Apollo Global Management is finalizing a partnership with BNP Paribas to originate private credit loans for European borrowers, mirroring its $25bn arrangement with Citigroup in North America, Bloomberg reports. The deal would leverage BNP Paribas' position as a leading European arranger of investment-grade bonds and leveraged loans while extending Apollo's global credit platform.

Volkswagen's diesel engine unit Everllence has drawn preliminary bids valuing it at around €8bn including debt, Reuters reports. The disposal would rank among Europe's largest carve-outs this year, with private equity firms like Blackstone, CVC Capital Partners, and Brookfield Asset Management competing alongside Japanese manufacturer Yanmar. The sale highlights corporate portfolio simplification trends creating major opportunities for private equity capital.

Meanwhile, Novacap has closed its Technologies Fund VII at nearly $3.8bn, exceeding its $2.75bn target by over $1bn in under a year. The raise brings total assets under management to more than $12bn and underscores continued limited partner appetite for sector-specialist technology platforms despite challenging global fundraising conditions. The fund will target middle-market B2B software and technology-enabled services businesses in North America.