Blackstone closed its seventh European opportunistic real estate fund at €9.8bn ($10.8bn), setting a new record for capital raised in the region despite a prolonged market correction.

The vehicle, Blackstone Europe Real Estate Partners VII, is the largest external capital pool the firm has ever raised for European property and slightly exceeds its previous record. The fundraising spanned two years, during a period marked by falling asset valuations and rising interest rates that brought an end to a decade of ultra-cheap capital.

EQT sold a €3bn stake in enterprise software leader IFS, bringing in the Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPPIB) as new investors, in a deal that values the company at €15bn.

The transaction, announced amid a slowdown in global dealmaking, highlights sustained investor confidence in high-growth, sector-leading software assets. Technology investor Hg, already a shareholder in IFS, will increase its stake and become a co-controlling shareholder alongside EQT. TA Associates will remain an investor in the business.

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KKR is close to acquiring consumer healthcare group Karo Healthcare in a deal valued at more than €2.5bn, as the firm expands its exposure to resilient, cash-generating consumer health assets.

The deal would mark a significant exit for EQT, which has owned Karo since 2019. KKR reportedly outbid several rival private equity firms during the sale process, which EQT initiated last year.

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