Bregal Milestone closes third software fund at €915M hard cap
Bregal Milestone has closed its third fund at an increased hard cap of €915 million, the London-based software private equity firm announced. The oversubscribed fund reached its final close eight months after first close.
Fund III backs mission-critical European software, AI, and cybersecurity businesses. It has already made its first two platform investments and built what the firm calls a proprietary pipeline across its target markets.
The strategy pairs sector focus with bilateral sourcing and hands-on work with founders. Value creation runs through the firm's AI arm, Bregal Milestone Amplify, which embeds engineers and AI architects inside portfolio companies.
Commitments came from insurers, public and corporate pension plans, and international asset managers across four continents. Evercore Private Funds Group acted as global placement agent, with Goodwin Procter as legal counsel.
"Bregal Milestone III reflects strong conviction in our approach to investing in mission-critical European software, AI and cybersecurity businesses and helping them scale," said co-founders and managing partners Jan Bruennler , Philippe Lautenberg , and Cyrus Shey .
Bregal Milestone framed the close as a result "achieved against a challenging fundraising environment." The raise broadens the firm's investor base into North America, South America, and Asia.
The close continues a clear scaling trend for the firm, whose prior fund reached €770 million in 2023, up from €495 million for Fund I. With c.€2.3 billion raised since inception, Bregal Milestone is using larger funds to pursue bigger deals in its niche of European software — a growth-capital strategy that remains active while broader private equity fundraising stays tight.
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