2025年四季度荷兰市场快照（英）

Contents PitchBook Data, Inc. MMarket overview2 Nizar TarhuniExecutive Vice President of Research and MarketIntelligence Paul CondraGlobal Head of Private Markets Research CCity comparison4 Nalin PatelDirector of Research, EMEA Private Capital HPrivate markets5 MVC deal activity7 Institutional Research Group EVC exit activity Analysis PVC fundraising activity Nicolas Moura, CFA, CAIASenior Analyst, EMEA Private Capitalnicolas.moura@pitchbook.com VPE deal activity Data VPE exit activity13 Charlie FarberManager, Data Analysis VPE fundraising activity 14 PCorporate acquisition activity Oscar AllawaySenior Data Analyst PEquity markets valuations16 Adi GerogeAssociate Data Analyst pbinstitutionalresearch@pitchbook.com Published on 16January 2026. Q3 2025 Germany Market Snapshot Q3 2025 France Market Snapshot Market overview Q4 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 athow both public and private data points have trended in Q4 for Netherlands. Highlights include: Macro There were two new unicorns added in 2025 in the Netherlands:Destinus and Framer. Destinus provides military drones to Ukraine andachieved a €1.5 billion post-money valuation. Framer, which helpscompanies build professional websites, was valued at €1.7 billion intheir Series D round. The Dutch economy continued to expand in the second half of 2025and is projected to finish 2025 1.8% higher than 2024. Annual GDPgrowth for the year was solid, supported by consumption andgovernment spending, although net exports contributed less amidpersistent global trade headwinds and tariff-related uncertainty.Domestic price pressures eased through late 2025, with headline CPIinflation in the Netherlands slowing to 2.8% in December. This washelped by lower energy costs and softer services inflation, bringinginflation closer to the euro-area average. The labour market stayedresilient, with unemployment remaining low at around 4% (one of thelowest in the EU). In currency markets, the euro maintained strengthagainst the US dollar through Q4, trading near recent multi-monthhighs as the ECB kept monetary policy on hold, with inflation nearingits 2% target, and the Federal Reserve signalled a slower pace of ratecuts than earlier expected. The euro appreciated 13.8% against theUS dollar in 2025. Within the euro area, inflation reached the ECB’s 2%target in December, leading the central bank to adopt a morecautious tone and hint that the current cycle of monetary easing maybe approaching its conclusion. VC fundraising remained low throughout 2025, echoing widerfundraising trends. However, four out of the five largest VC fundcloses occurred in Q4, pointing to an increase in market confidence.Forbion BioEconomy closed on €200 million for its debut fund. Public equity marketThe AEX finished 2025 8.3% higher, significantly underperforming other major indexes, including the FTSE 100 (+25.8%), STOXX Europe600 (+16.7%) and the S&P 500 (+17.9%). This underperformancelargely reflected the index’s concentrated composition and unevenperformance among its largest constituents. While energyheavyweight Shell provided support during periods of elevated oilprices, this was outweighed by weaker performance earlier in the yearfrom other large index members, including technology and consumer-oriented names, which were more exposed to global growthuncertainty. In addition, the AEX’s limited exposure to defence andfinancial stocks, both of which were among the strongest-performingsectors across European markets in 2025, constrained relativereturns. Sentiment improved materially toward year-end, driven by asharp rebound in ASML, the index’s largest constituent, which rose byalmost 50% in the final four months of the year. Private equity Q4 was the weakest quarter of the year for Dutch PE deal activity, incontrast to many other European markets where activity acceleratedtoward year-end. The Netherlands also recorded one of the lowestlevels of US investor participation in deal value among majorEuropean countries. Given that European PE activity in 2025 waslargely supported by US capital flows, this limited exposure appearsto have constrained dealmaking in the Dutch market. A morecautious investment approach prevailed, reflected in a higherproportion of add-on acquisitions relative to primary buyouts andgrowth/expansion deals. Q4 saw only one public listing in the Netherlands: Unilever listed its icecream business, The Magnum Ice Cream Company, on EuronextAmsterdam with a market cap of close to €8 billion. The IPO makesthe company the largest player in the global ice cream market,commanding a 21% market share, according to the company. PE exit activity was stronger in the second half of 2025 as sponsorsand corporates seemed more willing to transact. One of the largestexits of the year saw Blackstone sell NIBC Bank to ABN