There was a clear bifurcation between the haves and have-nots of European private equity in the first half of 2018.

The amount raised for buyout strategies fell 24% to $44.5bn in the first six months of this year, down from $58.2bn a year earlier, according to Dow Jones & Co data provider LP Source. This was the least money raised by the asset class in Europe in any first half since 2015 after several years of expansion, as investors increasingly became selective about which funds they backed.