Chart of the Week: North America vs European buyouts

In 2014, 3.5 times more capital was raised for North American buyouts compared to European buyouts.  




Fundraising for North American buyout funds reached a six year high in 2014, raising more than since the 2008 pre-financial crisis. $80.4 billion was raised from 79 funds, where 80 percent of the capital came from funds that closed above $1 billion. Clayton, Dubilier & Rice Fund IX, Vista Equity Partners V and Onex Partners IV were the top three funds that closed in 2014. Despite some GPs raising large hauls of capital for North American buyouts – such as Carlyle’s $13 billion VI Partners fund – there was a 40 percent increase from the capital collected between 2013 and 2014.

The capital raised for European buyouts in 2014 decreased by 67 percent from 2013. $22.8 billion was raised by 27 funds, the largest being Bain Capital Europe Fund IV which held a final close on €3.75 billion. The decline is the result of many European fund managers dropping out of fundraising due to significant capital hauls in the previous year. For example, Apax Partners, Cinven, CVC Capital Partners, Nordic Capital, and Triton Partners all raised funds in excess of $5 billion for European buyout strategies in 2013.