PSG is assembling a new fund aimed at European software and technology companies, with commitments topping €4.4 billion - approximately $5.1 billion - for PSG Europe III. People with knowledge of the effort, who asked not to be named because the information is confidential, said the new fund is roughly 70% bigger than its predecessor, which the firm raised in 2023. The investor roster spans state pension plans, sovereign funds, insurers, family offices and wealthy individuals. A PSG representative declined to comment.
The timing lands as software names rebound from a sharp selloff earlier this year. That slump came after the debut of new artificial intelligence models viewed as potential replacements for many incumbent systems, and the sector has been recovering since.
PSG was founded in 2014 and operates out of Boston, London and Paris, with its European team set up in 2019. Recent deals include Mistral AI, BrightAnalytics and Namirial.
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A larger pool of private capital hunting for European software deals can influence who gets funded and at what terms, which eventually shapes the products businesses and consumers use. If AI keeps reshaping the software stack, expect investors to keep testing what counts as a defensible incumbent vs. a replaceable tool.
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