Creandum raises record $750m eighth fund, expands US operations as AI investments accelerate
Private Equity Newsletter
November 4, 2026
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Story Of The Day
Creandum raises record $750m eighth fund, expands US operations as AI investments accelerate
- The close of Creandum VIII comes just over two years after the firm raised €500m for its seventh fund. The new vehicle will support about 30 investments in early-stage technology businesses over the next two years.
Fund and LP News
I Squared Capital raises $3bn for second infrastructure credit strategy, quadrupling predecessor
- The Miami-headquartered infrastructure investment manager closed ISQ Global Infrastructure Credit Fund II at more than $2.4bn, alongside more than $600m in commitments and expected commitments to related co-investment vehicles.
- Lexington Partners leads $850m AE Industrial continuation vehicle for defence supplier Blue Raven
- Churchill Asset Management more than doubles junior capital fund to record $1.54bn close
- Seaya raises €600m at first close for €1bn European growth fund, opens London office
- Formation Bio raises $600m for debut fund targeting up to 15 clinical-stage drug acquisitions
- Aliter Capital raises £50m annex fund to extend ownership of two UK technology platforms
- Former Phoenix Court partner Yvonne Bajela raises oversubscribed $17m debut fund for Evertrue Capital
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European infrastructure deal value reaches €56bn in six months as private equity valuation gap with US widens
- The figure forms part of the data provider’s annual European private markets review, which also identifies a widening valuation gap between European and North American buyouts and substantial differences in institutional investors’ private markets allocations.
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Deal Roundup
Cinven has agreed to acquire women’s health pharmaceutical business Theramex from Carlyle and PAI Partners in a transaction valuing the company at approximately €2.6bn, according to the Financial Times. The sellers acquired Theramex in 2022 in a transaction valued at approximately €1.4bn. Headquartered in London, Theramex develops and commercialises treatments for menopause, osteoporosis, contraception, uterine health and fertility, reaching more than six million patients across over 80 countries. The business employs more than 500 people. Carlyle and PAI said they had expanded the company’s product portfolio and international operations during their ownership, including through acquisitions and new treatment launches. The transaction is expected to complete in the first half of 2027, subject to regulatory approvals. Cinven said it would support further international expansion and product development.
Brookfield has entered a strategic partnership with Drax and AI infrastructure platform Radiant to develop more than 1GW of data-centre capacity at Drax Power Station in North Yorkshire, with potential investment exceeding £20bn. The project will be backed through the Brookfield-Qai AI infrastructure joint venture announced in 2025, with Drax contributing land, power infrastructure and access to its existing 4GW grid connection. The initial phase targets up to 100MW of capacity and could attract approximately £2.5bn of investment, with operations planned from the first quarter of 2028. A second phase envisages an additional 500MW between 2028 and 2031, followed by further development beyond 2031. The partners have not announced a completed investment or binding commitment covering the full £20bn-plus development.
Energy Capital Partners has agreed to sell US biofuels producer Harvestone Low Carbon Partners to Nasdaq-listed agricultural group The Andersons for an enterprise value of $915m. ECP, the infrastructure investment arm of Bridgepoint Group, has owned Harvestone for less than four years, during which it developed and commissioned carbon capture and sequestration projects at the company’s ethanol production facilities. Harvestone operates three corn-based ethanol biorefineries in North Dakota and Indiana, with combined annual production capacity of approximately 215 million gallons. The facilities are positioned to capture and permanently store carbon dioxide generated during production.
Interlock Equity has completed the $525m sale of data and artificial intelligence consultancy Lovelytics to Nasdaq-listed IT services group CDW, ending a three-year investment during which the company’s workforce expanded tenfold. Interlock invested in the Arlington, Virginia-headquartered business in 2023, when it employed approximately 60 people, and subsequently supported its expansion to more than 600 employees across the US, Canada, Argentina and Colombia. Founded in 2017 by Scott Love, Lovelytics specialises in enterprise data modernisation and AI deployment, with a particular focus on the Databricks software ecosystem. Databricks made a strategic co-investment alongside Interlock’s original transaction, its first investment in a consultancy partner.
L Squared Capital Partners has acquired US infrastructure vegetation management specialist Edko in the first platform investment from its $2bn fifth fund, which closed in April 2026. Founded in 1961 and headquartered in Bossier City, Louisiana, Edko provides vegetation management services to electricity utilities, pipelines, refineries, oil and gas producers and renewable energy operators across 30 US states. The company operates 36 branches, offering herbicide applications, contract forestry, wildfire mitigation and drone-based services. L Squared plans to support further acquisitions in the fragmented vegetation management market alongside investment in equipment, employee training and geographic expansion.
O2 Investment Partners has sold managed IT services provider Xobee Networks to Brite, a portfolio company of Sole Source Capital, following nearly five years of ownership. O2 originally invested in Fresno, California-headquartered Xobee in January 2022 and subsequently supported six bolt-on acquisitions, expanding the company’s services and geographic coverage. Xobee provides managed IT, cybersecurity, cloud and communications services to more than 1,700 small and medium-sized business customers across 34 US states, employing approximately 100 people. The acquisition expands Brite’s managed services and cybersecurity capabilities alongside its existing public safety technology business. Sole Source Capital, founded in 2016, acquired the business through its Brite platform, which was established in 1983 and operates from upstate New York.
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