London-based CVC Capital Partners is sitting on the highest amount of unspent capital of any European buyout firm at the end of a year in which high valuations have made private equity groups reluctant to spend.

CVC, which owns companies including Formula One and Sky Bet, has €13.5 billion in so-called dry powder, according to estimates from data provider Preqin. This gives CVC almost €5 billion more financial firepower than rival EQT Partners, which, with an estimated €8.8 billion, is the firm with the second-highest amount in unspent capital.