Europe’s Aging Population Is a Money Magnet for Some Investors

Europe’s shrinking population has long raised concerns about its economic prospects. Governments are seriously worried about it. Elon Musk has raised alarm about the trend. But for some, it’s turning into big business.

Private-equity-funded Funecap Idf SAS has spent around €1 billion ($1.1 billion) to buy more than 300 crematoriums and funeral centers mainly in Europe, home to 17 of the top 20 countries with the highest death rates.

The French firm, backed by British financial investor Charterhouse Capital Partners LLP and France’s Latour Capital, is cashing in on the high cemetery costs, mobility needs and ...