欧洲风险投资报告

Sponsored by We are the bank of theinnovation economy With decades of global experience, a robust professional andventure capital network and scalable money-management solutions,we are dedicated to helping you succeed at every stage. See how we can support your growth at jpmorgan.com/InnovationEconomy. Contents Introduction4 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Deals5 Paul CondraGlobal Head of Private Markets Research A word from J.P. Morgan9 Nalin PatelDirector of Research, EMEA Private Capital Venture debt11 Spotlight:Direct secondaries are ofprimary importance13 Institutional Research Group Analysis Exits17 Navina Rajan Fundraising19 Senior Research Analyst, EMEA Private Capitalnavina.rajan@pitchbook.com Data Charlie FarberManager, Data Analysis Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJenna O’MalleyandAdriana Hansen Published on 9 October 2025 Clickherefor PitchBook’s report methodologies. Introduction European exit activity so far in 2025 can be defined by the“Klarna effect,” with the fintech company’s landmark IPOaccounting for nearly a quarter of total exit value YTD.Klarna’s listing provided a much-needed boost to sentiment,though its underwhelming aftermarket performancehighlights ongoing fragility in the market. Beyond thisheadline event, exit momentum remains muted, withactivity trending lower than last year and heavily reliant ona handful of large transactions. IPOs have increased theirshare of exit value as public market volatility subsides,yet volumes remain thin, underscoring how recovery isconcentrating in a few large transactions. Acquisitionscontinue to drive the bulk of exits, particularly in AI, wherestrategic buyers remain active. Cleantech and fintech havealso shown resilience, with their exit values pacing ahead of2024 levels. Still, liquidity challenges persist as the broaderecosystem struggles to match the pace of dealmaking,keeping pressure on LP distributions and fuelling interestin alternative strategies such as secondaries, which wehighlight in the“Spotlight”section of this report. European venture dealmaking softened in Q3 2025,signalling that full-year totals may decline YoY despitean uptick in the average deal size. Activity is increasinglyconcentrated in larger rounds, and follow-on investmenthas weakened as first-time deals—particularly in AI—remain resilient. The AI sector continues to dominate,accounting for nearly 40% of deal value in Europe YTD andsetting the pace with blockbuster raises from Mistral AIand Nscale. This outsized focus reflects a structural shiftin global tech markets, though questions remain about thedepth of due diligence on AI-driven business models. Israeland Southern Europe have gained share of the region’s dealvalue thanks to landmark deals, while the UK & Ireland’slead has narrowed. Meanwhile, previously robust verticalssuch as fintech and life sciences are showing signs ofa slowdown as investor capital crowds into AI. Overall,dealmaking remains active but is increasingly uneven,shaped by a small number of outsized rounds and a heavyreliance on the AI boom. Venture debt activity in Europe has slowed in 2025 followinga record-setting 2024, with deal value trending lowerdespite a handful of large transactions. Fewer deals aretaking place, but the average deal size has grown, with agreater share of deals now exceeding €25 million. This shiftreflects an environment where late-stage and venture-growth companies are leaning more heavily on debt whileearlier-stage companies are cooling off. Market conditionsare also influencing dynamics: Companies that might haveturned to debt are instead eyeing public listings as equitymarkets stabilise, while easing monetary policy is expectedto support refinancing activity. Fintech remains a standoutin venture debt activity, dominating the largest transactionsso far this year, while notable raises have also come fromcleantech, digital health, and human resources (HR) tech.Although deal volumes are lower, venture debt continuesto provide an important financing avenue for maturecompanies navigating a cautious fundraising climate. 2025 is shaping up to be one of the weakest years forEuropean venture fundraising in recent history, withmomentum slowing sharply compared with 2024. Themarket has shifted away from megafunds and towardsmaller, emerging managers, which now dominate thelandscape, both in number and share of activity. Fund sizeshave compressed as first-time funds and vehicles under€50 million gain traction, reflecting a more fragmentedfundraising environment. Regionally, leadership continuesto shift between established hubs, with the UK & Irelandand DACH closely competing, while traditional strongholdssuch as France lag. Despite capital still available in thepipeline, investors remain cautious as weaker venturereturns and subdued LP commitments weigh on the outlook.The broade