Casualties in the new issues market from last week's stock market falls were likely, with the first floats on the wounded list being the previously highly fashionable - a hedge fund and a private equity fund.

3i, the UK-listed private equity group, raised only £375m of outside money for its infrastructure fund against the hefty £975m maximum amount it had targeted. Meanwhile, Brevan Howard, the London-based hedge fund, looked likely to raise just €700m to €800m for its macro fund, or about half of its targeted maximum of €1.5bn (£1bn).