Barclays Private Equity, the private equity arm of the UK bank, has closed its European Fund at €1.25bn ($1.26bn), in its first fund-raising effort in more than 10 years.

Barclays Private Equity targeted mostly European investors for the fund, securing €600m from 24 blue chip investors, €100m from Parallel Ventures, a fund of funds owned by Axa, and €545m from Barclays Bank.