PSG Equity, a Boston-based growth equity firm, has raised 4.4 billion euros for its third European fund, the largest vehicle the firm has ever assembled for the continent. This represents a significant trajectory: the first Europe fund closed at just over 1.3 billion euros in January 2021, the second at over 2.6 billion euros in November 2023. The Pennsylvania State Employees’ Retirement System (PennSERS) committed 100 million euros to the fund in May 2026. PSG’s strategy centers on a buy-and-build approach for software companies, with a particular focus on Germany where seven platform investments have been completed. In September 2026, PSG co-led Mistral AI’s 3 billion euro Series D financing round, valuing the French AI company at over 21 billion euros.
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