Apax Partners has returned about €5bn ($6.5bn) to investors ahead of a fundraising that is targeting €8.5bn and could raise more than €11bn to set a European record.

It is regarded by investors as one of the largest returns, although most large buyout rivals also had a good year. CVC returned €2.4bn in the fourth quarter, although its annual return was less than €5bn, sources said. Apax's previous two funds have driven its strong performance.