Europe’s buyout industry is facing its biggest test since the financial crisis began as large firms gear up for a huge fundraising attempt that could hit €50bn over the next 18 months in a bid to ensure their long-term survival.

At least 10 of Europe's largest firms - including names such as Apax Partners, BC Partners and Cinven - are planning to brave the fundraising market at similar times, according to investors who have been approached by the buyout firms.