The top 16 non-European investors investing in Europe

Fresh on the heels of new PitchBook reporting that examines the state of European VC and PE through Q3 2024, we’re digging into which investment firms—those not headquartered in Europe, in particular—are investing the most in European companies.

Top 8 non-European investors investing in European VC companies

Headed into the last three months of 2024, European VC dealmaking is set for another decline with deal value projected to come in nearly 10% below 2023’s annual total. Per PitchBook’s Q3 2024 European Venture Report, venture growth has proven to be the most resilient, accounting for more than half of Q3’s top ten deals, while AI, SaaS, and life sciences startups are top performers in terms of European VC dealmaking.

As of October 31, 2024, the top eight investors not headquartered in Europe that are investing in European VC startups include:

1. Plug and Play Tech Center

💶 European VC deal count: 884
📍 Headquarters: California, US
✨Investor type: Accelerator/Incubator

Headquartered in Sunnyvale, Plug and Play Tech Center was founded in 2006 and invests in companies within a wide range of industries and verticals, including agtech, AI, energy, fintech, and more. In September 2024, the firm invested in the seed rounds of London-based Desia, an AI-driven financial insights platform, and Stuttgart’s Blockbrain, an AI platform that turns organizational knowledge into a competitive advantage.

2. Antler

💶 European VC deal count: 524
📍 Headquarters: Singapore
✨Investor type: Venture capital

Founded in 2017, Antler is a Singaporean VC firm that invests in the tech sector and currently has €459.3 million in AUM. Its recent investments in European startups include participation in the €100,000 seed rounds of both Berlin’s Hydra and Amsterdam’s Greybox, both finalized in October 2024.

3. FJ Labs

💶 European VC deal count: 405
📍 Headquarters: New York, US
✨Investor type: Venture capital

Based in New York City, FJ Labs is a venture capital firm that was founded in 2015 and currently has an active portfolio of 855 companies. One of FJ Labs’ most recent investments in Europe was in the €34.5 million later-stage VC round of London-based Manual, the developer of a men’s wellness platform designed to help destigmatize conversations around men’s health.

4. SOSV

💶 European VC deal count: 317
📍 Headquarters: New Jersey, US
✨Investor type: Venture capital

Based in Princeton, SOSV was founded in 1995 and runs accelerator programs and provides seed, venture, and growth stage follow-on investments to its companies. The firm prefers to invest in manufacturing, life sciences, healthtech, fintech, and other industries. In terms of European VC investments, in September 2024, SOSV participated in the €15 million later-stage VC funding round of Paris-based Inbolt.

5. Index Ventures

💶 European VC deal count: 287
📍 Headquarters: California, US
✨Investor type: Venture capital

Headquartered in San Francisco, Index Ventures was founded in 1996, has €3.7 billion in AUM, and an active portfolio of 344 companies. The firm recently invested in early-stage VC rounds of Warsaw’s identity verification startup Authologic, a €7.4 million deal, and in Amsterdam-based business management platform Tebi, a €20 million deal.

6. Accel

💶 European VC deal count: 266
📍 Headquarters: California, US
✨Investor type: Venture capital

Palo Alto’s Accel is a VC firm that invests in early-stage cloud, consumer, enterprise, IT, and SaaS companies, among other verticals. The firm was founded in 1983 and has made 2,560 total investments. In October 2024, Accel participated in the €31.9 million Series B round of France’s Filigran and in the €240.3 million later-stage VC round of London’s Zepz. Along with Index Ventures and others, Accel also invested in Authologic’s Series A round in October 2024.

7. Insight Partners

💶 European VC deal count: 238
📍 Headquarters: New York, US
✨Investor type: Growth/expansion

Founded in 1995, Insight Partners is a New York City-based growth and expansion firm that invests in a range of industries, including AI&ML, financial services, gaming, life sciences, and more. In September 2024, Insight Partners invested in the €48.8 million later-stage Series B venture funding round of Qualifyze, the Frankfurt, Germany-based developer of a pharma audit system.

8. Acequia Capital

💶 European VC deal count: 213
📍 Headquarters: Washington, US
✨Investor type: Venture capital

Seattle’s Acequia Capital was founded in 2010 and invests in AI&ML, commerce, industrials, infrastructure, and more. The firm has an active portfolio of 256 companies and €353.7 million in AUM. Its most recent venture capital investments in Europe include the €21 million Series A round of London’s Puraffinity and the €3 million early-stage VC funding round of Oslo’s Sloyd.

Top 8 non-European investors investing in European PE companies

The PE market in Europe is on track for significant yearly growth, with a projected 27.5% increase in deal value and 11.5% jump in deal count, according to PitchBook’s Q3 2024 European PE Breakdown report. Improved market conditions, lower rates, and substantial dry powder are driving the trend, particularly for megadeals and divestitures—which reached an 18.2% share of deal value. Fundraising has remained strong, but exit activity remains low—with a flat YoY value.

As of October 31, 2024, the top eight investors not headquartered in Europe that are investing in European PE companies include:

1. Kohlberg Kravis Roberts (KKR)

💶 European PE deal count: 448
📍 Headquarters: New York, US
✨Investor type: PE/buyout

Founded in 1976, Kohlberg Kravis Roberts is a New York City-based private equity firm that prefers to invest in alternative asset classes including real estate, infrastructure, and credit through strategic partners and hedge funds. In October 2024, KKR—along with CVC Capital Partners—acquired London’s Superstruct Entertainment, an operator of large-scale festivals and live music events in Europe and Australia, for €1.6 billion.

2. The Carlyle Group

💶 European PE deal count: 438
📍 Headquarters: Washington, D.C., US
✨Investor type: PE/buyout

Headquartered in Washington, D.C., The Carlyle Group was founded in 1987 and currently has €37.4 billion in dry powder. The firm invests in companies across a range of industries, including aerospace, healthcare, infrastructure, and more. Recently, The Carlyle Group and Capza sponsored Groupe Lacour’s acquisition of Dragon2000, based in Blisworth, Northampton, England, through a €40 million leveraged buyout.

3. HarbourVest Partners

💶 European PE deal count: 399
📍 Headquarters: Massachusetts, US
✨Investor type: PE/buyout

Boston’s HarbourVest Partners is a private equity investment firm founded in 1982. It currently has €127.7 billion in AUM and prefers to invest through buyouts, add-ons, mezzanine, debt, and growth capital. In recent months, the firm has participated in buyouts and leveraged buyouts across Europe, including in Belgium, Germany, Italy, the Netherlands, Spain, and the United Kingdom.

4. TA Associates Management

💶 European PE deal count: 387
📍 Headquarters: Massachusetts, US
✨Investor type: PE/buyout

Founded in 1968 and headquartered in Boston, TA Associates Management is a PE firm that invests in business, consumer, and financial services, as well as tech and healthcare. It recently participated in the acquisition via leveraged buyout of London-based HireAra and Scotland’s Forbes Lawson Wealth Management—both for undisclosed amounts.

5. GIC

💶 European PE deal count: 316
📍 Headquarters: Singapore
✨Investor type: Sovereign Wealth Fund

GIC is a sovereign wealth fund based in Singapore City. Established in 1981 under the Singapore Companies Act, GIC is wholly owned by the Singaporean government. Like TA Associates Management, GIC participated in the acquisition of London’s HireAra in October 2024. It also recently participated in the leveraged buyouts of Madrid’s Bruzon Miller for an undisclosed amount and Eschborn, Germany-based Techem—a deal worth €6.7 billion.

6. Silver Lake

💶 European PE deal count: 307
📍 Headquarters: California, US
✨Investor type: PE/buyout

Founded in 1999, Silver Lake is a PE firm based in Menlo Park that invests in companies within the tech sector. The firm has an active portfolio of 112 companies and €95.5 billion in AUM. Among other recent investments in European companies, Silver Lake participated in the acquisition of three Netherlands-based companies in September 2024, including Dierenartspraktijk Gardeniers, Dierenkliniek Bergen, and Sterkliniek Dierenartsen.

7. CPP Investments

💶 European PE deal count: 288
📍 Headquarters: Toronto, Canada
✨Investor type: Limited partner

CPP Investments is a Toronto-based public pension fund. Established in 1997, the fund is a professional investment management organization that invests funds of the Canada Pension Plan (CPP) on behalf of Canadian contributors and beneficiaries. CPP Investments’ recent direct investments include in the LBOs of London’s Corndel and Dublin-based Keywords Studios.

8. Mubadala Investment Company

💶 European PE deal count: 286
📍 Headquarters: Abu Dhabi, UAE
✨Investor type: Sovereign Wealth Fund

Founded in 2002, Mubadala Investment Company is a sovereign wealth fund in Abu Dhabi that prefers to invest in early- and growth-stage companies, real estate, and infrastructure. At present, it has an active portfolio of 159 companies and €3.9 billion in dry powder. Among recent deals in Europe, the firm participated in the acquisitions of two Spanish veterinary clinics in September 2024, including Footprints Veterinary Clinic in Madrid and La Ribera Veterinaris in Palma.

PitchBook’s European datasets

PitchBook provides robust data on Europe’s private and public markets, offering key insights into VC, PE, and M&A activity across the continent. In our continued effort to provide PitchBook customers with the most complete and accurate data, we continue to expand our European datasets even further.

From Q3 2023 to Q3 2024, PitchBook has increased its European datasets by: