Private Markets Square #6 — Why Europe Is Back at the Center of Private Equity
- 5 days ago
- 5 min read
Updated: 4 days ago
Published April 22, 2026 · European Private Equity Newsletter · 6 min read
Editorial — Why Europe Is Back at the Center of the Game
Long seen as more complex than the United States, Europe is re-emerging as a particularly attractive playing field for private equity. Its fragmentation, often perceived as a constraint, is precisely what creates genuine market inefficiencies — and therefore more opportunities for managers capable of combining local presence, selectivity and disciplined execution.
Momentum is rebuilding, but without excess: the recovery is real, yet remains demanding. In this environment, performance depends less on the market itself than on the ability to enter at the right price, source the right assets and create lasting value over time.
Our conviction is simple: Europe is not a "secondary" market — it is a strategic playing field for investors seeking diversification, discipline and real value creation.
Market Pulse — 4 Signals to Watch on European Private Equity
1) Europe Remains a Deep Market, Not a Backup Option
Europe is not just an alternative to the United States: it is a full-fledged investment market, large, structured and rich in opportunities. Its depth comes from the size of its economy, the diversity of its entrepreneurial ecosystems and the density of its mid-cap companies. For a private equity investor, this translates into the ability to build varied exposures across multiple sectors, with a genuine reservoir of quality targets.
2) The Rebound Is Real, Even If Still Measured
The European market has restarted, but without euphoria. Activity is gradually returning, driven by a pickup in transactions and renewed interest in certain strategies — but in an environment that remains demanding. This is not a uniform market restart: selectivity remains high, the most sought-after assets concentrate attention, and discipline stays central to investment processes. In other words, the movement is underway, but it primarily benefits the best-positioned players and the most compelling deals.
3) European Valuations Remain More Attractive Than in the US
One of Europe's strengths lies in its valuation profile. The market remains broadly more reasonable than in the United States, with entry conditions that can offer a better balance between price paid and value creation potential. This is largely explained by a more local dynamic — less standardized and less systematically pushed by ultra-competitive processes. For investors, this creates a more favorable environment for generating performance based on selection and execution, rather than on multiple expansion alone.
4) In Europe, Manager Quality Matters Even More
This is probably the most structural point: Europe is a market where heterogeneity remains strong. Differences in business culture, regulation, sector maturity and competitive structure across countries demand a fine-grained reading of the terrain. In this context, performance depends less on a broad "European exposure" than on the manager's ability to source locally, understand the specifics of each market, and support companies in sometimes very different environments. More than anywhere else, access, local anchoring and execution quality make the difference.
Fund Insights
Founders Future Participates in AMI Labs Financing Round
Founders Future has announced its participation in the funding round of AMI Labs, an artificial intelligence company co-founded by Yann LeCun and led by Alexandre LeBrun. The operation, amounting to $1.03 billion, ranks among the most significant AI fundraisings in Europe in 2026.
The company develops "world models", with the ambition of going beyond classic generative models to build systems capable of reasoning, planning and better understanding the physical world. Use cases include robotics, autonomous vehicles, healthcare and complex industrial environments.
For Founders Future, this deal reflects a strong conviction: the next breakthrough in AI may come less from incremental improvements to LLMs than from new architectures that are more robust, predictive and action-oriented.
Abenex Completes First Closing of Industries 9.0 Fund
Abenex has announced the first closing of its Industries 9.0 fund, above 50% of its €150M target size. This vehicle is dedicated to supporting high-performing, growing industrial SMEs, in a context marked by European reindustrialization and industrial sovereignty challenges.
The fund draws on Abenex's historical expertise in supporting industrial companies, along with an operational team of seven experts. It adopts a decarbonization trajectory designed as a value-creation lever, and holds an Article 9 SFDR positioning, with objectives aligned with trajectories validated by the Science Based Targets initiative (SBTi).
The strategy primarily targets industrial SMEs based in France, as well as Italy and Benelux, with valuations up to €60M and investment tickets between €5M and €20M. The fund is also distributed via AirFund, with access possible for qualified clients starting at €100K.
Inside AirFund — Back to the Heart of Our Value Proposition
After the edition dedicated to the launch of AirFund Academy, this month we return to the core of what also makes AirFund distinctive: supporting wealth management professionals in accessing, understanding and distributing private assets.
Our conviction remains unchanged: the democratization of private markets cannot rely on a product offering alone. It also requires tools, education, a clear reading of strategies and concrete support for partners across the entire chain — from selection to monitoring.
It is in this spirit that AirFund continues to develop its platform, its educational content and its exchanges with partner firms, with one constant ambition: making private assets more readable, more accessible and better integrated into wealth management.
Events & Community
Patrimonia Paris — April 8, 2026
On April 8, AirFund attended Patrimonia Paris, a key event for exchanging with wealth management professionals around current private markets dynamics, end-client expectations and the growing education challenges around unlisted vehicles.
This edition confirmed several structural trends we observe in the field: sustained interest in European private equity, strong attention paid to access formats and liquidity questions, and a growing need for support in reading strategies and allocations.
We were delighted to meet our partners and exchange around a central question: how to make private assets more readable, more accessible and better integrated into wealth management.
➡️ To continue the conversation with our team: contact@airfund.io
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Sources
[1] CVC, CVC-PE: Why Europe?
[2] McKinsey & Company, Global Private Equity Report 2026, February 10, 2026.
[3] Bain & Company, Global Private Equity Report 2026, 2026.
[4] McKinsey & Company, Top M&A trends: Navigating a rapidly rebounding market, 2026.
[5] Invest Europe, Investing in Europe: Private Equity Activity 2024, May 8, 2025.
[6] PitchBook, analysis of multiples and competitive dynamics in European buyout, 2024.
[7] TechCrunch, Anna Heim, Yann LeCun's AMI Labs raises $1.03B to build world models, March 9, 2026.
[8] Reuters, Ex-Meta AI chief Yann LeCun's AMI raises $1.03 billion for alternative AI approach, March 10, 2026.
[9] Abenex, Press release – first closing of the Industries 9.0 fund, April 21, 2026.
⚠️ Legal Notice & Disclaimer
Information reserved for wealth management professionals. Advertising communication. AirFund is a Financial Investment Advisor (CIF), registered with Orias under n°24004281, member of ANACOFI.
This is an advertising communication. Fund details are accessible only to wealth management advisors registered with ORIAS and holding CIF approval. Please refer to the AIF prospectus / AIF information document and the key information document before making any final investment decision. Information concerning future performance is based on reasonable assumptions, but these forecasts are not guaranteed and do not constitute a reliable indicator of future results.