Europe is gaining momentum this year across private capital as firms shift focus to the continent (and away from the US). Firmer macro data, lower entry multiples, and domestic policy volatility are pushing investors to reevaluate geographic priorities.

The big theme at last week's SuperReturn Berlin conference: sponsors across the board are agreeing on potential European upside and are preparing to put dollars to work.

At the event, Blackstone Chief Executive Steve Schwarzman told Bloomberg TV the firm plans to invest “as much as $500 billion in Europe over the next 10 years” because “we see it as a major opportunity for us.”

He added, “They are starting to change their approach here, which we think will result in higher growth rates.”

Apollo Global Management President Jim Zelter delivered a similar message in Berlin. “Whether it’s a pull domestically or a push from the current administration, there is a revitalized enthusiasm about investing in Europe,” he said on Bloomberg TV.

KKR had already shared the sentiment last month.

“What we’re saying to people is think about other places in the world where we can actually put money to work,” said Kravis when asked about the firm's response to tariffs at May's Milken Institute Global Conference.

Kravis singled out Chancellor Friedrich Merz’s trillion-euro defense and infrastructure plan as “real opportunity,” noting he is “getting a different vibe back from Europeans today than what I had seen in the past. They’re waking up now.”

Alongside policy-related factors, valuations are also part of the draw.

Nikos Stathopoulos, chairman of Europe at BC Partners, told conference attendees that “this disconnect between valuations, between European and US companies, was not really justified. People are seeing it now.”

Bain & Company data show that the trend is already underway. European buyout deal value jumped 54 percent in 2024 versus the prior year, well ahead of North America’s 34 percent. A separate McKinsey report shows an even bigger 65 percent year-over-year jump in European take-privates.

Broader economic data is also showing real strength. Eurostat’s latest revision showed first-quarter euro-area GDP up 0.6 percent, double the previous estimate. Ireland alone delivered almost 10 percent quarterly growth.

Macro-political risk in Washington is boosting Europe’s risk-adjusted appeal.

Oaktree’s Howard Marks told the Financial Times, “The US has been the best place in the world to invest for a century, but I'm starting to hear investors question whether US exceptionalism is a little less exceptional, and think about whether to position their portfolios accordingly.”

European policymakers are taking advantage of the opportunity.

Berlin’s economy ministry has courted Apollo, while London fast-tracked planning for Blackstone’s hyperscale data center campus in northern England, reducing execution risk for sponsors that once viewed the region as administratively slow.

Regarding investor confidence, the US political environment appears to be heading in the opposite direction.

Neuberger Berman’s Joana Rocha Scaff told the FT, “It’s more than tariffs… It’s not just the trade wars but some of the domestic instability [in the US] and proposed tax bills that impact non-US investors.”

BlackRock's Larry Fink was more blunt in his response last week to the Trump administration's tax bill: "We have a pending tax bill that's going to add $2.3-$2.4 trillion on the back of [the existing $36 trillion in US debt]. If we don’t find a way to grow at 3 percent a year ... we’re going to hit the wall.”

• KKR and Stonepeak Partners agreed to acquire Assura (LSE: AGRP), a British medical-properties REIT, for £1.7 billion in a sweetened takeover offer.

• Pacific Equity Partners offered to buy Johns Lyng Group (ASX: JLG), an Australian property-services business trading at a market value of around A$878 million.

• General Mills (NYSE: GIS) is exploring the sale of its Häagen-Dazs stores in China, per Bloomberg.

• HighPost Capital invested in Equip Foods, a protein supplements brand.

• Nordic Capital invested in Minerva Imaging, a Danish radiopharmaceutical services company.

• Flexpoint Ford invested in Elliott Davis, a Greenville, South Carolina-based accounting firm.

• DoorDash (Nasdaq: DASH) agreed to acquire Symbiosys, a New York-based ad-tech firm, for $175 million.

• Apollo invested in T.D. Williamson, a Tulsa-based pipeline infrastructure firm majority owned by SCF Partners.

• Stack Sports, a Genstar Capital portfolio company, acquired PlayMetrics, a club-management software provider, from PSG and Blue Star Innovation Partners.

• Mizuho Financial Group is in advanced talks to acquire a majority stake in Avendus Capital, an Indian investment bank.

• 1745 Ventures has spun out of Bertelsmann Investments, acquiring a 50 percent stake in the portfolio assets of Bertelsmann Digital Media Investments, with Urs Cete and Sim Blaustein continuing as founding partners.

• International Wire Group, a portfolio company of Olympus Partners and Atlas Holdings, agreed to acquire Hussey Copper, a North American processor of copper products for electrical infrastructure, from KPS Capital Partners.

Tech, Vertical SaaS, & Misc. Enterprise

• Glean, an AI-powered enterprise search platform, raised $150 million in Series F funding led by Wellington Management, with participation from Khosla Ventures, Bicycle Capital, Geodesic Capital, Archerman Capital, Altimeter, Capital One Ventures, Citi, Coatue, DST Global, General Catalyst, ICONIQ, IVP, Kleiner Perkins, Latitude Capital, Lightspeed Venture Partners, Sapphire Ventures, and Sequoia Capital.

• PostHog, an open-source platform for product analytics and experimentation, raised $70 million in Series D funding led by Stripe, with participation from Y Combinator, GV, and Formus Capital, at a $920 million valuation.

• Abacum, a business planning software platform for finance teams, raised $60 million in Series B funding led by Scale Venture Partners, with participation from Cathay Innovation, Y Combinator, Creandum, Kfund, and Atomico.

• Tebi, a Dutch operating system for hospitality businesses, raised €30 million in Series B funding led by CapitalG, with participation from Index Ventures.

• Tracksuit, a brand tracking platform for measuring brand value, raised $25 million in Series B funding led by VMG Partners, with participation from Altos Ventures, Footwork, Blackbird, and Icehouse Ventures.

• CloudQuery, a cloud governance platform, raised $16 million in Series A funding led by Partech, with participation from Boldstart, Tiger Global, and Work-Bench.

• Remarcable, a construction material management platform for contractors, raised $15 million in Series A funding led by Insight Partners.

• ZeroRISC, a Boston-based provider of silicon supply chain integrity solutions, raised $10 million in seed funding led by Fontinalis Partners, with participation from Fundomo, SBXi, Chelpis, and Bond Street.

• Shovels, an AI platform that converts building permit data into business insights, raised $5 million in seed funding led by Base10 Partners.

Fintech

• OpenTrade, a London-based stablecoin infrastructure platform for RWA-backed yield products, raised $7 million in Series A funding led by Notion Capital and Mercury Fund, with participation from AlbionVC, a16z crypto, and CMCC Global.

• FinanceKey, a Finnish cash management platform that integrates banking, ERP, and treasury systems, raised €3 million in seed funding led by Maki.vc, with participation from First Fellow Partners.

Consumer & Media

• FERMÀT, a platform that personalizes shopping experiences for brands, raised $45 million in Series B funding led by VMG Partners, with participation from QED Investors, Greylock, Bain Capital Ventures, and Courtside Ventures.

Healthcare

• SpliceBio, a company developing protein splicing technology for large gene mutations, raised $135 million in Series B funding co-led by EQT Life Sciences and Sanofi Ventures, with participation from Roche Venture Fund, New Enterprise Associates, UCB Ventures, Ysios Capital, Gilde Healthcare, Novartis Venture Fund, and Asabys Partners.

• Guidehealth, a value-based care platform for health systems, raised $10 million in strategic funding from Emory Healthcare to accelerate its growth and expand its technology services for chronic disease management and population health initiatives.

Industrials, Greentech, & Other

• Proxima Fusion, a German fusion startup developing stellarator-based power plants, raised €130 million in Series A funding co-led by Cherry Ventures and Balderton Capital, with participation from UVC Partners, DeepTech & Climate Fonds, Plural, Leitmotif, Lightspeed, Bayern Kapital, HTGF, Club degli Investitori, OMNES Capital, Elaia Partners, Visionaries Tomorrow, Wilbe, and redalpine.

• Wandercraft, a developer of robotic exoskeletons for mobility, raised $75 million in Series D funding from Renault Group, Bpifrance's PSIM fund, Teampact Ventures, Quadrant Management, LBO France, Mutuelles Impact, Cemag Invest, Martagon Capital, and AG2R LA MONDIALE.

• AIM Intelligent Machines, a Washington-based company that retrofits earthmoving machinery with autonomous technology, raised $50 million in Series A funding from Khosla Ventures, General Catalyst, Human Capital, Ironspring Ventures, Mantis, and DCVC.

• Bedrock Ocean, a seafloor mapping company for offshore wind projects, raised $25.5 million in Series A funding co-led by Northzone and Primary Venture Partners, with participation from Valor Equity Partners, Eniac, Quiet Capital, and R7.

• Ares Management raised $2.4 billion for a fund focused on Japanese data centers.

• Sundance Growth, a software-focused firm led by Accel-KKR veteran Christian Stewart, raised $125 million for its debut fund.

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