The old fan has terminals for switched live, neutral and permanent live.
The new one only has terminals for switched live and neutral.
Can I just cap the permanent live?
Your old fan likely had some sort of sensor or timer functionality that allowed it to run despite the wall switch being turned off. It seems that your new fan lacks such brains, so simply capping off the permanent live from the wall is the right thing to do -- the fan will then be controlled solely by the corresponding wall switch.