Beyond AI: Six startup opportunities in Europe
Six sectors where European expertise, needs and regulatory changes are opening up new markets.
Read on SubstackSmall private equity buy-out funds in Europe
17 funds with a first or final close since 1 Jan 2025, €2.2bn in total, median €135m.
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
- 135.0
- Bulgaria, Croatia, Romania, Slovenia, Serbia, Türkiye
- Fund 3
- 10 Sept 2026
- EIF, EBRD
- 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
- 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
- 180.0
- France, Benelux, Italy
- Fund 2
- 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
- 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
- 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
- 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
- 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
- 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
- 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)
