The private equity industry is teeming with ambitious deal-doers looking to set up their own shops and be their own bosses. But successfully raising the first fund is easier said than done.

The number of first-time funds focused on Europe that got off the ground last year hit their lowest level since records began in 2000, according to data provider Preqin. There were 46 funds that reached a final close, compared with 54 in 2012 and 127 at the market peak in 2008. By the value of first-time funds, it was the worst year for more than a decade. The $7.5 billion raised was slightly down on $7.7 billion in 2012 and significantly lower than the $29.8 billion raised in 2007. The last time it fell so low was in 2002, when $6 billion was raised.