Terra Firma Capital Partners, Guys Hands’s private equity firm, postponed plans to raise a fund dedicated to leveraged buyouts and will instead seek capital from investors to finance individual deals.

The firm, which had planned to raise a $2.2 billion(€2 billion fund), has €1 billion available to fund deals, the London-based company said in a statement.

Hands has struggled to raise money from investors after losing his investment in British record label EMI Group Ltd. and hasn’t made an acquisition since 2012. Over the last three years, the firm has returned more than 6 billion euros to investors, much of which came from the sale of Deutsche Annington, Germany’s largest private residential landlord.

The decision marks a departure for Hands, 55, in that his firm previously raised blind pools of capital from which it charged fees to pay employees and could complete deals without spending time persuading investors to provide money for each investment.

Terra Firma is still seeking to raise a separate pool for renewable energy investments.

Some investors are looking for deals on a deal-by-deal basis to avoid paying fees. For more, see Jamie Kempner of Loeb Partners Says Family Offices Want to Invest Directly

--additional reporting by Allison Collins

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