 |
| (Chloe Ladwig/PitchBook News) |
|
|
The war in Iran has brought havoc to global trade routes and rattled oil markets. For PE, it's also changing the energy investment thesis in Europe.
Before the latest conflict broke out, PE investment in energy was already on the rise. PitchBook data shows a record €46.5 billion (about $53.3 billion) was invested in the sector in Europe last year, a 7% increase from 2024. The focus was still firmly on energy transition.
Now, with the blockade of the Strait of Hormuz choking off roughly a fifth of the world's daily oil and gas flows and Brent crude up almost 50% from pre-war levels, energy security is forcing its way to the top of the agenda.
The question investors are asking has shifted: not just how to decarbonize energy, but how to control it.
I'm Emily Lai, and this is The Weekend Pitch. You can reach me at emily.lai@pitchbook.com or on X @ThisIsEmilyLai.
Given its structural dependence on imported energy, Europe arguably feels this shift more keenly. According to Eurostat, almost 60% of the EU's energy needs were met by net imports in 2024.
Europe's push to reduce its reliance on external energy suppliers has made an already attractive sector even more appealing to investors.
Just this month, at least two funds have closed in Europe to invest in energy security. Paris-based infrastructure investor RGreen Invest closed a €900 million fund targeting European energy sovereignty, while French VC firm Partech also held a final close for its first impact fund this month on €300 million. The fund is looking to invest in multiple sustainability themes, including energy security, through technologies such as battery optimization and the circular economy.
According to PitchBook's Q3 2025 Global Real Assets Report, energy security is a positive driver for both fossil fuel and renewable energy sources as nations look to secure access by any means. However, Carlyle believes that non-fossil fuels, including renewables and nuclear, will be in higher demand when security is critical, as they are mostly local and not traded. |
|
|
|
|
|
| |
|
|
| Put your brand in front of the private market professionals who matter most |
|
PitchBook helps companies reach investors, executives, and dealmakers through high-impact advertising and bespoke research. Partner with our analysts to create data-driven content or connect with our audience through targeted placements across newsletters, reports, and PitchBook.com.
Clear insights. Trusted data. Meaningful reach.
Explore advertising and custom research opportunities |
|
|
|
|
|
| |
So far in 2026, 90% of total VC deal value in the US has gone to AI-related companies. In Europe, AI-focused VC investments have already passed last year's halfway mark in just Q1, with about €13 billion (about $15 billion) invested so far this year. About what percentage of this year's VC deal value in Europe has gone to AI startups?
A) 52%
B) 62%
C) 72%
D) 82%
Find your answer at the bottom of The Weekend Pitch! |
|
|
|
|
|
A selection from our most-read articles of the past few days.
- From attachable toilet devices to personalized dietary plans, the science to back up the offerings of gut health startups is weak. Get the story
- Retail investors are already in on OpenAI. Several ETFs are being offered shares in the company ahead of its highly anticipated IPO. Read more
- Now that AI is a reality, these startups are zeroing in on real-world deployment. At least nine AI inference companies have already raised new funding in 2026. See the list
|
|
|
|
|
|
 |
| (Yuichiro Chino/Getty Images) |
|
|
“Inference is the core of every interaction with an AI product or model. Investing in inference is the same as investing in the growth and adoption of AI as a whole.”
—Tuhin Srivastava, the CEO and co-founder of Baseten, a startup specializing in AI inference infrastructure. Last week, South Korean chipmaker Rebellions announced a $400 million round, which highlights VC activity accelerating in AI inference. Read more about startups tackling AI deployment here. |
|
|
|
|
|
Answer: B
About 62% of VC deal value in Europe so far in 2026 has gone to AI-related startups. Almost one in four startups are now AI-related, but it's not consistent across the continent's regions and sectors. Read more about European AI funding here. |
|
|
|
|
|
Sign up for our newsletter
|
|
This edition of The Weekend Pitch was written by Emily Lai and Nadine Manske. It was edited by Andrew Woodman and Michael Bruning.
Were you forwarded The Weekend Pitch? Sign up at pitchbook.com/subscribe. |
|
|
|
|
|
| |
| Since yesterday, the PitchBook Platform added: |
|
10
Deals
|
82
People
|
32
Companies
|
|
|
|
|
|
| |
|
|
|
