S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Private equity lost some ground when European and North American insurers tallied up their investment allocations in 2025, but this may just be a temporary setback.
North American insurers' median allocation to private equity declined to 2.3% of their investment portfolios from 2.8% in 2024, while their median allocation in Europe dropped to 1.8% from 2.9% a year earlier, according to an S&P Global Market Intelligence analysis of Preqin data. It was the first year-over-year decline recorded in either region in the last five years.
Insurers, like some other institutional investors in private equity funds, may be pulling back in response to private equity's ongoing exit challenge, which has slowed the return of profits from private equity investments. Regulations also have a role, particularly in Europe, where insurers are required to hold more capital against risky private equity investments.
Even as median allocation declined in 2025, ties between private equity and insurers have generally grown stronger in recent years, with several large alternative asset managers acquiring insurers to realize synergies between the two business models: The insurer gets an infusion of capital from the financial sponsor, which earns fees for managing the insurer's investments.
Strong earnings, particularly among property and casualty insurers, also mean those businesses have ready capital to invest.
Read more about growing ties between private equity firms and insurers.
CHART OF THE WEEK: EU domestic investment in AI companies on the rise
⮞ Private equity and venture capital firms based in EU member states invested $6.8 billion in domestic AI companies in 2025, up more than 83% from the prior-year total, according to Market Intelligence data.
⮞ By comparison, the aggregate amount EU firms invested in US-based AI companies was $6.21 billion in 2025.
⮞ The EU's push for digital autonomy is helping boost private equity investment in the local AI ecosystem, which is not as deep or mature as the US'.
TOP DEALS
– Funds managed by private equity firm Venrock Management LLC and Fairmount Funds Management LLC agreed to sell their stakes in Apogee Therapeutics Inc., a biopharmaceutical company, to AbbVie Inc. for a total equity value of approximately $10.9 billion in an all-cash transaction. Morgan Stanley & Co. LLC is financial adviser, and Paul Weiss Rifkind Wharton & Garrison LLP is legal adviser to AbbVie. Apogee's financial advisers are Jefferies LLC and Goldman Sachs & Co. LLC, and Kirkland & Ellis LLP is legal adviser.
– Bain Capital LP agreed to acquire a 51% majority stake in Everllence SE from Volkswagen AG for proceeds of about €7.4 billion. Volkswagen will retain a 49% stake in the German diesel-engine maker.
– Ara Partners Group LLC agreed to sell German magnetic materials manufacturer Vacuumschmelze GmbH & Co. KG to critical materials company Energy Fuels Inc. for about $1.9 billion in cash and stock. The deal is expected to close in early 2027. Goldman Sachs & Co. LLC is the financial adviser, while Dentons Canada LLP, Dorsey & Whitney LLP and Herbert Smith Freehills Kramer are legal advisers to Energy Fuels. Jefferies LLC is the financial adviser, and Latham & Watkins LLP is legal adviser to Vacuumschmelze.
– CVC Capital Partners PLC agreed to divest its stake in Philippines-based logistics provider Fast Cargo Logistics Corp. to a vehicle owned by the latter's founding Chiongbian family. CVC invested 6 billion pesos in Fast Cargo in December 2020.
TOP FUNDRAISING
– Main Capital Partners BV raised a total of €5.25 billion at the final close of Main Capital IX and Main Foundation III. With the new funds, the firm seeks to expand into the UK.
– Uplift Investors LP secured $546 million for its Uplift Investors Fund I, With Intelligence reported, citing regulatory filings. The firm will pursue middle-market transactions across North America.
– Star Capital Partnership LLP seeks to raise €800 million for its latest middle-market fund, With Intelligence reported, citing sources familiar with the matter. The firm has launched premarketing for its Star V fund, which will invest in companies with enterprise values between €50 million and €1 billion.
MIDDLE-MARKET HIGHLIGHTS
– Acorn Growth Cos. LLC reached a deal to sell aviation services provider Berry Aviation Inc. to Bristow Group Inc. for about $110 million. Solomon Partners Securities LLC is financial adviser, and Baker Botts LLP is legal adviser to Bristow on the deal.
– Kimmeridge Energy Management Co. LLC and Rice Investment Group sold their stakes in LandGate Corp., a provider of data solutions for energy and infrastructure projects, to Wood Mackenzie Ltd. KippsDeSanto & Co. was LandGate's financial adviser and KPMG was its tax adviser, while Brach Eichler LLC was its legal adviser on the deal.
– Platinum Equity LLC agreed to buy synthetic materials and lumber company Tangent Technologies LLC. The seller is The Sterling Group LP. Alston & Bird LLP is Platinum Equity's financial adviser, while Gibson Dunn & Crutcher LLP is its legal adviser on the deal.
– Teleo Capital Management LLC acquired pharmaceutical manufacturing intelligence platform SmartFactory Rx from materials engineering solutions company Applied Materials Inc. The platform rebranded as Modersys after the transaction.
FOCUS ON: LIMITED PARTNER INTEREST IN AI
Limited partners are seeking to increase their allocations to AI investments.
Multifamily office Beatrice Advisors LP said it is open to deploy more capital into AI funds as the current funds close, With Intelligence reported.
Saudi Arabia-based sovereign wealth fund Arab Invest, formerly The Arab Investment Co. SAA, formed a dedicated venture capital function to source opportunities and perform due diligence. The fund is keen on investing in AI and technology opportunities across various stage segments, With Intelligence reported.
Oman-based wealth manager Dhofar International Development & Investment SAOG is preparing to increase its international exposure, particularly looking into AI and technology sectors, according to With Intelligence. The manager will begin with exchange-traded funds and bond funds before venturing into less liquid allocations such as private equity and private credit.
More than 75% of limited partners surveyed said they plan to deploy capital into AI over the next 12 months, according to research conducted by Market Intelligence.
With Intelligence is a part of S&P Global Market Intelligence.
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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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