Emerging managers secured just €3.4 billion in 2024, marking their lowest share of European private equity capital in a decade.
Established private equity firms in Europe have captured the bulk of fundraising in 2024, raising €34.1 billion across 35 funds. Emerging managers, defined as those on their third fund or earlier, secured just €3.4 billion, representing barely 10% of total capital raised this year.
The disparity reflects limited partner caution amid higher interest rates and sluggish exits, driving commitments toward firms with proven track records. Emerging managers closed only 16 funds in 2024, their lowest share in a decade, according to data.
France and the UK saw the sharpest concentration, with experienced firms accounting for 73% and 64% of fund closes since 2021, respectively. Germany remains an outlier, where emerging managers still outpace established rivals in fund count.