2025年三季度法国市场快照

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 activity 10 Nicolas Moura, CFA, CAIASeniorResearchAnalyst, EMEA Private Capitalnicolas.moura@pitchbook.com VPE deal activity 11 Data VPE exit activity13 Charlie FarberManager, Data Analysis VPE fundraising activity 14 PCorporate acquisition activity15 Oscar AllawayData Analyst PEquity markets valuations16 pbinstitutionalresearch@pitchbook.com Published on17October 2025 Additional country snapshots will be released throughoutthe year. View the latest snapshots below: Q3 2025 Germany Market Snapshot Q2 2025 France Market Snapshot Market overview Q3 2025 quarterlycomparison Commentary Our Country Snapshot series provides an overview of financing market trendsbyregion, covering various countries across Europeand Asia-Pacific.In thisedition, we look at how both public and private data points trended for Francein Q3.Highlights include: Macro VC fundraising has remained subdued in France YTD, with onlyseven new funds collectively raising about €600 million. VentechCapital VI raised €175 million, the firm’s largest fund to date. Thefund achieved a 95% LP renewal rate and will focus on early-stagetech startups primarily in Europe. In Q3, France’s economic momentum remained fragile. Estimatessuggested a QoQ GDP increase of around 0.3%, following modestgains in the prior quarter, a pace that underscores continuedsoftness in domestic demand. Consumer prices continued to edgehigher, with the Consumer Price Index rising roughly 0.9% YoY inAugust, while inflation expectations for the coming year remainedanchored at around 2%. On the labour front, the unemploymentrate held close to its Q2 level, around 7.5%. Meanwhile, PurchasingManagers’ Index surveys painted a broadly negative picture: Bothmanufacturing and services PMIs remained below the 50 threshold,signalling contractionary conditions and diminished businessconfidence. The appreciation of the euro throughout the yearcontinued to weigh on the competitiveness of French exporters.Domestically, firms remained cautious, delaying capitalexpenditure amid policy uncertainty and weak demand. At theEuropean level, the EU and the US agreed on a uniform 15% tariff onmost EU exports to the US, down from the 20% initially announcedon “Liberation Day.” Finally, the European Central Bank cut ratesonce during the quarter, though policymakers have since adopted await-and-see stance before considering further moves. Public equity marketIf Q2 was defined by renewed US trade tensions and tariff uncertainty, Q3 wasmarked by heightened French politicalinstability, which weighed on investor sentiment. This turbulencewas reflected in equity markets, with the CAC 40 trailing mostmajor global indices YTD. In Q3, however, the index rose by around3.4%, broadly in line with the STOXX Europe 600. The rally in bankstocks that drove gains earlier in the year slowed in Q3, reflectingsofter credit demand and a flattening yield curve. In contrast,aerospace & defence stocks extended their strong run, with Airbus,Safran, and Thales each climbing at least 10% over the quarter,supported by sustained order momentum and higher defencespending. Q3 saw only one public listing in France, the small IPO ofPrelude at a market capitalisation of €19.1 million. Private equity In other news Over the summer, then-Prime Minister François Bayrou presented ahighly austere 2026 budget plan, which included a proposal to scraptwo public holidays, a move that provoked widespread backlashacross the political spectrum. Facing mounting opposition, Bayroucalled a confidence vote on 8 September, which he subsequentlylost, forcing his resignation. Macron swiftly appointed SébastienLecornu as prime minister on 9 September, but Lecornu provedunable to form a viable governing coalition, ultimately resigningless than a month later on 6 October. The president thenreappointed Lecornu on10October, with the prime ministernaming a new cabinet days later in an attempt to finalise the 2026budget. In the meantime, the ongoing crisis has done little toreassure investors, who view France’s deepening political instabilityas a growing economic risk. Commentators are increasinglysuggesting that France—not Italy—has become the new “sick manof Europe.” PE deal activity in France declined forthesecond consecutivequarter, marking one of the weakest periods in the past five years,despite rebounding elsewhere in Europe. Investor caution in Q3was evident in the growing share of add-on deals, reflecting apreference for smaller, lower-risk transactions over large-scaleLBOs. The largest deal of the quarter was the sale of Artefact in asponsor-to-sponsor