European PE (buyout and growth) fundraising may be well on its way to full recovery. After nearly three years, Permira has finally closed its Permira V fund on €5.3 billion ($7.2 billion). Around 19 months were spent raising the first €2.2 billion ($3.0 billion) in commitments, illustrating the nadir of European economic fortunes as financial crisis aftershocks rippled throughout the continent. But in an additional sign of an improving climate for fundraising, Pamplona Capital Management has also closed its latest fund at €3 billion ($4.1 billion). Such news seems to confirm the accelerated fundraising since 2Q 2013. Plus, there's the rest of June to consider; quarter-end results may be even better than 2013's.
Of course, the European PE scene is not necessarily benefiting from the increase in capital raised just yet. Deal count for 2014's 1Q was the lowest it's been in quite a while, and 2014 2Q doesn't seem to be much of an improvement, with around 226 deals closed thus far. But perhaps, as funds like Permira's continue to close successfully, things could turn around.