Private equity investment in EVs slows; appetite grows for restaurant deals

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

Private equity investment in electric vehicle-related manufacturing and services fell in 2025 as the US eliminated certain tax credits meant to support EV purchases.

Private equity and venture capital investments in the global EV ecosystem totaled $4.11 billion in 2025, down 14% from $4.78 billion in 2024, according to S&P Global Market Intelligence data. Investment this year was tracking for the lowest total in at least six years, with just $110 million deployed globally through the end of the first quarter.

Removal of tax incentives for EV purchases is just one of the challenges to the EV market in the US, which also lacks a robust charging infrastructure.

Increasingly, private equity and venture capital investments in the EV ecosystem are targeting Europe and Asia. Asia-Pacific's EV ecosystem attracted $3.4 billion in private equity investment in 2025, or nearly 83% of the global total.

Read more about declining private equity investment in the EV ecosystem.

CHART OF THE WEEK: Investments in restaurants double in value

⮞ Private equity and venture capital investments in restaurants increased to $6.36 billion globally in 2025, more than doubling the prior-year total of $3.16 billion, according to S&P Global Market Intelligence data.

⮞ The median size of a private equity-backed deal in the sector increased 145% year over year to $9.8 million in 2025 as investors targeted more established restaurants and chains.

⮞ Rising food prices and the growing popularity of GLP-1 weight loss medications may prove to be headwinds to the restaurant sector and could diminish interest in restaurant investments, said Jim Salera, an industry analyst for Stephens Inc., in an interview with Market Intelligence.

TOP DEALS

– Cinven Ltd. and Advent International LP agreed to sell TK Elevator GmbH to Finnish elevator company Kone Oyj for €29.4 billion, including debt. The consideration includes €5 billion in cash and up to 270 million newly issued Kone class B shares. The deal is expected to be completed in the second quarter of 2027.

– Stonepeak Partners LP and Bernhard Capital Partners Management LP agreed to acquire Cleco Group LLC, a Louisiana-based regulated electric utility, from a consortium comprising Macquarie Asset Management Pty. Ltd., British Columbia Investment Management Corp. and Manulife Investment Management Ltd. The acquisition is valued at about $6 billion.

– The Carlyle Group Inc. agreed to sell German identity security services provider IC Consult Group GmbH to Bridgepoint Group PLC. The deal is expected to close in the third quarter.

– Ares Management Corp. acquired a 32.4% stake in natural gas transmission pipeline Rover Pipeline LLC from funds managed by Blackstone Energy Transition Partners. RBC Capital Markets and Greenhill & Co. were the financial advisers, and Vinson & Elkins was the legal adviser to Blackstone. Kirkland & Ellis was the legal adviser to Ares.

TOP FUNDRAISING

– Waterland Private Equity Investments BV closed its 10th institutional flagship fund at €4 billion and its Waterland Partnership Fund II at €600 million.

– Investindustrial closed its fourth lower midmarket fund at its €1.5 billion hard cap. Investindustrial Lower Mid-Market IV Scsp targets family-owned businesses in the industrial manufacturing, healthcare and services sectors.

– Emerald Lake Capital Management LP raised $825 million for the Emerald Lake Capital Partners LP fund at final close, exceeding its $500 million target and initial $750 million hard cap. The fund will focus on founder-owned companies in the North American industrial and services sectors.

MIDDLE-MARKET HIGHLIGHTS

– Bregal Milestone LLP bought a majority stake in Corego Oy, a Helsinki-based provider of payments and integrated technology solutions for festivals, sports events and venues. Alvarez & Marsal and White & Case were the financial and legal advisers, respectively, to Bregal Milestone. Carner Corporate Finance Oy was the financial adviser to the owners of CoreGo.

– Fusion Capital Partners LP purchased water engineering company New Restoration and Recovery Services LLC, doing business as Aqualis Stormwater Management, from DFW Capital Partners. Baird and Stifel were the financial advisers, and Paul Hastings LLP served as Fusion's legal adviser on the deal.

– I Squared Capital Advisors LLC's Energy Transition Infrastructure Fund acquired renewable energy developer Oriden LLC in a deal with Mitsubishi Power Americas Inc. The firm plans to provide Oriden with about $300 million in growth capital.

FOCUS ON: CVC ON HEALTHCARE INVESTMENTS

CVC Capital Partners PLC is facing a challenging investment environment in the healthcare sector amid regulatory changes and funding uncertainty.

"The administrative changes and the uncertainty that we've seen around [US federal agency Centers for Medicare and Medicaid Services] and actually some of the funding out there [are] creating a lot of complexity around end markets," said Cathrin Petty, CVC's managing partner, co-head of North American private equity and global head of healthcare, in an episode of Market Intelligence's Private Markets 360° podcast.

However, Petty sees opportunities in investing in healthcare, particularly in medical devices, driven by the aging population across the Western and Asian markets, as well as emerging technologies that improve clinical outcomes and maximize efficiency.

CVC's recent healthcare investments include the pending €500 million acquisition of a minority stake in UK-based Rayner Surgical Group Ltd. alongside Groupe Bruxelles Lambert SA, as well as the planned acquisition of Brazil-based hemotherapy care provider Grupo GSH. In March, CVC also made an offer to acquire Italian pharmaceutical company Recordati Industria Chimica e Farmaceutica SpA at a valuation of €52 per share.

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