesses with enterprise values of about £50 million.

The fund will make its initial investments between £250,000 to £1 million range. After it is fully invested, the fund is expected to have a portfolio of about 12 investments. The fund is expected to close by the end of 2009.