Asia-focused private equity funds surpassed the total capital raised in Europe in the third quarter – the first time in the history of the industry – as turmoil in the credit markets forced investors to pull back sharply from the sector.

About 25 funds focused on Asia and other regions outside of the US and Europe, amassed $12.5bn (£7.2bn) in the third quarter, according to data compiled by Private Equity Intelligence, an independent research group.