In February 2008, Vitruvian Partners, a mid-market firm co-founded by former executives from Apax Partners, successfully closed its debut fund. At €925 million, the fund still ranks as the largest first-time buyout vehicle ever to be raised in Europe, and gave hope to the multitude of private equity managers looking to go it alone.

Fast forward five years and NorthEdge Capital, a firm founded by former executives from Lloyds Banking Group private equity division LDC, is nearing a final close for its debut fund, according to people familiar with the situation. If successful, the fund will rank as one of the largest first-time buyout funds to close in Europe since the collapse of Lehman Brothers. The difference between these stories lies in the size of the funds.