The bright spot of European PE fundraising this year has shifted from megafunds to mid-market vehicles, with the segment setting a new fundraising record.
According to PitchBook data, European mid-market PE funds, those raising between €100 million (about $117 million) and €5 billion, have collected €79.9 billion in 2025. This is 13.6% more than the capital raised in 2024. Fund count dropped from 119 to 100.
Some significant closes this year include CVC Capital Partners’ Strategic Opportunities III, which raised €4.6 billion in March.
The fund focuses on Europe and North America with a longer investment horizon compared to traditional PE mandates.
Oakley Capital also held a final close for Oakley Capital VI on its €4.5 billion hard cap in March, six months after the fundraise was launched.
Fund VI represents a 58% increase on Fund V with a 100% re-up rate.
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LPs are gravitating toward the middle market because it provides more flexible deployment options, depends less on large syndicated financings, and offers greater room for differentiated deal sourcing, according to PitchBook’s Q3 2025 European PE Breakdown.
The trend starkly contrasts with the US, where mid-market PE funds only brought in $71 billion in the first three quarters of 2025, barely half of what was raised in 2024.
Fundraising for the segment in the US has been dragged down by a relatively slower recovery in exits compared to the larger end of the market. Mid-market companies often lack the scale needed to attract enough public investor interest as the IPO market perks up in the US.
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Correction: This story has been updated to reflect that mid-market funds are defined as those raising between €100 million and €5 billion. The segment has raised €79.9 billion in 2025 ( Jan. 21, 2026)
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