Eurazeo has completed the first close of its PME V fund at more than €1bn, marking a fundraising milestone broadly in line with the previous vintage and underscoring continued institutional appetite for European mid-market buyouts.
The fund, managed through Eurazeo’s Elevate team, follows PME IV which closed at around €1bn in 2022. The firm said international investors now represent roughly 60% of total commitments, reflecting a growing share of global capital backing its European mid-market strategy.
Eurazeo said the strong early close highlights sustained investor confidence in its ability to support fast-growing technology and services companies across Europe, with a focus on international expansion, operational improvement and buy-and-build strategies.
The Elevate team, which comprises around 30 investment professionals across Paris, London, Madrid and Munich, is targeting mid-market businesses in the technology and services sectors and has increasingly integrated artificial intelligence deployment into portfolio company strategies to support revenue growth and margin expansion.
The firm also said the strategy reflects a broader shift toward more flexible monetisation models, including usage-based pricing and value-driven revenue structures.
The PME V fund has already deployed more than 10% of its capital, with two initial investments including OMMAX and Nextron Systems.
OMMAX, acquired in 2025, is a Munich-based data analytics and AI consultancy that has already begun executing a buy-and-build strategy, including the planned acquisition of French consultancy Singulier, which is expected to strengthen its position as a European AI and data services platform.
The second investment, Nextron Systems, is a German cybersecurity software provider serving more than 550 clients across over 25 countries, marking Elevate’s continued expansion into European markets outside France.
The firm said PME V is on track to build a diversified portfolio of more than 15 companies, with early deployment already underway across key technology subsectors.
Managing Partner and Head of Elevate Pierre Meignen said the strong first close reflects continued confidence from a broad base of institutional investors and signals momentum in the fund’s investment pipeline across European technology and services markets.
