2025年下半年中东和北非私人资本细分（英）

Contents Introduction3 Institutional Research Group Nalin PatelDirector, EMEA PrivateCapital Researchnalin.patel@pitchbook.com Dealmaking4 Exits9 pbinstitutionalresearch@pitchbook.com Fundraising11 Published on 9 March 2026 Introduction relatively lumpy, but near-term momentum is building, withVC exit value more than doubling from 2024, while the countincreased 50% YoY. Dealmaking MENA PE dealmaking set a new benchmark in 2025.2025marked the fourth consecutive year of PE deal activity growthin the MENA region, a clear indication of rising interest in theasset class. Diving deeper into what caused new records tobe set, a selection of large IT deals took place throughout theyear. Investing in tech-enabled businesses is at the forefrontof thinking at the moment, not only in the MENA region butglobally, as AI development accelerates. Meanwhile, ourdata shows that cross-border PE deal activity has been afundamental driver of growth within the MENA region. Fundraising The tough fundraising environment was reflected in the 2025 data.Capital raised dropped 60.2% and count fell 58.3%YoY, marking sharp declines since 2024. Fundraising can belumpy and skewed by outliers, but a clear decline is evident in2025, as capital raised has not been so low since 2020. Thelack of distributions, capital scarcity, and uncertainty aroundcommitments and subsequent growth have been cited asfactors impacting fundraising globally. The impact of MENA investors on global private marketscannot be underestimated.Their growing influence acrossa variety of sectors outside the MENA region underscorestheir efforts to compete on deals, diversify portfolios, anddrive growth. Iran war update Recent conflicts in the Middle East have escalateddramatically following US and Israeli strikes that resultedin the death of Iran’s supreme leader.This has triggeredretaliation from Iran, leading to broader warfare across theMENA region. The humanitarian impact is significant, andit has heightened geopolitical risks that are affecting globalfinancial markets. While no new records were set in the VC ecosystem, 2025was a resilient showing that reversed the downward trendinfluencing VC investment since 2022.The mixed pictureis indicative of VC at the moment, in which we are seeing aseparation between companies struggling and those growingrapidly as more capital flows into fewer deals. Sustainedgrowth in the Saudi VC ecosystem was confirmed in 2025,surpassing Turkey and narrowly missing out on the top spotto the United Arab Emirates (UAE). Energy markets are particularly impacted, followingdisruptions to crude oil and liquefied natural gas suppliesthrough the Strait of Hormuz—a vital conduit for about 20%of the world’s seaborne oil.Consequently, prices for both oiland gas have risen amid production shutdowns and shippingblockades.1Global markets have responded with unease,leading to drops in major indexes and increased volatility.Investors are grappling with geopolitical risks, rising energycosts, and uncertainties surrounding inflation. The crisis hasalso led to closed airspace, affecting international travel.This situation has had mixed impacts on airlines, energycompanies, technology firms, and defense stocks. Exits Activity bounced back in 2025 across PE and VC, and abumper Q4 ensured the year finished on a high.The 2025showing was the second strongest in terms of value andvolume over the past decade and points to the re-emergenceof liquidity options for privately backed assets in the region.A collection of sizable PE-backed listings contributed to thespike in exit activity in Q4. It has been a testing multiyearperiod for public listings, with fewer companies coming tomarket than expected. But the uptick in volume is a sign thatconfidence is returning across companies looking to debut,which could pave the way for more to come. In private markets, the heightened hostility and geopoliticalunrest are likely to significantly reduce the appetite forinvestment, particularly at the cross-border level, as nationsprioritize national security. If conditions worsen, we expectmore individuals to leave the region immediately, andinstitutions will need to enforce contingency plans. Near-term attention will remain focused on the ongoing conflict inthe coming weeks. See our latest Iran war notes ondefenseinvestmentandenergy investmentfor more analysis. VC exit activity also had a strong year in 2025.Breaking outVC activity by year over the past decade, the quantity of exitsin 2025 was at an annual high, while exit value was at itslargest since 2022. The trend over the past decade has been Dealmaking PE deal activity A new record for PE deal activity MENA PE dealmaking set a new benchmark with $22.2billion invested across 199 transactions in 2025. The recordstatistics represented YoY increases of 28.3% in deal valueand 8.7% in deal volume. 2025 marked the fourth consecutiveyear of PE deal activity growth in the MENA region, a clearindication of ris