Europe’s private equity sits on record EUR 414bn dry powder – capital under management at EUR 1.25tn
Published 22 August 2025
European private equity continues to grow, with capital under management hitting EUR 1.25tn in 2024. Of this, EUR 414bn remains as dry powder — a record war chest ready to be deployed. A new analysis from Invest Europe shows steady growth over the past decade, with buyout funds dominating, but venture and growth capital steadily increasing their share.
Key takeaways from the analysis include:
Capital under management at record levels
- Capital under management reached EUR 1.25tn in 2024, up 7% year-on-year, showing a steady yearly growth from 2014.
- EUR 834bn sits as portfolio at cost, with EUR 414bn as dry powder (representing 81% of total investments made in 2021–24).
Buyout funds dominate, venture and growth rising
- Buyout funds hold the majority: EUR 278bn dry powder and EUR 507bn portfolio at cost.
- Venture funds follow with EUR 59bn dry powder, while growth funds lead second in portfolio at cost with EUR 114bn.
Recent vintages drive dry powder
- Funds closed between 2021–2024 account for 73% of total dry powder (EUR 240bn).
Follow-on funds lead, but first-time funds growing
- Follow-on funds hold 92% of dry powder and 81% of portfolio at cost.
- First-time funds have been growing consistently, reaching EUR 188bn capital under management in 2024.
Pension funds top investor commitments
- Pension funds contributed the largest share of uncalled commitments (26%) in 2024.
- Other key investors include funds of funds & asset managers (19%), family offices & individuals (13%), and sovereign wealth funds (12%).
Regional concentration
- UK & Ireland dominate, holding 47% of dry powder and 53% of portfolio at cost.
- France & Benelux follow, holding 23% of dry power and 24% of portfolio at costs.
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