After a record year in 2019, private equity fundraising in North America and Europe is likely to slow down next year as large firms shift their focus to capital deployment, PitchBook’s analysts have predicted.

There are a small number of funds that are currently in the market looking to raise more than $10bn, PitchBook said. This contrasts with several mega-funds closed in 2019, such as Leonard Green’s two new funds raising $15bn, and Blackstone’s biggest-ever private equity vehicle, which collected $26bn.