PitchBook年二季度荷兰市场快照

Contents PitchBook Data, Inc. MMarket overview2 Nizar TarhuniExecutive Vice President of Research andMarket Intelligence CCommentary3 Paul CondraGlobal Head of Private Markets Research CCity comparison4 Nalin PatelDirector of Research, EMEA Private Capital HPrivate markets5 MVC deal activity 7 Institutional Research Group EVC exit activity9 Analysis PVC fundraising activity10 Nicolas Moura, CFA, CAIASenior Research Analyst, EMEA Private Capitalnicolas.moura@pitchbook.com VPE deal activity 11 Data VPE exit activity 13 Charlie FarberManager, Data Analysis VPE fundraising activity14 PCorporate acquisition activity15 Oscar AllawayData Analyst PEquity markets valuations16 pbinstitutionalresearch@pitchbook.com Published on25July2025. Additional country snapshots will be released throughoutthe year. View the latest snapshots below: Q1 2025 France Market Snapshot Q1 2025 UK Market Snapshot Q1 2025 Germany Market Snapshot Market overview Q2 2025 quarterly comparison Commentary Our Country Snapshot series provides an overview of financing market trends in the region, covering various countries across Europe. We look at how bothpublic and private data points have trended in Q2 for Netherlands. Highlights include: Private equityDutch PE deal activity tumbled further in Q2, raising €6 billion Macro In Q2 2025, the Dutch economy maintained a steady growth pace,with GDP expanding by 1% QoQ, driven by exports boosted by agrowth in manufacturing. Inflation decelerated in June to 3.1% withtobacco having a negative effect on inflation, given the excise dutyon tobacco, which was increased in April 2024 as part of the Dutchgovernment’s wider "National Prevention Agreement," aimed atachieving a tobacco-free generation by 2040. Flight tickets, on theother hand, had a positive effect on inflation as they were cheaperYoY. This puts the Netherlands more than a full percentage point ofinflation above the euro area average. Unemployment was at 3.8%,among the lowest in the EU. In currency markets, the euroexperienced an appreciation against the US dollar. Thisstrengthening was influenced by a weaker dollar amid tariffnegotiations and added complexity for European exporters. TheEuropean Central Bank also cut rates twice in Q2, while the USFederal Reserve kept interest rates unchanged. across a mere 131 deals. This was one of the lowest quarterly dealcounts in the last five years. Dealmaking was put on pause at thestart of Q2 with the announcement of US tariffs, so we fullyexpected lower deal activity for the quarter. However, as mentionedin our Q2 2025 European PE Breakdown, we saw a ramp-up indealmaking towards the end of Q2, which bodes well for sponsors inH2. The largest deal in Q2 saw €300 million injected into SkyNRG byAPG. Founded in 2009 by KLM Royal Dutch Airlines, SkyNRGoperates in the sustainable aviation fuel (SAF) industry. Theinvestment will enable SkyNRG to further expand into new SAFproduction facilities in the Netherlands, Sweden, and the US. PE exit activity bounced back in Q2, notably from a countperspective. However, the exit environment remains subdued,weighed down by challenging macroeconomic conditions andpersistent valuation mismatches. The largest exit YTD saw LBC TankTerminals acquired by Mitsui O.S.K. Lines for €1.6 billion, enablingFrench PE firm Ardian to exit after holding its stake since 2017. Public equity marketsQ2 was an unprecedented quarter in public markets, as the quarter started with global tariff announcements on “Liberation Day,” 2April. Public markets dropped worldwide, with the AEX dropping asmuch as 13% in the week following the announcement of a 20% UStariff on the European Union. However, this was shortly followed bya 90-day pause in implementing the tariffs, which relieved markets,suggesting this was merely a negotiation tactic from the US. Fast-forward to the end of Q2, and the AEX is back to Q1 levels.However, the impact of potential US tariffs has hit Dutchcompanies differently: Consumer staples such as Unilever stillhaven’t recovered, while tech and financial stockssuch asING,Adyen, and ASML have enjoyed share price appreciations. Forfurther analysis, please see our recent analyst note, The Impact ofTariffs on European PE. PE fundraising is lagging in 2025 with five new funds raising lessthan a combined €2 billion. 90% of the capital raised YTD camefrom buyout strategies. Egeria raised €1.3 billion for its sixth fund,accounting for the bulk of the capital raised in the Netherlands YTD.Fundraising in the Netherlands has been healthy in recent years,with PE AUM just shy of €50 billion. Q2 saw only one public listing in the Netherlands: Triodos Banklisted on the Euronext Amsterdam with a market cap of €434million. Venture capitalVC deal value rebounded in Q2. Deal count remains a little subdued, but we expect it will improve in H2 as market conditionsimprove. More than half of Q2’s deal value came fromnontraditional investors participating in VC