Private equity buyout fundraising in EMEA has never been more concentrated with capital raised reaching an all-time high of €114 billion (around $120 billion) this year and fund count close to a 20-year low.
While the combined amount raised by buyout funds continued to rise, fund count is currently at its lowest since 2005 with just 94 funds closed in 2024—the third consecutive year of decline.
In fundraising terms, 2024 was the year of the haves and have-nots.
Five mega-funds—defined as funds over €5 billion—accounted for 59% of all buyout fundraising. This has largely been the result of entrenched managers being better placed to leverage both their track record and long-term relationships with LPs.
This year’s largest fund was EQT‘s tenth flagship fund, which closed on €22 billion in February, beating its €20 billion target. The fund was around 40% larger than EQT IX which was closed on €15.6 billion in 2021.
Partners Group‘s Direct Equity V came second on the list closing on €14.2 billion in June. Its previous vintage closed on the same amount in 2019.
In total, the top ten funds in 2024 raised €79.1 billion, on par with the €80.5 billion raised by the ten largest vehicles in 2023.
Sweden is back in the list of top ten funds with EQT X and the €3 billion Altor Fund VI after being absent in 2023.
UK managers made up the largest share of the top 10 funds in the region, accounting for three of the biggest closes in region. Germany also has two funds on the list.
The largest funds closed in the Middle East was the Oman Future Fund which was closed on €4.7 billion in January and the MC Private Equity IV fund which was closed on €2.8 billion in October.
Buyout fundraising is in stark contrast to fundraising for EMEA’s PE growth funds which experienced a third year of decline with only €16 billion raised, down 30% from 2023. Fund count is also on the decline at 46 for the year. The largest growth fund raised this year was Inflexion‘s €2.1 billion Partnership Capital Fund III, which closed in March.
Featured image by Rachel Segal/Getty Images
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