2025年四季度法国市场快照（英）

Contents PitchBook Data, Inc. MMarket overview Nizar TarhuniExecutive Vice President of Research and MarketIntelligence Paul CondraGlobal Head of Private Markets Research CCity comparison 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, CAIASeniorResearchAnalyst, EMEA Private Capitalnicolas.moura@pitchbook.com VPE deal activity VPE exit activity Data Charlie FarberManager, Data Analysis VPE fundraising activity 14 PCorporate acquisition activity Oscar AllawaySenior Data Analyst PEquity markets valuations16 Adi GeorgeAssociate Data Analyst pbinstitutionalresearch@pitchbook.com Published on 22 January 2026 Additional country snapshots will be released throughout the year.View the latest snapshots below: Q3 2025 UK Market SnapshotQ3 2025 Germany Market SnapshotQ3 2025 France Market Snapshot Note: All data in this report is as of 31 December 2025,unless noted otherwise. Market overview Q4 2025 quarterly comparison Commentary Our Country Snapshot series provides an overview of macroeconomic and microeconomic trends in the region, covering various countries acrossEurope and Asia-Pacific. In this edition, we look at how public and private data points trended for France in Q4. Here is what we highlight: Venture capital Macro The French economy continued to expand, though growthremained subdued, with gross domestic product (GDP) expected toincrease by around 0.9% YoY in 2025. Inflationary pressures easedtoward year-end, with the headline Consumer Price Index reachinga low of 0.8% in December. Beneath this stabilisation, however,corporate stress intensified: Business bankruptcies reached recordlevels during 2025, underscoring mounting pressure on leveragedcompanies as higher interest rates and slower growth weighed onbalance sheets. This deterioration has been amplified by France’sstructurally high debt burden, among the highest in Europe at boththe corporate and sovereign level, which has remained a centralfocus of government policy. Fiscal uncertainty persisted into Q4, VC deal activity continued to pick up throughout 2025 asmacroeconomic conditions improved. Even deal count rose QoQ,hinting to some momentum. Q4 deals were led by software, withBrevo raising €500 million and Filigran raising €58 million. Thebroader information technology sector accounted for 60% of VCdeal value in Q4. Brevo achieved unicorn status in its latest round VC exit activity was lower in the second half of 2025, with corporateacquisitions taking a larger share. Gojob, an online job recruitmentplatform, was sold to a larger Japanese player for €120 million.VCfundraising remained low throughout 2025, echoing widerfundraising trends. Nonetheless, more capitalwasraised by VC Private equity Q4 was the weakest quarter of PE activity in France since Q2 2020, incontrast with many other European markets where activityaccelerated toward year-end. The largest deal of the quarter saw PAI PE exit activity continued to decline, reflecting subdued marketconditions and limited liquidity options. Buyouts accounted foraround 80% of exit value in Q4, underscoring the continued relianceon sponsor-to-sponsor transactions, while public listings remainedlargely unavailable as a viable exit route for GPs amid weak IPOmarkets. PE fundraising was roughly flat YoY in France, with just Public equity market The CAC 40 finished 2025 up 13.3%, broadly in line with the STOXXEurope 600 (+16.7%) but behind the FTSE 100 (+25.8%) and theS&P 500 (+17.9%). Annual performancewas supported by theindex’s mix of global champions, particularly in luxury, aerospace,and energy, but Q4 results were more uneven. Several heavyweightconstituents detracted late in the year: Hermès softened asbroader luxury sentiment cooled amid demand uncertainty andcurrency headwinds, while Airbus came under pressure followingrenewed investor focus on operational and delivery risks tied to itshigh-volume A320 programme. TotalEnergies also weighed on Q4performance after trimming its buyback pace in response to lower 1: "Why FrenchLeveragedBuyoutsAreCavingInLikeCamembert," Financial Times, GaiaFreydefont, 5 December 2025. Q4 saw three small nonbacked public listings in France: TGE ValueCreative Solutions, SEMCO Technologies, and Aitenders. City comparison Private markets Private markets VC deal activity VC deal activity VC exit activity VC fundraising activity PE deal activity PE deal activity PE exit activity PE fundraising activity Corporate acquisition activity Equity markets valuations STOXX Europe 600 Note: Three-year returns are annualized. Equity markets valuations Nizar TarhuniExecutive Vice President of Research and PitchBook providesactionable insights Paul CondraGlobal Head of Private Markets Research Nalin PatelDirector of Research, EMEA Private Capital Additional research: Report created b