Beyond AI: Six startup opportunities in Europe
Six sectors where European expertise, needs and regulatory changes are opening up new markets.
Read on SubstackPrivate equity buy-out funds in the UK
15 funds with a first or final close since 1 Jan 2025, €26.6bn in total, median €1.5bn.
Open in the full trackerFundStageHQClosedSize €m
- 2,300.0
- Fintech, Business Services, Media & Telecom
- Pan-European
- Fund 2
- 8 Sept 2026
- 150.0
- Industrial Tech, Climate & Energy, Business Services
- Pan-European (Western Europe); investments so far in Spain and Norway
- Emerging manager, Fund 1
- 1 Sept 2026
- 1,500.0
Takes majority or control positions in European lower mid-market businesses, supporting operational improvement and international expansion.
- Generalist
- Europe, with a dominant position in Southern Europe
- Fund 4
- 30 Apr 2026
- 808.0
- Pan-European
- Fund 2
- 30 Mar 2026
- Fremman Capital
- 4,500.0
- Business Services, B2B Software, Fintech
- Pan-European (focus Northern Europe)
- Fund 7
- 1 Mar 2026
Backs established UK small businesses through management buyouts and buy-and-build strategies, supporting management-led ownership transitions and growth.
- Generalist
- United Kingdom
- GBP
- Fund 2
- 1 Sept 2025
- Coniston Capital Management LLP
- GBP 32m
- 2,000.0
Invests in European small-cap businesses across services, healthcare, consumer and industrials, with a dedicated pool for smaller development-capital investments.
- Business Services, Health & Bio, Consumer, Industrials
- Benelux; DACH; France; Nordics; United Kingdom
- Fund 4
- 24 Jul 2025
- IK Partners
- 1,500.0
Takes controlling interests in European middle-market financial and business services companies, supporting revenue growth and active operational development.
- Business Services
- Europe
- Fund 5
- 1 Jul 2025
- 1,069.9
Takes control positions in established corporate, family and founder-owned mid-market businesses, using revenue-led growth to improve profits.
- Generalist
- United Kingdom; Ireland; Benelux
- GBP
- Fund 5
- 1 Jun 2025
- GBP 900m
- 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
- 4,000.0
Takes majority or control positions in mid-market businesses, primarily in Southern Europe, supporting operational improvement and international expansion.
- Generalist
- Primarily Southern Europe, with selective investments outside the region
- Fund 8
- 3 Apr 2025
- 3,300.0
Backs established European mid-market companies across business services, healthcare, consumer and industrials, supporting growth alongside management.
- Business Services, Health & Bio, Consumer, Industrials
- Benelux; DACH; France; Nordics; United Kingdom
- Fund 10
- 1 Apr 2025
- IK Partners
- 4,500.0
Backs founder-led European mid-market businesses in technology, digital consumer, education and business services, including buy-and-build strategies.
- Technology, Consumer, Business Services
- Europe
- Fund 6
- 24 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
- 191.4
Targets control investments in UK and Irish technology and business-services companies, supporting founder-led growth through flexible ownership structures.
- Technology, Business Services
- Primarily UK and Ireland in the manager's stated strategy; counsel additionally permits Channel Islands and Isle of Man and companies with substantial local business interests or revenues.
- GBP
- Emerging manager, Fund 1
- 1 Feb 2025
- Northcote Equity
- GBP 160m (final)
