Much has changed in the private equity world over the past 12 months, but some things have stayed the same. While the top three European buyout firms – CVC Capital Partners, Apax Partners and Permira – have retained their dominance since last year’s listings, they face increasing competition from the US.

Kohlberg Kravis Roberts and Advent International broke into the rankings for the first time and went to fourth and fifth places respectively, following recent fund closes.