July 2025 saw a remarkable wave of fundraising activity across Europe’s investment landscape, with London firmly dominating the list. From private equity firms to specialist credit managers, a wide range of vehicles were launched or closed this month, signalling robust investor confidence despite a turbulent global macro environment.
European fundraising continues to show strength in diversity. While London-led private equity giants are doubling down on growth strategies across Asia and European small caps, private credit platforms are rapidly scaling up to meet institutional demand for yield and stability. The appetite for differentiated strategies is growing, with flexible capital structures emerging to support both growth and liquidity, a clear response to market complexity.
Together, these ten funds amassed over $37 billion in new commitments. With capital pouring in from sovereign wealth funds, family offices, pension plans, and insurance groups worldwide, Europe and the UK remain a magnet for investment. Here’s a closer look at the biggest funds closed in July 2025.
EQT – BPEA Private Equity Fund IX
Total: $11.4B
Sweden’s EQT has locked in $11.4 billion in investor commitments for its latest Asia-focused buyout vehicle, BPEA Private Equity Fund IX. Managed by EQT Private Capital Asia, the fund officially launched in March and held its first close in April, with further capital expected to reach the $14.5 billion hard cap by 2026. This raise highlights EQT’s sustained interest in the high-growth Asia-Pacific region, despite wider geopolitical volatility.
Investors include global institutions spanning North America, Europe, and Asia. The fund will focus on mid-to-large-cap control deals across sectors like healthcare, services, and tech. EQT aims to deploy the fund immediately, with several deals already in the pipeline. Amid uncertainties triggered by U.S. tariffs and political shifts, the firm is betting on Asia’s long-term demand for quality private equity partnerships.
Coller Capital – Coller Credit Opportunities II
Total: $6.8B
Coller Capital, based in the UK, has closed its second credit secondaries fund – Coller Credit Opportunities II (CCO II) at a record $6.8 billion. This marks the largest raise for the firm’s credit platform and follows the success of its inaugural $1.4 billion credit fund. The fund includes commingled vehicles, co-investments, and SMAs, attracting institutional investors seeking diversification and resilience.
CCO II will invest in senior lending and high-quality performing credit through both LP- and GP-led transactions. Coller aims to deliver stable returns through cycles, targeting premium credit assets with downside protection. The firm’s reputation as a secondary market pioneer played a key role in this oversubscribed round. With credit markets seeing rising interest amid higher interest rates, CCO II positions Coller at the center of a maturing and increasingly global private credit ecosystem.
17Capital – Strategic Lending Fund VI
Total: $5.5B
Yet another London-based investor is 17Capital, which has raised $5.5 billion for its Strategic Lending Fund VI, the world’s largest NAV finance fund to date. This includes affiliated vehicles and co-investments. It surpasses its predecessor, Fund V, which closed at $2.9 billion in 2021. The fund saw broad institutional backing, with capital from pension funds, SWFs, insurers, and endowments across Europe, the U.S., Asia, and the Middle East. This is the first fund to close since 17Capital’s strategic partnership with Oaktree Capital.
Fund VI has already deployed $2.5 billion across 10 transactions, split evenly between Europe and the U.S. The vehicle offers flexible, non-dilutive financing to GPs, useful for scaling platforms, funding GP commitments, and enabling succession. With $19 billion raised since inception, 17Capital has cemented its leadership in this niche, fast-growing segment of private credit.
Norvestor – SPV III
Total: $2.9B
Norvestor, based in Norway, has closed its latest special purpose vehicle, SPV III, at €2.5 billion. The capital supports two major acquisitions – PHM Group Oy, a leading provider of residential property services, and Sperre Air Power AS, a global supplier of compressed air systems. The fund was advised by Simpson Thacher, reflecting the increasing complexity and size of GP-led transactions in Europe.
The raise is part of Norvestor’s wider strategy to consolidate high-potential businesses in essential services and infrastructure. SPV III showcases the growing appetite for bespoke capital structures tailored to specific asset acquisitions. Norvestor continues to strengthen its position in Nordic and pan-European deal-making, with an emphasis on operational improvement and long-term value creation.
Pantheon – Pantheon Credit Opportunities III
Total: $2.2B
Pantheon, another London-based investor, has closed Pantheon Credit Opportunities III (PCO III) and related vehicles with $2.2 billion in commitments, more than 2.5x its initial target. This fund is part of Pantheon’s broader credit secondaries platform, which also includes U.S. and European senior private credit, opportunistic lending, and asset-backed financing. PCO III will acquire diversified secondary portfolios managed by top-tier private credit GPs, spanning senior, junior, and opportunistic credit. The emphasis is on high-quality assets with strong downside protection and liquidity-driven transactions.
This close follows Pantheon’s $5.2 billion raise in April 2025 for its third senior credit secondaries program, PSD III, bringing total capital raised for its third-generation credit platform to $8.3 billion. The scale of PCO III underscores Pantheon’s ability to tap into investor appetite for resilient, income-generating strategies amid market volatility, particularly in a higher-rate environment where credit yields are attractive.
IK Partners – IK Small Cap IV Fund
Total: $1.8B
A London-headquartered private equity firm, IK Partners, has raised €2 billion for its Small Cap IV Fund, reaching its hard cap in under six months. The fund was oversubscribed and secured capital from EMEA, North America, and Asia, with 80% coming from existing investors. IK Small Cap IV will invest in companies valued between €80 million and €200 million across healthcare, business services, industrials, and consumer sectors. It also includes €600 million earmarked for Development Capital to target smaller firms (€20–80 million).
The fund has already made its first investment and will continue its buy-and-build strategy across Europe. Since launching its Small Cap platform in 2015, IK has exited 25 investments with a strong 3.1x multiple. This latest fund reflects investor confidence in IK’s consistent track record and sector-driven approach.
AEW Capital Management – AEW Partners Real Estate Fund X LP
Total: $1.8B
AEW Capital Management from Germany has closed the AEW Partners Real Estate Fund X with commitments of $1.75–$1.77 billion, just shy of its $2 billion target but still the largest in the firm’s flagship opportunistic real estate series. Fund X will target dislocated and undervalued property sectors poised for recovery, including senior housing, multifamily, industrial, and retail. The strategy reflects AEW’s belief that selective property segments can deliver outsized returns as the real estate market adjusts to shifting demand and capital costs.
Initial capital is already deployed across a mix of North American investments, with scope for opportunistic European plays. The scale of Fund X reaffirms AEW’s enduring investor relationships and its ability to raise sizable capital even in a challenging property market.
Pollen Street Capital – Pollen Street Capital Fund V
Total: $1.74B
Pollen Street Capital, which is also based in London, has closed Fund V at $1.74 billion, alongside €500 million in co-investment commitments, bolstering its private equity strategy in financial and business services. The round attracted support from existing backers and new institutional investors, reflecting strong confidence in Pollen Street’s sector expertise. Fund V will target mid-market companies across Europe, focusing on scalable platforms with potential for digital transformation and operational improvement.
With additional co-investment capacity, Pollen Street can pursue larger transactions while offering investors enhanced exposure to high-conviction deals. The raise marks a significant milestone as the firm continues to expand its footprint and deepen relationships with global LPs.
Kartesia – Kartesia Credit Opportunities VI
Total: $1.5B
There’s another investor from London, and it is none other than Kartesia. The investor has held the final close of its sixth-generation credit opportunities strategy, KCO VI, at €1.3 billion. The fund focuses on providing flexible capital solutions to small and mid-sized European businesses, often in situations underserved by traditional lenders. Investor interest was strong across a diversified LP base, including major institutions from the U.S., Europe, the Middle East, and Asia. KCO VI will target senior secured and subordinated debt, unitranche financing, and structured equity to support growth, acquisitions, and refinancing.
Kartesia’s approach blends long-term partnerships, enabling portfolio companies to navigate complex capital requirements. The latest raise strengthens its position as a key player in European private credit, with the capacity to address a wide range of borrower needs in both stable and volatile market conditions.
MML Capital Partners – Partnership Capital VIII
Total: $1.1B
Dominating this list is London and MML Capital from the region, which has achieved the final close of Partnership Capital VIII at €1 billion, nearly 50% larger than its predecessor. The fund was oversubscribed, drawing commitments from sovereign wealth funds, insurance companies, pension schemes, asset managers, endowments, and family offices. MML will continue its strategy of partnering with owner-managed mid-market businesses in Europe and the U.S., providing tailored capital solutions to accelerate growth and international expansion.
With more than €500 million deployed in the past year across 10 new platforms, MML is set to build on its track record of flexible structuring and collaborative partnerships. Offices in London, Dublin, New York, and Paris ensure a broad sourcing network and local expertise for its portfolio companies.
