London | The biggest European private equity groups are rushing to raise new mega funds as they seek to tap into record demand from investors before markets become tougher.

Luxembourg-based CVC Capital Partners is attempting to raise what would be Europe’s largest ever fund — potentially more than €18 billion ($29.5 billion) — as early as next year. Stockholm-based EQT, which is considering a listing later this year, is set to raise a record flagship fund at around €14 billion in 2020.