Growth strategies accounted for a significantly expanded portion of UK private equity fundraising in the first six months of this year, according to PitchBook’s 2026 UK Private Capital Breakdown. Growth funds raised £2.6 billion (approximately $3.5 billion) and represented 22.2% of all PE capital raised during that period, a substantial increase from their 2.8% share in 2025. The growth category also showed strength in deal volume, appearing in 26.7% of the 15 total PE fund closures compared to 14.5% in the prior year.
Two notably large growth-oriented funds concluded their fundraising during the first half. Apis Partners closed Fund III, comprising the Apis Global Growth Fund III and Apis Growth Markets Fund III, in May with $1.23 billion in commitments. The fund exceeded its target by 23% and substantially expanded on its predecessor’s size, focusing on technology-enabled financial infrastructure and services companies across European and growth markets. Generation Investment Management also completed fundraising in June, closing Sustainable Private Equity Fund II and affiliated co-investment vehicles with more than $1 billion in capital.
The shift toward growth strategies reflects changing preferences among limited partners seeking different risk-and-return characteristics relative to traditional buyout approaches. With exit activity remaining subdued and returns to investors constrained, allocators face reduced capital availability for new commitments and have adopted a more selective stance toward fund deployment. This more cautious environment has contributed to a global reduction in private equity fundraising activity.
The broader UK PE landscape showed signs of strain, with firms raising only £11.7 billion across 15 funds during the opening half of 2026. Projections based on first-half performance indicate annual fundraising totals may reach their lowest level in ten years. Several substantial buyout vehicles remain in market, including Permira IX targeting €17 billion, Bridgepoint Europe VIII seeking €7.5 billion, and PSG Europe III aiming for €3.3 billion, which may influence growth fund performance and LP allocation patterns in coming months.
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