6. Buyout fundraising: Fundraising driven by large-cap funds
In total, buyout funds secured €14.6 billion in 2024, with 16 funds successfully closing. Large-cap funds drove the increase, raising three times as much capital as in 2023. Looking ahead, fund managers expect buyout fundraising to reach €10.2 billion in 2025.
In 2024, a total of 16 funds successfully closed, raising €14.6 billion. This represents a substantial rebound from the €7.2 billion raised in 2023. The pattern of cyclical fundraising continues, with large fund managers typically raising significant amounts every other year. However, the trend, while not as pronounced as in previous years, still reflects the consistent pattern: Fundraising was higher in 2018, 2020, 2022, and 2024, lower in 2017, 2019, 2021, and 2023.
Large-cap funds regained dominance: Large-cap funds accounted for a larger share of total funds raised in 2024, driven by both an increase in capital raised by large funds and a decline in fundraising among smaller funds.
Six large-cap funds closed in 2024
In 2024, fundraising performance saw an increase due to the closure of large-cap funds, which raised three times more capital than in 2023. Six large-cap funds closed in 2024, with three of them raising over €2 billion each. In contrast, fewer small-cap funds raised capital in 2024, accompanied by a decrease in the average amount raised per fund compared to 2023.
Top 10 Nordic buyout funds with public closing in 2024
| Fund | Raised in close (€ million) |
|---|---|
| EQT Fund X | 4,000 |
| Altor Fund VI | 3,000 |
| Nordic Capital Evolution II | 2,000 |
| Axcel Fund VII | 1,300 |
| Verdane Edda III | 1,100 |
| FSN Capital Compass Fund I | 400 |
| Alder Fund III | 279 |
| Celero Fund I | 275 |
| Via Equity Fund V | 250 |
| Sponsor Capital Fund VI | 231 |
Expectations for 2025
According to Argentum’s overview, Nordic buyout funds are expected to raise €10.2 billion in 2025. While this would represent a considerable slowdown from 2024 – the fundraising environment remains challenging.