European private capital under management rises to new high of €1.25tn in 2024; 2.6x growth over last decade

• European total buyout capital under management reaches €785bn; VC at €160bn

• European private equity and VC dry powder rises to €414bn, available for new investments 

Brussels, Belgium, 24 July 2025, 1100 AM CET - Invest Europe, the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors, today published Positioned for the Challenge: Capital Under Management & Dry Powder 2024, the most comprehensive analysis of the European private equity industry’s growth in assets over the past decade, as well as available capital for future investment. The report demonstrates private equity and venture capital’s increasing scale as it becomes more embedded in Europe’s economy and society, and its capacity to back businesses and industries that represent the future in terms of growth, innovation and sovereignty.

• European private equity and venture capital under management grew 7% to €1.25 trillion in 2024, spread across 3,095 active firms, representing more than 10 consecutive years of growth, with the industry’s assets 2.6x times greater than a decade ago in 2015. The figure includes €834 billion of portfolio at cost (PAC), of which €507 billion was held by buyout funds, the first time the value of portfolio assets at original investment cost has exceeded half a trillion euros. At €111 billion, VC funds held portfolio assets worth more €100 billion for the first time.

• Private equity and venture capital dry powder increased to a new high of €414 billion in 2024. The figure equates to 81% of the €511 billion invested over the past four years, indicating that available capital is in tune with the investment opportunities being found across the continent. Buyout firms’ dry powder fell slightly to €278 billion, although venture capital uncalled commitments rose to €59 billion, highlighting continued investor appetite for funds that support start-ups at the forefront of European innovation and competitiveness, as well as the continent’s rising ambitions in sectors including AI, deep tech and defence tech.

Invest Europe’s Capital Under Management & Dry Powder report also highlights the deployment trends of funds, showing the stability and consistency of the industry over long periods of time, as well as through recent market disruption. Time taken for closed funds to see dry powder fall below 30% of capital raised is 5-6 years, a figure that is roughly consistent across all vintages in the study back to 2015. At the same time, funds routinely take 6-7 years to reach their maximum PAC as a percentage of capital raised.

Eric de Montgolfier, CEO of Invest Europe, commented:

“European private equity and venture capital goes from strength to strength, yet always in the context of consistent and sustainable growth. Record capital under management also means more managers than ever invested in European companies, bringing their investment and expertise to build better businesses that support Europe’s economy and society, while also giving long-term investors access to some of the most exciting and innovative companies on the continent.

“The rising level of European private equity and venture capital dry powder is in sync with historical investment trends, but just as importantly is fully aligned with the continent’s future aspirations. Europe needs billions of euros of investment in its green and digital transitions, to build out critical infrastructure, and to develop its security and sovereignty. These are fields that the industry is already supporting and is well-positioned to continue to develop further.”

Invest Europe’s Capital Under Management & Dry Powder report breaks out assets managed by first-time funds and follow-on funds from established managers, as well as data on fund size, vintage year, funds that have held final closings, and region. It also shows the positions of long-term investors across European funds when it comes to capital under management, as well as uncalled commitments. Pension funds account for 26% of total dry powder, followed by funds of funds and other asset managers on 19%, and 13% for family offices and private individuals.

Click to download Positioned for the Challenge: Capital Under Management & Dry Powder 2024.

_________________________________________________

Invest Europe is the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors. We have over 650 members, split roughly equally between private equity, venture capital and limited partners – with some 110 associate members representing advisers to our ecosystem. Those members are based in 57 countries, including 42 in Europe, and manage 60% of the European private equity and venture capital industry’s €1.25 trillion of assets under management. Businesses with private capital investment employ 11.2 million people across Europe, 5% of the region’s workforce.

Disclaimer: The content is for informational and research purposes only. It does not constitute financial advice, investment guidance, or a solicitation to buy or sell any financial products or services. Invest Europe is a non-profit organisation dedicated to research, policy insights and reputation management. Any references to investment, finance, or related topics are based on specific and verifiable data and presented strictly within a research and educational context.