Oakley Capital has successfully raised €4.5 billion for its latest flagship fund, Fund VI, achieving a rapid final close just six months after its launch. This represents a significant 58% increase over the €2.85 billion raised for Fund V in 2022, despite a challenging private equity fundraising environment.
The new fund, focused on mid-market investments in Europe, attracted around €2.2 billion from new institutional investors. Oakley plans to allocate more capital towards buy-and-build strategies, a model that has dominated European private equity, particularly through bolt-on acquisitions.
PitchBook’s 2024 Annual European PE Breakdown noted a decrease in the number of funds raised in 2024, with just 127 vehicles closing compared to 274 in 2021. However, overall fundraising remained robust, reaching €122.3 billion, comparable to figures from previous years.
Oakley’s flagship fund series has delivered impressive results, with a 3.9x gross multiple and a 52% average realized gross internal rate of return (IRR) since inception.
This quick close signals strong institutional confidence in Oakley’s strategy, particularly amid a tougher fundraising landscape.
Sources:
Emily Lai, PitchBook
