A total of five European private equity mega-funds—vehicles valued over $5 billion—hit a final close in 2021 with a combined €44.1 billion (about $45.9 billion) in commitments, representing almost half of the total €90.4 billion raised by PE funds in the region.

Many of the biggest fundraises took place at the start of 2021. The largest fund was raised by Swedish PE giant EQT. The €15.6 billion vehicle tore past its €15 billion hard cap to hit a final close in April 2021. The vehicle, which was 40% larger than its previous iteration, represented the firm's first final close of a core vehicle since it went public in 2019.

This year is unlikely to see the same level of mega-fund activity. There is only one currently in the market:  KKR European Fund VI.  The New York-based buyout giant has been on a hot streak in Europe in recent years. The first close on Fund VI came in April after it garnered more than €6 billion in commitments, exceeding the €5.8 billion raised by its predecessor as recently as 2019.

Featured image by John Lamb/Getty Images

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