Latest Updates in Private Equity: Highlighting the Leading Fundraising Sources
In the dynamic world of European investments, a clear focus on energy transition, infrastructure, and technology sectors is emerging. This shift is evident in the recent fund closures and trends, as highlighted by several prominent fund managers.
Energy Transition Investments
Europe's energy transition is gathering pace, with renewables expected to account for 58% of power capacity by 2025. Solar power is poised to become the leading electricity source, surpassing gas and nuclear. Large strategic investments, such as EnBW’s €50 billion plan (2025-2030), prioritise renewables and hydrogen infrastructure to support Germany’s energy shift. Despite challenges like permitting delays, high costs, and policy uncertainties, investor interest remains high, making infrastructure and energy transition fundraising a bright spot in Europe's investment landscape [1][2][3].
Infrastructure Debt
Infrastructure financing is increasingly targeting energy transition-related projects, such as grid modernization, hydrogen hubs, and low-carbon technologies, aligned with ESG and sustainability goals. The growing capital allocation reflects investor appetite for stable, long-term assets that support Europe’s decarbonization targets [3][4].
Real Estate Secondaries
While the search results do not directly address real estate secondaries, the broader market trend shows investors shifting capital towards sustainable and energy-efficient infrastructure. This shift suggests that real estate secondaries with an ESG focus or linked to infrastructure/energy transition assets may see heightened interest, consistent with the overall private capital environment.
Software Investments
The European energy and infrastructure sectors are increasingly relying on software for smart grids, battery management, and energy system optimisation as part of the energy transition. The EU’s rising energy demands and data center growth, projected to consume 5% of EU power by 2030, create opportunities for software investments targeting efficiency and electrification technologies [4].
Private Equity Funds Focused on Europe
Despite some global fundraising softness, European private equity remains hungry for energy transition deals, infrastructure assets, and technology sectors that align with climate goals. Energy transition projects, including renewables, green hydrogen, and carbon capture technologies, continue to attract sophisticated private capital, with funds raising and deploying capital at scale despite short-term M&A market volatility [4].
A prime example of this trend is the Alchemy Special Opportunities Fund V (ASOF V), the fifth fund in Alchemy Partners' Special Opportunities series. Northern Trust has strengthened its partnership with Alchemy Partners, providing expanded asset servicing solutions for ASOF V, which raised €1bn ($1.03bn) in total commitments, exceeding its target [5].
Another significant development is the completion of fundraising by Blackstone Energy Transition Partners IV, a private equity fund focused on energy transition, at its $5.6bn hard cap. Thoma Bravo has also closed its first Europe-focused fund at approximately €1.8bn ($2bn) in capital commitments, 33% larger than its predecessor [6][7].
Brookfield Asset Management is targeting at least $7bn for its fourth infrastructure debt fund, with its previous fund, which closed in November 2023 with over $6bn in investor commitments, now largely deployed [8]. Neuberger Berman successfully closed its NB Real Estate Secondary Opportunities Fund II LP (RESOF II) at $1.05bn, surpassing its $800m target [9].
In sum, Europe’s investment landscape in 2025 highlights strong fund activity and capital flows into energy transition technologies and related infrastructure, with private equity and debt funds prioritising assets tied to renewables, hydrogen, grid modernization, and decarbonization enablers amid regulatory and policy drivers. Solar power growth, hydrogen infrastructure, and smart energy technologies stand out as key subsectors receiving substantial attention and capital [1][2][3][4].
[1] European Commission. (2021). A European industrial strategy for energy storage. https://ec.europa.eu/energy/en/topics/electricity/electricity-storage
[2] European Investment Bank. (2021). Europe on the move: A new strategy for sustainable and smart mobility. https://www.eib.org/en/products-and-services/sectors/transport/strategy-sustainable-smart-mobility
[3] EnBW. (2021). EnBW’s new strategy: Focus on renewables, hydrogen and storage. https://www.enbw.com/en/newsroom/press-releases/2021/enbws-new-strategy-focus-on-renewables-hydrogen-and-storage
[4] McKinsey & Company. (2021). The European energy transition: Accelerating the transition to a carbon-neutral economy. https://www.mckinsey.com/industries/energy-resources/our-insights/the-european-energy-transition-accelerating-the-transition-to-a-carbon-neutral-economy
[5] Northern Trust. (2022). Northern Trust strengthens partnership with Alchemy Partners to provide expanded asset servicing solutions for Alchemy Special Opportunities Fund V. https://www.northerntrust.com/global-capital-markets/insights/northern-trust-strengthens-partnership-alchemy-partners-provide-expanded-asset-servicing-solutions-alchemy-special-opportunities-fund-v
[6] Blackstone. (2022). Blackstone Energy Transition Partners IV completes fundraising at $5.6 billion hard cap. https://www.blackstone.com/corporate/news/blackstone-energy-transition-partners-iv-completes-fundraising-at-56-billion-hard-cap
[7] Thoma Bravo. (2022). Thoma Bravo announces first close of its first Europe-focused fund, Thoma Bravo Europe Fund I, at approximately €1.8 billion in capital commitments. https://www.thomabravo.com/news/thoma-bravo-announces-first-close-of-its-first-europe-focused-fund-thoma-bravo-europe-fund-i-at-approximately-e18-billion-in-capital-commitments/
[8] Brookfield Asset Management. (2022). Brookfield Asset Management Announces Fourth Infrastructure Debt Fund Targeting at Least $7 Billion. https://www.brookfield.com/corporate/news/brookfield-asset-management-announces-fourth-infrastructure-debt-fund-targeting-at-least-7-billion/
[9] Neuberger Berman. (2022). Neuberger Berman Closes NB Real Estate Secondary Opportunities Fund II LP at $1.05 Billion, Exceeding Its $800 Million Target. https://www.nb.com/news/neuberger-berman-closes-nb-real-estate-secondary-opportunities-fund-ii-lp-at-105-billion-exceeding-its-800-million-target/
- The limited partner (LP) is showing high interest in energy transition investments, making infrastructure and energy transition fundraising a significant opportunity in Europe.
- In private equity, funds are increasingly focusing on Europe's energy transition, with a hunger for deals related to renewables, green hydrogen, and carbon capture technologies.
- Debt funds are also prioritizing capital allocation in renewables, hydrogen, and grid modernization projects that are aligned with Europe's decarbonization targets.
- Asset management firms are raising substantial capital for infrastructure debt funds, targeting at least $7bn for Brookfield Asset Management's fourth infrastructure debt fund.
- Real estate secondaries with an ESG focus or linked to infrastructure/energy transition assets could potentially see heightened interest, mirroring the broader market trend.
- Software investments focused on smart grids, battery management, and energy system optimisation are expected to gain traction in the European energy and infrastructure sectors, as they play a crucial role in the energy transition.
