Europe’s middle-market PE funds have already raised €41.8 billion (about $47.6 billion) this year, but the capital is being concentrated into fewer hands.
These funds, defined as vehicles with €100 million to €5 billion in commitments, have already raised as much as 68% of last year’s total.
Fund count is lagging, however, with 39 closes recorded as of May 30 as more commitments are secured across a small pool of funds.
Nearly half of all the middle-market PE capital raised in Europe this year came via just five funds. The largest two closed in the same month.
The first was the largest European middle-market fund on record: CVC Capital Partners’ Strategic Opportunities III, which closed in March on €4.61 billion. The Luxembourg-based firm now has €13 billion committed to its long-term PE strategy across three vintages.
Another significant close was Oakley Capital‘s sixth fund, which reached its €4.5 billion hard cap in the same month, six months after launching in September.
Correction (June 05, 2025): A previous version of this article said that Oakley Capital‘s fourth fund reached a €4.5 billion hard cap. This was changed to reflect that it was its sixth fund.
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