Five private equity firms have been shortlisted to manage the European Union's planned €5bn technology investment fund, according to Bloomberg. EQT, Eurazeo, Atomico, Vitruvian Partners, and Northzone are competing to oversee the Scaleup Europe Fund, which targets companies in artificial intelligence, quantum computing, robotics, clean energy, and biotechnology.

The European Commission plans to appoint an external manager in April. The fund will operate as a public-private partnership, combining EU capital with commitments from institutional investors including pension funds. This initiative represents a significant push by the EU to strengthen its technological competitiveness against the US and China.

Elsewhere, Investcorp has raised $1.25bn for its second GP-stakes fund, attracting commitments from existing and new limited partners across Asia, Europe, Latin America, and the Gulf Cooperation Council. The fund also expanded participation from private wealth channels, including family offices and high-net-worth individuals. GP-stakes transactions, which involve minority ownership positions in alternative asset managers, have grown rapidly as firms seek to strengthen operational capabilities and succession planning.