Alternatives in Europe 2024

We examine the mixed fortunes across the asset classes, as private equity and infrastructure prove their value over venture capital and real estate in European portfolios

• Europe private equity fundraising reached record pace at €118bn in H1 alone, but a drop in capital being targeted suggests a slowdown into year-end

• Venture capital and real estate performance in recent Europe vintages has fallen well below target IRRs in the face of continuing valuation pressures

• Europe buyout deals show an average 9.8% discount compared with North America, with entry EV/EBITDA consistently lower between 2018 and 2023

• We forecast the share of global AUM primarily targeting Europe will fall in comparison with capital targeting North America, down to 20% in 2029F