Published in FundsPeople España
by Montserrat Formoso
Who are the Leading Private Equity Firms Investing in Europe?
Over the past decade, the private markets industry has seen a growing concentration of General Partners (GPs), driven by the pursuit of scale, competitive advantages, and strategy diversification. Large firms have strengthened their positions through mergers, acquisitions, and the expansion of their investment platforms, capturing a greater share of committed capital.
According to Gain.pro, the 10 largest private market firms globally, which represent just 0.2% of all firms, manage 20% of total capital. In 2024, only four of them—Blackstone, Apollo, KKR, and Ares—collectively raised more than $500 billion, and their market share continues to grow.
This trend raises questions about its implications for investors (LPs), competition, and innovation in the sector. Some emphasize the benefits of operational efficiency and access to exclusive opportunities, while others warn of risks associated with concentration and limited strategic diversity, as well as the challenge of deploying vast amounts of raised capital.
Who are the Leaders in the European Private Markets Industry?
Gain.pro, a data platform providing visibility into the private markets industry, has published the Ranking of the 250 Most Active Private Equity Firms in Europe for 2024.
The ranking is based on the Enterprise Value (EV) of portfolio companies headquartered in Europe. Using this indicator—rather than fundraising volume—enables a more detailed analysis of private equity firms’ European portfolios. It also helps identify players who operate outside traditional fundraising cycles, which are often overlooked in other industry rankings.
Collectively, the 250 largest private equity firms in Europe manage an estimated EV of €1.7 trillion.
Top Firms in Europe
CVC leads the European market, managing an estimated €70 billion EV, followed by KKR (€66 billion) and EQT (€61 billion).
U.S. and U.K.-based firms dominate the ranking, controlling 30% of total EV (€512 billion) and 25% (€427 billion), respectively. Meanwhile, German investors lag behind, managing just €46 billion (3%) of total EV.
The Europe 250 ranking is highly concentrated, with the top 25 firms managing 48% of total EV and the top 50 firms accounting for 65%.
Sector Specialization Among Leading Private Equity Firms
When analyzing investments by sector, the leading private equity firms are:
Hg – Technology, Media & Telecom (TMT)
CVC – Industrial & Services
EQT – Healthcare & Life Sciences
KKR – Energy & Materials
Cinven – Financial Services
TDR Capital – Consumer Goods
North American investors are more active in Energy & Materials, Financial Services, and TMT compared to their European counterparts.
Regional Leaders in European Private Equity
By region, the leading investors in Europe are:
United Kingdom & Ireland – TDR Capital
Nordics & Central & Eastern Europe – CVC
Italy – Blackstone
Iberia – Cinven
France – Ardian
DACH (Germany, Austria, Switzerland) – Advent International
Benelux – 3i
Over the past six years, investors in the Europe 250 ranking have invested in nearly twice as many new portfolio companies as they have exited. Specifically, there have been 5,587 new investments and 2,973 exits among these sponsors.
The table below illustrates the top 50 investors in Europe from the study.
Beyond the U.S. and U.K.: Other Notable Private Equity Players
While U.S. and U.K. firms dominate the ranking, managing 55% of total EV, several notable firms from other regions stand out, including:
Ardian (France)
EQT Group (Stockholm, Sweden)
Triton (Luxembourg)
Partners Group (DACH region – Germany, Austria, Switzerland)
Asterion Partners (Spain)
CDP Equity (Italy)
Industry Consolidation & Scale
The private equity industry in Europe is highly concentrated
The top 25 firms manage the same EV as the next 225 combined.
Like large asset managers, private equity firms benefit from economies of scale, and recent fundraising trends have favored larger investors.
Private equity remains a scale-driven business, requiring time and commitment to grow. This is reflected in the EV distribution by firm founding year:
77% of total EV is managed by firms established in the 1990s or earlier.
Nine of the ten largest private equity firms in the Europe 250 ranking were founded in that era or before.
The only exceptions are Hg (spun off in 2000) and TDR Capital (founded in 2002), which stand out as large-scale younger firms.
Final ThoughtsAs the private equity industry continues to consolidate, the dominance of a small group of mega-firms raises questions about competition, deal-making, and capital deployment. With increasing scale advantages and growing fundraising power, the role of smaller and mid-sized firms in the evolving private markets landscape will be crucial to watch.
To view the full Who Are the Leading Private Equity Firms Investing in Europe? article, visit:
https://fundspeople.com/es/insights/blackstone-kkr-y-thoma-bravo-lideran-el-private-equity-en-ee-uu/
