The Carlyle Group is looking to raise around €7.5 billion (about $8.5 billion) for what would be its biggest European fund yet, Bloomberg reported. The news comes a day after reports that European firm EQT is targeting €20 billion for its 10th flagship buyout vehicle.

Carlyle hasn't set a formal target for its fund, Europe Partners VI, but fundraising is expected to begin later this year. It is not the only European vehicle that Carlyle has in the works. In November, it was reported that the Washington, DC-based firm had filed registration documents for its fifth European technology fund. Its predecessor, Carlyle Europe Technology Partners IV, closed on €1.35 billion in 2019.

Carlyle is currently about halfway through deploying its fifth European buyout fund, which reached a €6.4 billion close in 2019. Notable recent investments include Acrotec Group, a Swiss maker of high-precision components, which Carlyle bought for 950 million Swiss francs (about $1.04 billion), and UK menswear brand End., which was acquired for £750 million (about $1.02 billion).

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