Barclays Private Equity, the private equity arm of the UK bank, has raised over €1bn ($938m) for the first closing of its new European fund, its first third-party fundraising since 1989.

Barclays Private Equity raised its first fund in 1989, which was fully invested by 1994. The firm then began to co-invest Barclays' money alongside Axa Sun Life until 1998. Axa Sun Life then became a client of Parallel Ventures, which has since co-invested with Barclays Private Equity.