2025年度欧洲PE细分（英）

PE Breakdown Contents Introduction Institutional Research Group Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capital Deals Spotlight: Unlocking UK Pension Capital pbinstitutionalresearch@pitchbook.com Published on 16 January 2026 Exits Fundraising Introduction European PE recorded a landmark year in 2025, withdealmaking reaching record levels.Total deal value rose14.4% YoY, while deal count increased 12.8% YoY, supportedby a combination of improving macroeconomic conditions,supportive policy developments, and renewed investorconfidence. Monetary policy became a key tailwind overthe course of the year, with four rate cuts each from theEuropean Central Bank (ECB) and the Bank of England (BoE) holding periods also declined for the first time since 2020,falling to 5.8 years, indicating improving exit mechanics Despite these improvements, challenges persist.Distributions as a share of NAV remained below 20%, wellunder the long-term average, while the deals/exits ratiorose to 2.5x, highlighting a growing imbalance betweendeployment and realisations. IPO exits continued tounderperform, with exit count and value falling sharply YoY,reinforcing the view that IPOs are likely to return structurallysmaller and no longer serve as the default exit route. Instead, European PE fundraising slowed in 2025 after back-to-backrecord years in 2023 and 2024, broadly in line with globaltrends.The slowdown was driven primarily by the absence ofmegafund closures, with no funds closed above €4.6 billionin 2025. Fund launches also declined for a third consecutiveyear, reflecting tighter capital conditions and weakerdistributions. As a result, fundraising became increasinglyconcentrated among established managers, with 2025 saw a continued rise in corporate carveouts, whichreached record levels. Carveouts accounted for roughly 1in 10 PE deals, driven by corporate portfolio optimisation ina higher-rate environment and sponsors’ ability to generatevalue through operational transformation. Regionally, the UK& Ireland retained a clear leadership position, accounting for Exit activity in Europe delivered a mixed but improvingpicture in 2025.Exit value increased 10% YoY, marking thesecond-strongest year on record, although it remained27.6% below the 2021 peak. Encouragingly, momentumimproved materially in the second half of the year. H2 exitvalue was double that of H1, signalling a gradual unclogging Deals A record year of dealmaking 2025 was a record year for European PE deal activity, whichsaw deal value rise 14.4% YoY and deal count increase 12.8%YoY. Activity over the year was shaped by a combination of On the positive side, monetary policy became increasinglysupportive, with four rate cuts each across the ECB and theBoE as the macroeconomic backdrop stabilised and inflationmoved closer to target levels. Lower interest rates benefitedPE dealmakers by reducing borrowing costs for LBOs andenabling higher leverage, improving transaction feasibility time, however, the tariffs became supportive for European PEactivity, as we saw a notable influx of capital from the US asinvestors sought geographic diversification and relative value These tailwinds were partially offset earlier in the year bytrade tariffs introduced by US President Donald Trump,which temporarily slowed dealmaking as asset owners The prevalence of megadeals serves as a useful barometerof market sentiment, as such transactions typically requirestrong conviction from both sponsors and lenders. The rise As a result, European PE continued to expand its investorbase, with increasing participation from private wealthinvestors, retail channels, and pension funds, alongside With confidence strengthening in the market during thesecond half of 2025 and extending into 2026, we remainconfident that PE in Europe will continue to grow in the The influx of US capital into Europe In 2025, almost 1 in every 5 PE deals in Europe involvedthe participation of a US investor. US sponsors also tendedto concentrate among larger transactions, reflecting theirdeeper capital pools and greater capacity to underwritescale. As a result, US investors accounted for 34.8% of totalEuropean deal value, a share materially higher than theirproportion of deal count. While European PE has continuedto mature, the market remains relatively nascent comparedwith that of the US, at roughly half the size in terms of dealvalue. This structural gap means Europe continues to rely Rising deal values reflect confidence Megadeals, defined as transactions over €1 billion,accounted for 31.9% of total deal value in 2025, up from20.5% in 2023 and 28.1% in 2024. This share is moreconsistent with the bullish market conditions last observedin 2021 and early 2022, underscoring the return of sponsorconfidence and risk appetite. Momentum continued into more protectionist regulatory stance in certain strategicsectors, saw US investor participation limited to just 12.7% of We expect this tren