Figures released recently by Invest Europe, a trade association for private equity, venture capital and infrastructure firms, show that fundraising for Europe rose 16% year-on-year to US$170.65. Some firms appear to be struggling to raise capital, while others turn to new solutions.
According to a report in the Financial Times, French mid-market buyout firm Astorg has failed to reach a first close for its latest flagship fund since the launch last November. The report cites Astorg saying that fundraising is still progressing despite the competitive environment.
Meanwhile, other players are looking to new conduits to raise capital. Switzerland’s Bank J. Safra Sarasin has announced a partnership with Munich-based asset manager Golding Capital Partners to offer private markets solutions to the Swiss institutional market. According to the bank’s announcement, it will offer clients “a broadly diversified portfolio across various asset classes, including selective opportunities in co-investments and secondaries”.
Astorg’s last closed fund, Astorg VIII, closed in May 2024 at $5.1 billion. Astorg IX is listed by PitchBook as 2025 vintage, as still open, with a size of $4.71 billion. It would be surprising for a general partner to target another flagship fundraise just two years after the last one closed, especially in the current environment.
PitchBook data shows the majority of closed-end funds returning far below the twice net returns on invested capital that has historically been seen as a standard of strong performance.
Astorg’s own historic performance still seems relatively good versus current levels. The firm remains a solidly mid-market player.
Leading European peer EQT, for example, manages roughly ten times Astorg’s assets. Its last flagship buyout fund, EQT X, raised $24 billion, almost exceeding Astorg’s entire assets under management. Hence, Astorg’s fortunes do not necessarily represent those of the European buyout sector, which saw a 33% year-on-year increase on its fundraising in 2025, according to Invest Europe.
The Astorg situation, while unresolved, reinforces assessments that limited partners are growing more demanding and discriminating, concentrating their bets on fewer and larger players. Specific local difficulties, therefore, may create serious problems for particular firms in the overall harsher environment.
Golding Capital Partners, meanwhile, has $17.4 billion of assets under management. As well as private equity, it offers private credit, infrastructure and secondaries investment solutions via funds of funds, managed accounts, and other vehicles. Its historic investor base has been German institutions, and its announcement says that the partnership will offer it access to the Swiss market.
Even a more positive fundraising environment, then, still appears to be problematic for GPs in Europe and, by extension, worldwide. The glory days for buyout firms seem more distant with each passing year.
