The latest round of private equity mega fundraising in the US is about to begin, with Silver Lake and Providence Equity Partners each understood to be aiming at a $10bn (€8bn) fund.

Silver Lake is expected to publish a private placement memorandum at the end of the month with a cover target of $7bn to $8bn, the same figure set by telecoms specialist, Providence, for its fund. Sources said both could eventually close 25% higher.