So, if you’ve been keeping an eye on the high-stakes world of European private equity lately, you’ve definitely heard the name Michael Bruun. He’s basically the guy holding the keys to a massive chunk of Goldman Sachs’ global private equity engine. But here’s the thing: most people just see the title—Global Co-Head of Private Equity—and assume it’s all about the glitzy billion-dollar wins and the fancy London office.
The reality? It's way more complicated. And honestly, a lot more interesting.
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The Northvolt Ghost and the Art of the "Dud"
You can't talk about Michael Bruun Goldman Sachs without talking about the elephant in the room: Northvolt. For years, the Swedish battery maker was the golden child of the European green transition. Bruun was all over it. He sat on the board. He was the one doing the "Insights" interviews with their CEO. Goldman was their second-biggest shareholder, sitting on a 19% stake.
Then, the floor fell out.
By late 2024, Northvolt filed for bankruptcy. That $900 million investment? Written down to zero. It’s the kind of loss that would end a career at a smaller firm. But in the world of Goldman Sachs Asset Management, it’s treated as a "dud" in a much larger, winning portfolio. Bruun didn't just survive the Northvolt collapse; he leveraged the lessons from it.
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The "Insights" interview might have been scrubbed from the internet, but the shift in his strategy since then is pretty obvious. He's moved away from the "growth at all costs" energy bets and leaned hard into what he calls "operational resilience." Basically, if a company can't survive a bumpy macro environment without a constant drip-feed of cash, Bruun is probably out.
Why Everyone is Obsessed with the "Value Accelerator"
If you've heard Bruun speak at events like SuperReturn in Berlin, you’ll notice he talks less about the "deal" and more about the "Value Accelerator." It sounds like corporate jargon, right? It kinda is, but it’s also the secret sauce for how his team is trying to justify high valuations in 2026.
They aren't just buying companies and waiting for the market to go up. Bruun has been very vocal about "agentic AI" being the biggest value unlock they’ve seen in a decade. He’s actually rolling out AI education programs for the CEOs of their portfolio companies.
The logic is simple:
- Tech spending globally isn't actually growing that much.
- Therefore, AI has to "crowd out" other, less efficient investments.
- If a portco (portfolio company) isn't using AI to fix their margins, they’re dying.
It’s a "ruthless prioritization," as his colleague Lou D’Ambrosio puts it. Bruun is betting his reputation on the idea that a private equity firm in 2026 needs to act more like a tech consultancy than a bank.
The Nordic Connection and the Rise Through the Ranks
Michael Bruun didn't just parachute into this role. He’s been at Goldman since 2004. Think about that for a second. That’s over two decades at one of the most intense firms on the planet. He started as an analyst in the Fixed Income, Currency and Commodities (FICC) division—which is basically the firm’s legendary "engine room."
He’s a University of Copenhagen guy through and through, but he spent time at Cornell, too. That Nordic background is actually a huge part of his "edge." He spent years in the Nordic Mergers & Acquisitions team, which is where he built the relationships that led to deals like Advania and Kahoot!.
People often forget he also ran the Private Equity and Growth Equity business for India between 2019 and 2021. That’s a massive jump—from the steady, mature markets of Northern Europe to the chaotic, high-growth environment of India. It gave him a global perspective that most European dealmakers just don't have.
What's the Move for 2026?
According to the latest Goldman Sachs Asset Management outlook, Bruun is actually quite bullish, despite the "multipolar" mess the world is in. He’s seeing a massive uptick in "carve-outs."
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Basically, big European conglomerates are looking at their messy balance sheets and deciding to chop off the parts they don't need. Bruun’s team is standing there with a checkbook. He recently noted that dealmaking conditions are the most favorable they’ve been in three years, thanks to lower financing costs and a "pent-up" need for liquidity.
Where the Money is Going
- Infrastructure: Not just roads, but the "digital plumbing" for AI.
- Secondary Markets: LPs (Limited Partners) are desperate for cash, so they’re selling their stakes at discounts. Bruun is buying.
- Healthcare: Even though he rotated off the Parexel board in 2025, his team is still doubling down on clinical research and services.
The Takeaway: It’s Not Just About the Numbers
If you’re trying to understand the Michael Bruun Goldman Sachs playbook, look at his board seats. Advania, LRQA, Norgine. These aren't speculative moonshots like Northvolt was. They are "core" businesses that provide essential services.
He’s shifted from being a "visionary" investor to a "tactical" one. He’s looking for companies where he can install an AI-driven "Value Accelerator" and squeeze out efficiencies that the previous owners missed.
Actionable Insights for Investors:
- Watch the Secondaries: If you're in the private equity space, follow Bruun's lead on secondary investments. It's the fastest way to get liquidity in a market where IPOs are still a bit shaky.
- AI is the New Due Diligence: Don't just ask about a company's revenue. Ask about their "AI roadmap." If they don't have one, Bruun probably wouldn't buy them, and you shouldn't either.
- Look for Carve-outs: The best value right now isn't in startups; it's in the neglected divisions of huge corporations.
Michael Bruun is a survivor. He took a nearly billion-dollar hit on the chin with Northvolt and used it to pivot Goldman's entire European strategy toward more resilient, tech-enabled "boring" businesses. In 2026, boring is the new exciting.