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Research

Fundraising data analysis

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2018 Key Findings

The amount of funds raised by European private equity managers, including breakdowns on stage focus, sources of funds by type of institutional investor and geographic source.

 

Total Fundraising

Total fundraising for Europe in 2018 reached €97.3bn, narrowly ahead of 2017’s total of €96.6bn, which was revised upwards on the availability of new data. The total was the highest of the current decade and only exceeded in 2006. The number of funds raising new capital dropped by 5% to 581, but still remained 13% above the annual average of the previous five years.

Pension funds

Pension funds provided 31% of all capital raised, followed by funds of funds & other asset managers (18%), family offices & private individuals (11%), insurance companies (11%) and sovereign wealth funds (9%). Institutional investors from outside Europe contributed 46% of total fundraising, led by LPs from North America (25%) and Asia (15%).

Buyout

Buyout fundraising decreased by 8% to €66.5bn. Pension funds remained the most significant investor group in buyout funds, accounting for 37% of the total, followed by funds of funds & other asset managers (19%), sovereign wealth funds (11%) and insurance companies (11%). A record of 55% was committed by investors from outside of Europe, with those from North America representing 28%, followed by Asian LPs at 19% their highest ever contribution.

Venture

Venture fundraising increased 11% compared with 2017’s restated level to a record €11.4bn. The majority of capital was committed by private investors, including family offices & private individuals (20%), funds of funds & other asset managers (19%), government agencies (18%), corporate investors (12%) and pension funds (9%). A record of 20% was raised from LPs outside of Europe.

Growth capital

Growth capital fundraising increased by 5% to €7.8bn, reaching the highest level recorded to date. The strategies of these funds range from scaling up venture capital-backed companies, to making minority equity investments in mature SMEs, or pursuing regional development policies with the backing of banks or public institutions. Generalist funds, which pursue investments across buyout, venture and growth strategies, raised €10.6bn in 2018, their highest level since 2007.

2018 fundraising at a glance

2018 All private equity Venture capital(1) Buyout(1) Growth(1)
Incremental - Amounts raised €97.3bn €11.4bn €66.5bn €7.8bn
Incremental - No. of funds 581 229 108 110
Final closings - Cumulative amount since inception €89.1bn €8.6bn €72.0bn €3.4bn
Final closings - No. of funds 199 93 57 27

Source: Invest Europe/EDC

Note: (1) relates to fund focus

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Meet the team

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Julien Krantz

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Ariane Mortelmans Image

Ariane Mortelmans

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