Beyond AI: Six startup opportunities in Europe
Six sectors where European expertise, needs and regulatory changes are opening up new markets.
Read on SubstackMid-market private equity buy-out funds in Europe
28 funds with a first or final close since 1 Jan 2025, €12.4bn in total, median €385m.
Open in the full trackerFundStageHQClosedSize €m
- 314.0
- not found
- Fund 2
- 6 Oct 2026
- Seven2
- 736.0
- Pan-European
- Fund 9
- 24 Sept 2026
- Argos Wityu
- 370.0
- not found
- Fund 8
- 10 Sept 2026
- Mentha Capital B.V.
- 400.0
- Health & Bio, Business Services, Industrial Tech
- France, Italy, Spain, Benelux
- Fund 6
- 3 Sept 2026
- 710.0
- not found
- Fund 5
- 1 Sept 2026
- 270.0
- Nordics
- Emerging manager, Fund 1
- 28 Aug 2026
- Aspira Partners
- 700.0
Makes primary control investments in fundamentally sound DACH businesses, including succession situations and carve-outs, and develops them through strategic acquisitions.
- Generalist
- Companies headquartered in DACH
- Fund 3
- 13 Jul 2026
- NORD Holding
- 335.0
Backs European lower-mid-market healthcare businesses through primary buyouts, operational improvement, international expansion and buy-and-build acquisitions.
- Health & Bio
- Europe
- Fund 5
- 9 Jul 2026
- Mérieux Equity Partners
- 310.0
Takes controlling positions in established Benelux and Danish businesses, supporting owner succession, professionalisation, organic growth and buy-and-build expansion.
- Business Services, B2B Software
- Benelux and Denmark
- Fund 3
- 1 Jul 2026
- 221.3
Buys profitable Norwegian lower-mid-market businesses and develops category leaders through organic expansion, operational transformation and strategic acquisitions.
- Generalist
- Norwegian lower mid-market
- NOK
- Fund 4
- 5 Jun 2026
- NOK 2400m
- 808.0
Acquires majority stakes in mid-sized businesses, using organic development and buy-and-build strategies to create international leaders.
- Generalist
- Primarily France, Benelux and DACH
- Fund 3
- 21 May 2026
- Naxicap Partners
- 500.0
Makes primary buyouts of DACH Mittelstand businesses, addressing founder succession and supporting professionalisation and international growth.
- Technology, Health & Bio, Industrial Tech, Consumer
- DACH
- Fund 10
- 13 Apr 2026
- Afinum Management GmbH
- 808.0
- Pan-European
- Fund 2
- 30 Mar 2026
- Fremman Capital
- 230.0
Backs Benelux mid-sized businesses through buyouts, carve-outs, succession situations, operational improvement and buy-and-build strategies.
- Generalist
- Benelux
- Fund 5
- 19 Dec 2025
- 400.0
Buys French SMEs and mid-cap companies with solid fundamentals and transformation potential, supporting operational improvement and development.
- Generalist
- France
- Fund 3
- 6 Nov 2025
- 459.0
Invests in Nordic lower-mid-market technology, business-services and healthcare companies through Axcel’s private-equity ownership model.
- Technology, Business Services, Health & Bio
- Nordics
- 1 Nov 2025
- 625.0
Partners with entrepreneurs and management teams in Benelux and DACH mid-market businesses to improve operations and support sustainable growth.
- Generalist
- Benelux and DACH
- Fund 7
- 31 Oct 2025
- Bencis Capital Partners B.V.
- 275.0
Acquires majority positions in French defence and security SMEs and mid-caps through LBO transactions and supports their growth.
- Defence & Security
- France
- 23 Oct 2025
- Weinberg Capital Partners
- 300.0
Takes majority stakes in Spanish lower-mid-market companies and builds larger platforms through international growth and sector consolidation.
- Health & Bio, Business Services, Food & Agri
- Spain: 95% of investment allocations; up to 5% other OECD jurisdictions
- Fund 3
- 1 Oct 2025
- Buenavista Buyout, S.G.E.I.C., S.A.
- CDTI Innvierte, FondICO Global
- 280.0
Acquires majority stakes in growing French SMEs facing ownership or management transitions and drives value through durable operational transformation.
- Business Services
- France
- Fund 3
- 1 Sept 2025
- 205.3
Invests in Nordic lower-mid-market companies and supports profitable growth and business transformation through active ownership.
- Generalist
- Nordic lower mid-market
- SEK
- Fund 7
- 16 Jun 2025
- SEK 2250m
- 600.0
Supports Benelux founder-led businesses through management buyouts, succession transactions, international expansion and buy-and-build strategies.
- Generalist
- Companies headquartered in the Netherlands and Belgium
- Fund 6
- 6 Jun 2025
- Gilde Equity Management Benelux
- 700.0
Acquires majority stakes in Nordic healthcare businesses across pharmaceuticals, medical technology, specialist pharmaceutical services and related healthcare services.
- Health & Bio
- Nordic lower mid-market
- Fund 2
- 3 Jun 2025
- 296.1
Buys established, profitable UK lower-mid-market businesses, using sustainability initiatives, operational improvement and acquisitions to create value.
- Business Services, Technology
- United Kingdom, predominantly regional lower mid-market companies
- GBP
- Fund 5
- 23 Apr 2025
- Palatine
- GBP 254m
- 500.0
Builds Nordic lower-mid-market leaders through organic growth and acquisitions, focusing on technology services, business software and scalable business models.
- B2B Software, Technology
- Nordic lower mid-market
- 26 Mar 2025
- 430.0
Controls or co-controls European mid-market healthcare, consumer and services companies, using an operator-led model to support growth.
- Health & Bio, Consumer
- Pan-European
- Fund 2
- 1 Mar 2025
- 300.0
Uses buy-and-build control transactions to scale profitable European companies providing environmental solutions.
- Climate & Energy, Food & Agri, Mobility
- European OECD countries, including Switzerland, the UK and Nordics
- 1 Feb 2025
- 337.0
Acquires European businesses and accelerates measurable decarbonisation to improve competitiveness, targeting annual carbon-intensity reductions of at least 7.5 percent.
- Climate & Energy
- European SMEs and mid-sized businesses
- 22 Jan 2025
- Argos Wityu
