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 Europe
68 funds with a first or final close since 1 Jan 2025, €71.8bn in total, median €445m.
Open in the full trackerFundStageHQClosedSize €m
- 50.0
Acquires majority stakes in established DACH service businesses facing succession and builds larger groups through operational development and acquisitions.
- Business Services, Health & Bio
- Germany; Austria; Switzerland
- Emerging manager, Fund 1
- 12 Oct 2026
- Gaius Capital
- 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.
- 135.0
- Bulgaria, Croatia, Romania, Slovenia, Serbia, Türkiye
- Fund 3
- 10 Sept 2026
- EIF, EBRD
- 1,500.0
- Health & Bio
- not found
- Fund 4
- 9 Sept 2026
- 2,300.0
- Fintech, Business Services, Media & Telecom
- Pan-European
- Fund 2
- 8 Sept 2026
- 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
- 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
- 2,100.0
- not found
- Fund 8
- 1 Sept 2026
- 270.0
- Nordics
- Emerging manager, Fund 1
- 28 Aug 2026
- Aspira Partners
- 1,100.0
- Southern Europe (Italy)
- Fund 2
- 4 Aug 2026
- Nextalia Investment Management
- 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
- 3,000.0
- Pan-European
- Fund 3
- 6 Jul 2026
- CVC Capital 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
- 4,000.0
Invests in profitable B2B enterprise software and SaaS businesses, scaling them through organic growth and targeted acquisitions.
- B2B Software
- Primarily Western Europe and the Nordic region; North America also within manager's stated core geographies
- Fund 9
- 24 Jun 2026
- Main Capital Partners
- 1,250.0
Invests in high-growth B2B software businesses, supporting organic growth and scaling through targeted acquisitions.
- B2B Software
- Primarily Western Europe and the Nordic region; North America also within manager's stated core geographies
- Fund 3
- 24 Jun 2026
- Main Capital Partners
- 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
- 2,000.0
Builds Nordic mid-market companies into regional champions through operational improvements, organic growth, acquisitions and geographic expansion.
- Generalist
- Nordic region
- Fund 10
- 4 Jun 2026
- 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
- 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
- 4,000.0
Builds European businesses in fragmented, growing markets through organic development and buy-and-build acquisitions.
- Generalist
- Europe
- Fund 10
- 24 Apr 2026
- 75.0
Takes controlling stakes in established industrial SMEs and supports decarbonisation, operational improvement and growth across France and selected European markets.
- Climate & Energy
- Primarily France; broader Europe including Italy and Benelux
- 21 Apr 2026
- 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
- 5,500.0
Acquires European mid-market businesses in industrial technology, business services and healthcare, supporting operational transformation and corporate carve-outs.
- Industrial Tech, Business Services, Health & Bio
- Europe
- Fund 6
- 16 Mar 2026
- Triton Partners
- 180.0
- France, Benelux, Italy
- Fund 2
- 1 Mar 2026
- 4,500.0
- Business Services, B2B Software, Fintech
- Pan-European (focus Northern Europe)
- Fund 7
- 1 Mar 2026
- 100.0
Builds profitable European consumer businesses through active ownership, international expansion, selective acquisitions and structured sustainability improvements.
- Consumer, Food & Agri, Mobility
- Benelux; France; DACH; Nordics
- 20 Feb 2026
- Vendis Capital
Makes majority buyouts of established European SMEs and turns them into consolidation platforms through operational development and acquisitions.
- Generalist
- Europe
- Emerging manager, Fund 1
- 6 Feb 2026
- Cervinvest Capital
- 170.0
- Benelux (Netherlands), lower mid-market
- Fund 3
- 30 Jan 2026
- NewPort Capital B.V.
- 144.3
Makes mainly majority investments in French SMEs undergoing succession, strengthening operations and supporting organic growth and acquisitions.
- Generalist
- France
- Fund 4
- 27 Jan 2026
- LT Capital
- 1,600.0
Makes control investments in operationally complex European lower middle-market businesses, using local origination and hands-on operational improvement.
- Generalist
- European lower middle market
- Fund 4
- 15 Jan 2026
- H.I.G. Capital
- 1,300.0
Makes majority buyouts of lower mid-market companies in Core Europe, partnering with families, founders and entrepreneurs across healthcare, services, consumer and niche industrials.
- Health & Bio, Consumer, Industrials
- Benelux; France; Germany; Italy; Spain
- Fund 6
- 12 Jan 2026
- Apheon Management S.A.
- 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
- 105.0
Acquires predominantly controlling stakes in established Italian SMEs and supports strategic focus, professionalisation, organic growth and acquisitions.
- Generalist
- Italy
- Fund 3
- 31 Oct 2025
- Arcadia SGR S.p.A.
- EIF
- 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
- 130.0
Takes majority or co-control positions in established regional businesses and scales them through professionalisation, acquisitions and cross-border expansion.
- Health & Bio, Business Services, Consumer
- Romania; Bulgaria; Croatia; Czechia; Poland; Slovakia
- Fund 2
- 3 Sept 2025
- Morphosis Capital Partners BV
- EIF, EBRD
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
- 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
- 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
- 160.0
Acquires established Spanish B2B businesses and builds sector platforms through operational transformation, technology adoption, acquisitions and international expansion.
- Business Services, B2B Software
- Spain
- 11 Jul 2025
- Kibo Ventures Partners, S.G.E.I.C., S.A.
- CDTI Innvierte
- 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
- 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
- 120.0
Acquires non-core or underperforming lower-mid-market businesses and corporate carve-outs, using operational transformation to unlock sustainable growth.
- Consumer, Media & Telecom, Technology
- Western Europe, particularly Germany and the United Kingdom
- Emerging manager, Fund 1
- 10 Jun 2025
- Hypax GmbH
- 194.0
Takes majority or controlling minority positions in established Iberian lower-mid-market businesses, supporting operational improvement, expansion and sector consolidation.
- Generalist
- Spain and Portugal
- Fund 2
- 10 Jun 2025
- Queka Real Partners
- 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
- 2,120.0
Acquires majority stakes in profitable founder-owned European service companies with established, scalable business models and pursues buy-and-build growth.
- Business Services, Health & Bio
- DACH; Benelux; Spain; Portugal; United Kingdom; Poland
- Fund 8
- 2 Jun 2025
- Ufenau Capital Partners
- 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
- 1,250.0
Partners with entrepreneurs and management teams in Benelux and DACH mid-market businesses, supporting succession, organic growth and acquisitions.
- Generalist
- Benelux and DACH
- Fund 6
- 17 Apr 2025
- 180.6
Makes control investments in founder-led, mission-critical Nordic businesses with asset-light models and strong buy-and-build potential.
- Generalist
- Nordics
- SEK
- Fund 3
- 9 Apr 2025
- MVI Advisors AB
- SEK 2000m
- 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
- 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
- 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
- 1,800.0
Invests in middle-market European software companies and supports founders and management teams in scaling businesses into regional leaders.
- B2B Software
- Dedicated European software markets
- Fund 1
- 25 Feb 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)
- 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
