Chart of the week: UK private debt fund managers raise the most capital for Western Europe

Domestic capital dominates Western European-focused private debt fundraising, with the United States and Australia the only foreign representatives in the top ten


Click here for a larger version

Since the financial crisis, $69.84 billion has been raised for closed-ended private debt vehicles investing into Western Europe. Fund managers based in the United Kingdom have collected 36 percent of this capital at $25.08 billion. Luxembourg has gathered the least amount of capital of the top ten headquarters for fund managers investing into the region, at £210.59 million collected from the close of two private debt vehicles in 2012.

A total of 21 United Kingdom-domiciled closed-ended private debt funds have held a final close since 2008. The largest of these is the real estate debt vehicle Kildare European Partners I, which closed in May 2014 having raised $2 billion from investors. However, between 2008 and 2015 to date the largest Western European-focused private debt fund to close is Apollo European Principal Finance Fund II raised by Apollo Global Management, based in the United States. The distressed corporate debt vehicle gathered $4.64 billion at final close in December 2012.

Foreign fund managers represent 33 percent of aggregate capital gathered since the financial crisis for private debt funds targeting Western Europe. The United States and Australia rank second and fourth respectively, having together raised £23.19 billion for the region from the close of 24 vehicles.

In 2015 to date, there are 93 Western European-focused closed-ended private debt vehicles in market or coming to market. The funds are collectively targeting $42.1 billion, with UK-based fund managers targeting the most capital at $15.1 billion. The only non-Western European fund managers raising vehicles are based in the United States, with 18 funds targeting $13.06 billion.