2025年4季度英国市场快照（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 Navina RajanSenior Analyst, EMEA Private Capitalnavina.rajan@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 GeorgeAssociate Data Analyst pbinstitutionalresearch@pitchbook.com Published on 26 January 2026 Q3 2025 Germany 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 lookat how both public and private data points have trended in Q4 fortheUnited Kingdom. Highlights include: Regional hubs changingOur heatmap looks at private market activity over the past 10 years. A strong end to the year for UK marketsAs 2025 came to a close, UK privates ended Q4 with the growing Previously, Oxford sat behind the likes of Cambridge and London.However, 2025 saw Manchester enter the top three in the UK forprivate market activity (PE and VC deal count), as Oxford sank notablylower, behind Edinburgh, Bristol, and Glasgow. Oxford remains one ofthe highest hubs for VC exit value, but regional hubs within the nationare shifting, showing development outside of London. resilience built over the second half of the year. The widermacroeconomic environment appears to be more mixed, with modestgrowth of 1.2% to 1.5% forecast and momentum weakening into Q4.Inflation remained elevated, averaging above 3%, though it softenedlater in the year. Despite its cautious stance earlier in the year, theBank of England cut rates again in December, bringing its dovishpolicy to four rate cuts and the base rate down to 3.75% by year-end.The intention is to support demand amid deteriorating consumersentiment and rising unemployment. Business investment andconstruction activity weakened, and household spending remainedunder pressure, leaving the broader macro outlook cautious despitepolicy easing—as discussed in ourUK Private Capital Breakdown.Elsewhere, several events, such as the Spring Statement, the AutumnBudget, andthe2025 Mansion House Accord, proved to be pivotal forprivate markets. For more, see our deep dive inUnlocking UK PensionCapital for Private Markets. Public equity marketUK public markets had a strong recovery in 2025, outperforming other major global indexes. The FTSE saw gains of 25.8% YTD,outperforming the broader STOXX Europe 600 and S&P 500, asvaluations peaked. Price/earnings sat at 19.4x in Q4, up from 18.7x inQ3. Such gains and improvements in volatility led to a rebound in IPOmarkets following the multiyear drought. More than 15 listings tookplace in Q4, including Verisure at a £9.2 billion valuation in Stockholmand both Shawbrook Bank and Princes Group in the UK. This is asignificant turning point for the market, where not only nonbackedlistings recovered but privately backed counts also saw some revival. Private equity Q4 2025 PE activity finished the year strong, sitting at £49 billion,exhibiting high growth YoY. Contrary to Q3, buyouts regained share ofactivity in Q4 with three megadeals (over£5 billion) from ConvexInsurance, Barchester Healthcare, and Utmost Life and Pensions. UKdeals continue to have the largest proportion of US participation inEurope; however, for the 2020-2025 period, US participation in UKdeals decreased to 45.2% of deal value as of Q4 2025, compared withover 50% as of Q3 2025. In other newsAs M&A multiples rose through 2025, corporate acquisitions saw a fairly robust year of activity, albeit declining QoQ to £28 billion. Bysector, B2C and B2B gained share in the quarter, and by region,Germany and the Netherlands significantly outpaced other corecountries in Europe regarding median acquisition value. The UK nowsits at £12.7 million, compared with Germany, which leads at £37.3 Exit value was also robust in Q4, sitting at £27 billion. The VerisureIPO significantly skewed share, supported by other large listings fromShawbrook. PE fundraising in the UK declined to £32.6 billion but showed moreresilience than venture. This was more heavily weighted toward H1,where all the top closes sat, as H2 fundraising was weak. As of Q22025, PE dry powder in the region has stayed flat, sitting at £137billion, compared with VC, which has seen levels drawn down since2024. Venture capital Q4 2025 UK VC deal value was resilient at £5.3 billion, staying flat YoYbut decreasing sequentially. The largest deal in the quarter wasRevolut’s €2.6 billion round, which closed in November and involved asecondary s