Private Equity 3 Days

Last updated: June 22, 2026, 5:30 AM ET

European AI Ambitions & Venture Capital

European investors are intensifying efforts to build domestic AI capabilities, with a strong emphasis on controlling the entire technology stack. This push is supported by significant venture capital activity, notably Seedcamp's $320M close across two funds aimed at backing early-stage startups, reaching $1 billion in assets under management. The firm's seventh fund secured $220 million, with an additional $100 million dedicated to investing in promising companies from its core fund . This surge in capital underscores a broader European commitment to AI infrastructure, even as some companies in the sector face challenges; for instance, Unlikely AI is undergoing a shakeup amidst widening losses and strategic adjustments. The debate around fostering European AI talent also includes practical considerations, such as the potential need to scrap non-compete clauses to attract and retain skilled professionals, a sentiment echoed at the Viva Tech conference where a call for European solidarity in technological development was made. However, investor sentiment also reveals frustrations with certain product offerings, with some bemoaning "vibe-coded product slop".

Private Equity Dealmaking & Sector Focus

Private equity firms are actively engaging in a diverse range of transactions, from large-scale take-privates to niche sector investments. EQT's £10.9bn take-private of Intertek is being co-invested in by major Abu Dhabi sovereign wealth funds, the Abu Dhabi Investment Authority and Mubadala. In a move marking its first foray into the space sector, EQT is also acquiring Germany's Exolaunch, a specialist in satellite deployment and launch mission management. Elsewhere, Mutares has agreed to carve out Synthomer, a producer of acrylic acids and esters. Investcorp is taking a majority stake in Smart Managed Solutions, a provider of mechanical and electrical facilities management services. The sports sector continues to attract PE interest, with MSP Sports Capital acquiring a majority stake in the New Zealand Sail GP Team. Meanwhile, interest is high in the German utility Uniper, with KKR, Brookfield, and CDPQ among roughly 10 bidders circling the state-owned entity.

Secondaries Market Growth & Investor Strategies

The private equity secondaries market is experiencing significant expansion, attracting new entrants and seeing continued growth in investor activity. INVL Family Office has launched a private equity secondaries fund in partnership with Adams Street Partners, offering its clients access to this market. European insurance firms, including NN Group, are also exploring the secondaries market as a means to diversify their illiquid credit portfolios. Coller's latest Barometer report indicates that a substantial portion of limited partners (LPs) anticipate continued growth in secondary market activity, with approximately 40% expecting an increase, and some adopting more concentrated investment approaches within this segment. This trend suggests a maturing market where investors are seeking more sophisticated ways to manage and deploy capital in private markets.

Private Debt & Alternative Financing

Private debt is emerging as a significant financing tool, particularly for refinancing existing obligations and facilitating complex transactions. Apollo is in advanced talks to provide a $574m private debt package to refinance Eolo, an Italian operator controlled by Partners Group. This deal highlights the role of private debt in managing leveraged buyouts and supporting infrastructure assets. The broader landscape of private fund management is being shaped by an era of turbulence, with managers focusing on profitable exit strategies. This environment necessitates innovative approaches to realizing value, even as traditional routes to attractive internal rates of return become more challenging.

Fundraising & Investor Capital Deployment

Fundraising continues across various segments of the private capital markets, reflecting ongoing investor demand for differentiated strategies. Seedcamp, a prominent European seed investor, has closed on $320 million across its seventh fund and a select fund, reinforcing its commitment to early-stage technology companies. The firm's overall assets under management have now surpassed $1 billion . Beyond venture capital, the secondaries market is also drawing significant capital, with initiatives like INVL Family Office's new fund and the interest from European insurers signaling a broadening investor base for these strategies. This capital deployment is occurring against a backdrop of evolving market dynamics, where investors are increasingly focused on specific sectors and geographies, such as AI infrastructure in Europe.