Clifford Chance (CC) has closed one of the biggest private equity funds of the last year after beating rival SJ Berwin in a beauty parade for the work.

The firm advised Barclays Private Equity (BPE) on the formation of its European Fund II, which closed last week, reaching €1.65bn (£1.14bn). It is the first fund formation the firm has done for the client, although it has advised on transactional work in the past.