The Carlyle Group, the US private equity firm, has closed its latest European buyout fund after a late burst in investment pushed the vehicle to its €3.75 billion hard cap following more than two and a half years of fundraising.

Carlyle Europe Partners IV, which first came to market in late 2012 targeting €3 billion, had garnered approximately €1.4 billion by August last year, but a pick-up in appetite since then helped the fund reach its upper target - with more than 140 investors from 35 countries investing by the final close, according to a Carlyle statement.