 This came just two years after the firm had wrapped up a difficult fundraising for Doughty Hanson IV, in 2004 which had only generated €1.6 billion of investor commitments compared with the firm's original €3.0 billion target.Doughty Hanson III, raised in 1997 had been a €2.7 billion investment fund.The following investments are representative of Doughty Hanson's portfolio of private companies