While VIP III is a long way short of the capital raised via the glut of record buyout funds closed this year, it is indicative of a very buoyant fundraising environment. In total, 66 buyout funds were closed last year in Europe, per the PitchBook Platform, raising nearly €63 billion altogether—up 12% and 40% respectively on 2015.
This year looks set to reach those record heights as well, with 46 closed European buyout vehicles and just over €36 billion of commitments confirmed as we approach 2017’s halfway point. Nearly half of the capital raised this year, however, is solely down to the mammoth €16 billion CVC Capital Partners fund.
VIP III itself also represents a big step up for the PE firm, with its close amount topping those of its previous two funds combined. Performance will have to continue though in order to match the older funds’ previous IRRs. Here’s a look at how those previous two flagship vehicles measure up (fund returns data through late 2016):
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