Private equity firms are attempting to raise $230bn (€175bn) in funds globally this year, $100bn more than last year and more than three times the total for 2003. The dramatic uplift in fundraising is predicted in a report by Private Equity Intelligence, a research firm. It reflects renewed confidence in the asset class after a period in which institutional investors have benefited from a strong run of private equity-backed exits.

PEI estimated last week there were 515 funds in the market seeking a combined $132bn. Of these, 362 are follow-on funds for existing private equity partnerships and 153 are first-time offerings from industry entrants.