压力增加：重置PE周期的时钟

Private equity – DACHState of the region: H1 2025 "Private equity – DACH: State of the region" is one of numerous publications Key messages Most European countries recorded a decline in transactions in 2024 compared to 2023. We see a declinein European transactions of ~5% in 2024 vs. 2023 (compared to -24% in 2023 vs. 2022) across all geographic In the DACH region, total deal volume declined by ~18% from 482 deals in 2023 to 393 in 2024. However, H1 2025(as of June 24th 2025) recorded an increase of +6% compared to H1 2024. Especially the first quarter in 2025 To navigate a challenging market, PE funds are rethinking their strategy by1.Adapting capital structures through increasing use of equity tickets, private credit and co-investments2.Focusing on proprietary deal sourcing and corporate carve-outs to mitigate competitive processes Furthermore, international investors are increasingly shifting capital allocations to Europe due to geopolitical The DACH PE market ranks second in Europe after the UK and Ireland in terms of totaltransaction volume, followed by France and the Nordics With +400 active PE funds and 393 transactions in 2024, the DACH region is one of the key centers of gravity for private capital deployment in Europe. Key facts and figures (DACH) In 2024, PE firms in DACHaccumulated "dry powder"of EUR >65 bn ready to be deployed The year-over-year transaction volume decline in Europe slowed down – In 2024, dealvolume decreased by 5%, having previously decreased by 24% in 2022 to 2023 Overall, Europe recorded a decline in transaction volume in 2024 compared to 2023 (-5%). While the UK and Ireland (9%) as well as Spain and Portugal (3%) were able to growtheir transaction volumes respectively, DACH (-18%), Nordics (-16%) and France (-15%) experienced the strongest YoY declines. Primary reasons for the general decline were Technology, software & digital solutions and business services & logistics recorded thehighest number of deals in DACH in 2024 – Similar pattern in H1 2025 At the industry level, technology, software & digital solutions (115 deals) and business services & logistics (71 deals) were the main contributors to deal flow in 2024. From 2023 to2024, most sectors experienced declines apart from MedTech & life science, financial services, consumer goods & retail and chemicals. Business services & logistics was Deal activity appears to have reached the trough in 2024 - 2025 saw 6% higher dealvolume in H1 driven by a strong first quarter (+40%) Deal activity in DACH rebounded sharply in Q1 2025, which marked the third-strongest Q1 since 2014. In Q2, momentum slowed down slightly, resulting in 215 transactions in H1(as of June 24, 2025), which marks an improvement vs. H1 2024 of +6%. Investor caution driven by high valuation expectations and ongoing interest rate uncertainty continues to DACH transaction volume by quarter2014 – H1 2025 [# of deals] -Q1-Q2 PE firms are rethinking strategy, capital structure and deal sourcing to navigate achallenging and fragmented market in the DACH region In 2025, private equity in the DACH region is undergoing a strategic realignment — driven by macroeconomic headwinds, digital disruption and evolving investor expectations We regularly provide studies, articles and reports on private equity trends, differentinvestor classes and the macroeconomic environment The current financial, economic and political environment has undoubtedly dampened the PE industry in the recent past. However, our outlook for H2 2025 is optimistic, as thePE market in DACH and Europe has bottomed out and is poised for growth. We regularly publish studies, articles and reports covering private equity trends and the Latest Roland Berger publications European PrivateEquity Outlook 2025 Family Office Study 2024(Feb 2025) The German Economy in 2025Muted momentum Europe-wide exclusive survey of leadingPE firms indicatespositive expectationson M&A deal activityin 2025 fueled byimproved financing conditions, including In 2024, the German economy shrank by0.2%. However, the expecteddecline ininflationand furtherinterest rate cutsbythe ECB give hope for improvement in 2025.These are likely to lead to a renewed The study identifies shifts in family officeattitudes. Overall, family offices haveincreasinglylearned to cope with challenges(e.g., interest rates or geopolitical upheavals) Publisher Authors Roland Berger GmbHSederanger 180538 Munich Dr. Victoria Metzler Björn Schubert Project Manager+49 160 744-6284victoria.metzler@rolandberger.com Principal+49 160 744-7334 Further Investor Support contacts in the DACH region Sebastian HainePartner+49 160 744-8326 Sven KleindienstSenior Partner+49 160 744-8539 Christof HuthSenior Partner+49 160 744-8291 Justus JandtPartner+49 160 744-2208 Marc Hesse Martin Weissbart Partner+49 160 744-8420 Partner+49 160 744-8340 About us ROLAND BERGERis one of the world's leading strategy consultancies with a wide-ranging serv