Advent International, Candover, Cinven and CVC Capital Partners have emerged as the buyout firms with the greatest exposure to Europe’s most overcommitted listed investors, analysis by Financial News has revealed. The research comes at a time when there is an increasing concern that overcommitted funds will become unable to deliver on their capital promises to private equity firms.

Financial News has carried out analysis into the disclosed portfolios of the five listed private equity funds of funds that have been identified by JP Morgan Cazenove as having promised to invest the most in third-party private equity funds as a proportion of their existing assets under management.