Managers

Chart of the week: Western Europe-focused funds spend less time on the road

As average funds sizes decrease, so are fundraising periods.

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Private equity firm Clessidra expects to close its third Italy-focused buyout fund by the end of November, Private Equity International reported this week.

The vehicle will have been on the road for more than 18 months by the time it hits its €800 million target, bucking a trend seen by other Western Europe-focused funds.

Average fundraising periods for similar vehicles have fallen over the past year, reflecting a drop in average fund size from $656 million to $374 million. As at mid-September, funds in market are targeting an average $354 million, suggesting a further fall in time on the road.

Firms will be hoping they can match Ardian’s LBO Fund VI, which held an impressive first and final close on €4.5 billion in just four months.Â