Europe’s private debt funds — which allow companies to borrow money away from the bond markets — have topped $200bn in assets, after another strong year for fundraising.

According to research from data provider Prequin, with one month to go 2018 is the third-largest fundraising year ever, with $27bn in capital commitments from investors as of November. That is within touching distance of the second-best year, 2016, when $27.5bn was raised.