2026年北欧私人资本细分（英）

Contents Introduction3 Institutional Research Group Navina RajanSenior Research Analyst,EMEA Private Capitalnavina.rajan@pitchbook.com VC deals4 VC exits8 Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capitalnicolas.moura@pitchbook.com VC fundraising10 PE deals12 pbinstitutionalresearch@pitchbook.com PE exits17 Published on 6 March 2026 PE fundraising20 Introduction Private equity Venture capital Nordic venture markets showed resilience in 2025,outperforming much of Europe as capital concentrated intofewer but larger rounds. Activity shifted toward early- andgrowth-stage financings, reflecting stronger support forcompanies progressing through the middle and later stagesof the funnel. Finland emerged as a standout performer,closing the gap with Sweden in overall investment share,driven by several large-scale growth rounds. AI continuedto dominate sector allocation across the region, overtakingpreviously favoured areas such as cleantech, while SaaS anddigital health remained active. At the same time, institutionalcapital mobilisation and high-profile exits reinforcedecosystem depth, particularly in Stockholm, supportingthe Nordics’ position as an increasingly competitiveEuropean venture hub. Nordic PE deal activity delivered its second-best year onrecord in 2025, with deal value rising 32.8% YoY and dealcount up 27.7% YoY. The region increased its share ofEuropean PE for the third consecutive year, accounting for14.6% of total deal count (up from 13.2% in 2024). Unlikemuch of Western Europe, where Q2 dealmaking slowedfollowing the announcement of US tariffs, the Nordicsrecorded its strongest quarter of the year in Q2 by value,before activity softened in Q3. Buy-and-build remainedthe dominant strategy, with add-ons representing 63.2%of deal count and more than half of total capital deployed.Confidence returned at the large-cap end of the market,with seven megadeals accounting for 27.2% of total dealvalue—matching 2021 levels. US investors featured in five ofthese transactions, driving an increase in US participation to27.5% of deal value (from 16.6% in 2024). Sweden led activity,but Finland and Norway both produced record deal values,underscoring a broadening regional base. VC exit activity proved resilient in 2025, supported by Klarna’slandmark IPO but also by broader strength across theecosystem. Even excluding that listing, exit value rose yearover year, contrasting with softer trends elsewhere in Europe,while exit volumes also increased modestly. Public listingsaccounted for a smaller share of overall exits, with buyoutsand strategic acquisitions dominating activity, highlightingcontinued reliance on private liquidity routes. Denmarkgained share of regional exit volume while Norway lagged.Sector rankings were reshaped by fintech’s prominence,while previously strong areas such as cleantech and lifesciences slipped down the exit league tables. Exit activity improved but remained below prior-cyclehighs. Exit value increased 31.1% YoY and count rose 23.1%,though H2 value fell 24.2% versus H1, diverging frombroader European trends. Sponsor-to-sponsor transactionsdominated, accounting for 57.1% of exit value, whilesecondaries and continuation vehicles played a growing rolein generating liquidity. The Nordics outperformed Europe inIPO activity, representing seven of Europe’s 17 PE-backedlistings and 18.2% of regional exit value. Fundraising weakened markedly in 2025, mirroring thebroader European slowdown, with total capital raised fallingsharply from the stronger levels seen in 2024. Fund closeswere smaller on average, and activity was concentratedamong emerging managers, reflecting a more cautious LPenvironment and limited appetite for large commitments.Denmark accounted for the largest share of capital raised,while Sweden’s contribution declined relative to prioryears. Performance headwinds also weighed on sentiment,as venture returns continued to lag other private capitalstrategies and time-to-close extended. Overall, fundraisingconditions remain challenging, with a limited visible IPOpipeline and capital formation expected to stay belowhistorical averages in the near term. Fundraising declined sharply following 2024’s recordyear, with capital raised down 77.6% YoY. The absenceof megafunds weighed on totals, though middle-marketmanagers remained resilient, accounting for 11 of 14 closes.Capital concentrated among experienced sponsors, drivinga rise in median step-ups to 1.7x and reinforcing a continuedflight to quality amid constrained LP liquidity. VC deals VC deal activity Nordics proves fertile ground for venture deals 2025 Nordic deal value outpaced that of broader Europe,increasing 15.6% YoY to €6.5 billion. The trend of value overvolume in deal activity continues, as deal count declined morethan 20% but the median deal value increased to an all-timehigh of €2 million, driven by the middle of the funnel—early andlate-stage rounds. By series, 2025 saw series A and B