US private capital targets EU healthcare, defense; Big Four sentiment rebounds

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

The value of US-based private equity and venture capital investment in Europe, excluding the UK, hit a four-year high in 2025 as opportunities to invest in the continent's defense and healthcare sectors prompted more cross-border deals.

The announced value of investments totaled $72.14 billion in 2025, up more than 3% from $69.93 billion in 2024, according to S&P Global Market Intelligence data. It was the highest annual total since 2021.

Companies in the healthcare sector were targeted in five of the 10 largest European deals made by US-based private equity, a trend spurred in part by cuts to medical research funding in the US under the Trump administration. European government plans to massively scale up defense spending are also creating appealing investment opportunities in European aerospace and defense companies.

Cross-border transactions going the other direction also increased in 2025, with Europe- and UK-based private equity and venture capital firms investing $116.26 billion in deals targeting US companies in 2025, up 89% from $61.43 billion in 2024, according to Market Intelligence data. The uptick was largely driven by investments targeting AI companies, Ken Barry, head of Europe private equity for White & Case LLP, told Market Intelligence.

Read more about the increase in European investments by US-based private equity and venture capital firms.

CHART OF THE WEEK: Sentiment rebounds for private equity's Big Four

⮞ After falling to a two-year low in the third quarter of 2025, sentiment shifted markedly higher on the fourth-quarter 2025 earnings calls held by private equity's Big Four listed private equity firms, according to net positivity scores derived from the language used by executives and analysts in call transcripts.

⮞ Apollo Global Management Inc. and KKR & Co. Inc. reported record fundraising in 2025 even as the industry's global fundraising total fell.

⮞ A technology stock sell-off coincided with the Big Four earnings season, prompting a bevy of analyst questions regarding exposure to a software sector facing new threats from AI.

TOP DEALS

– Funds managed by Blackstone Inc.'s perpetual private equity strategy agreed to acquire residential services platform Champions Group Holdings from Odyssey Investment Partners LLC. The transaction is expected to close in the first half of 2026. Weil is Blackstone's legal adviser. William Blair, Piper Sandler and Baird are Champions Group and Odyssey's financial advisers. Latham & Watkins LLP is Odyssey's legal adviser.

– Leonard Green & Partners LP agreed to acquire all outstanding shares of Mister Car Wash Inc. that it does not already own for $7 per share in cash, valuing the company at $3.1 billion. Leonard Green & Partners already owns 67% of the car wash company. The transaction is expected to close in the first half. BofA Securities Inc. and Centerview Partners LLC are financial advisers, and Morris Nichols Arsht & Tunnell LLP is legal counsel to the special committee of Mister Car Wash's board. Latham & Watkins LLP is the legal adviser to Mister Car Wash, and Simpson Thacher & Bartlett LLP is the legal adviser to Leonard Green.

– LDC (Managers) Ltd. agreed to sell Pam Healthcare Ltd. to Optima Health PLC in a cash deal valuing the UK-based occupational health company at about £100 million.

TOP FUNDRAISING

– Veritas Capital Fund Management LLC raised $15.3 billion for Veritas Capital Fund IX LP and related investment vehicles. The firm invests in companies providing software, data and technology-enabled services.

– Thrive Capital Management LLC closed on more than $10 billion for its Thrive Capital Partners X LP fund. The fund will allocate $9 billion for growth-stage investments and $1 billion for early-stage investments.

– Battery Ventures LP raised $3.25 billion at the close of Battery Ventures XV LP. The vehicle seeks to invest in technology companies, particularly those in the US, Europe and Israel.

– JLL Partners LLC held the final close for JLL Partners Fund IX LP, with about $1.4 billion in equity commitments. The firm invests in healthcare, industrial and business services companies.

– HarbourVest Partners LLC closed Harbourvest Private Equity Continuation Solutions LP and related vehicles at more than $1.1 billion. The fund will focus on single-asset continuation transactions for sponsor-backed companies, mainly across North America and Europe.

MIDDLE-MARKET HIGHLIGHTS

– ECI Partners LLP acquired Dutch exam and assessment software company Paragin BV from Main Capital Partners BV. Arma Partners and De Brauw Blackstone Westbroek advised ECI on the deal.

– Greenbriar Equity Group LP agreed to buy supply chain solutions company AIT Worldwide Logistics Inc. Morgan Stanley & Co. LLC and Harris Williams LLC were financial advisers to AIT on the deal. Womble Bond Dickinson LLP provided legal counsel. Goldman Sachs & Co. LLC and Citizens Capital Markets & Advisory were lead financial advisers to Greenbriar.

– Exa Capital LLC acquired healthcare workforce management platform StaffReady for an undisclosed amount.

FOCUS ON: DALLAS FUND'S PRIVATE EQUITY TARGET

The Dallas Employees' Retirement Fund boosted its private equity target to 12%, valued at $480 million, from 10% of the fund.

As of Dec. 31, 2025, Dallas Employees allocated $354 million, or 8.9%, of the total fund.

The fund's private equity manager roster includes GCM Grosvenor Inc., Fairview Capital Partners LLC and Hamilton Lane Inc., with allocations of $152 million, $115 million and $87 million, respectively, according to With Intelligence data as of end-2025.

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For further private equity deals, read our latest "In Play" report , which looks at potential private equity-backed M&A, including rumored transactions, each week.

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