Which firms raised the largest funds in July?

CVC Capital Partners’ whopping €22bn haul for its eighth flagship fund remains the biggest vehicle to close since the onset of the pandemic.

Travel restrictions and a lack of in-person meetings have persisted since March, though these did little to prevent CVC Capital Partners from amassing €22 billion for its eighth flagship fund – the largest fund to close last month and since the onset of the pandemic.

The 10 largest fundraises for July gathered $42 billion among them, roughly $2.6 billion less than the largest fundraises in the equivalent period last year, according to PEI data.  CVC Capital Partners VIII made up nearly 70 percent of the total capital raised by the 10 largest funds in July. LP appetite for mega-funds amid the uncertainly and volatility is likely to continue, according to Raelan Lambert, global head of alternatives for global wealth at consultancy Mercer.

“Limited partners that have been through prior crises will continue to commit to private assets and re-ups, especially to large and established managers,” Lambert told Private Equity International. “Where you will likely see challenges are in niche and newer teams that have just spun off, given LPs’ inability to conduct onsite due diligence due to covid-19.”

– The story has been amended to include Blackstone Life Sciences V, which held a final close on $4.6 billion in early July.