Morning all, Irien Joseph here with the Europe edition of the Wire from the London newsroom. We’re starting with a look at the growing momentum behind AI in healthcare. Sophie Rose has rounded up six deals since the start of 2025, showing how AI is shaping everything from clinical diagnostics to back-office automation. Private equity sees the potential here as AI aims to close care gaps and streamline operations. Next, TA, PSG and Verdane have agreed to sell a data protection, compliance and security awareness services provider. We can reveal the valuation on that deal. Speaking of valuations, I’ll then walk you through the latest from Argos Wityu’s mid-market index. The report tracks the valuation of unlisted eurozone SMEs, and the latest edition shows the first quarter brought some downward price pressure. Acquisition prices are slipping, and mid-market deal activity is cooling off a bit in the region. Lastly, a leadership announcement to note: Tikehau Capital has named Xavier Musca as chairman of the supervisory board. This follows PE Hub breaking the news in March of a leadership reshuffle at the firm. Less exposure From automating medical notetaking to aiding drug development, artificial intelligence is making waves across the healthcare segment, writes PE Hub’s Sophie Rose. Paired with software’s potential resilience against macroeconomic turmoil, assets in the segment are of great interest to private equity. Dive into the full story to see which private equity players are behind the move and what they are betting on. Security awareness TA Associates, PSG Equity and Verdane have agreed to sell Hornetsecurity Group, a global provider of AI-powered M365 security, data protection, compliance and security awareness services. Unlock the premium version of the Wire to discover how the PE firms scaled Hornetsecurity and get access to deal terms. Stay tuned as we will be unpacking all the details on the deal in the coming days. Widespread concern Valuations for European SMEs dipped in the first quarter, according to the Argos Wityu’s Mid-market Argos Index. Read the premium edition of the Wire to uncover why eurozone SME valuations are down, despite easing inflation and rate cut expectations. For more on Q1 dealmaking stats, check out PE Hub’s Q1 2025 quarterly M&A report, based on data from S&P Global Market Intelligence. Leadership shift And finally, there’s a leadership update at Tikehau Capital. Xavier Musca has been appointed chairman of the supervisory board, effective immediately. Subscribe to the premium version of the Wire to learn more about the appointment and what it signals for the firm’s future. That’s it from me. Catch John R Fischer with the US edition in the New York morning and Nina Lindholm will be back with the Europe edition on Monday. Warmly, Irien Read the full Wire commentary on PE Hub ... | 