BC Partners has raised €1.8bn ($2.1bn) in commitments for its latest flagship private equity fund, moving toward a first close that could reach €2bn by the end of 2025, according to Bloomberg sources.

The London-based private equity firm, which manages around €40bn in assets, is targeting between €5bn and €6bn for the vehicle. The timing and size of the first close may be adjusted depending on market conditions.

BC Partners has returned roughly €17bn to investors over the past two years, underpinned by a series of strategic exits. Recent transactions include the sale of its majority stake in Dutch generic drugmaker Synthon to Goldman Sachs’s alternatives unit and the divestment of its controlling interest in Canadian security services firm GardaWorld.

The firm’s current portfolio also includes Shawbrook Group, a UK-based specialty lender that BC Partners is backing toward an initial public offering in London, targeting a valuation of up to £2bn ($2.7bn).

The raise comes amid an industry-wide slowdown in private equity fundraising and dealmaking, as managers face extended holding periods and slower capital recycling. Nordic Capital recently reached €5bn for its latest fund, about half its target, highlighting the cautious investor sentiment across the market.

If completed, BC Partners’ new flagship vehicle will mark one of the larger European fundraises of 2025, reinforcing the firm’s position among the region’s most active buyout managers.

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