Doughty Hanson, the UK private equity firm, is planning to launch a €3.5bn ($3.1bn) fund this spring. It will be the largest European fund to be launched by an independent private equity firm since September 2000, when Warburg Pincus started raising $2.5bn.

Doughty Hanson's launch may mark the turning point in what has been a difficult 18 months for fundraising, particularly last year. According to the European Private Equity and Venture Capital Association, the total amount raised in Europe fell by one-third to €32bn - from €48bn in 2000.