2026年一季度欧洲PE细分（英）2026

Pricingcontrol thatstrengthensthe exitstory. From pricing strategy todiscount guardrails, we helpinvestors improve pricerealisation across portfoliocompanies, lifting EBITDAand reinforcing the equitystory at exit. cil.comMunich | Paris | London | New York | Chicago Contents Introduction4 Institutional Research Group Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capitalnicolas.moura@pitchbook.com Deals5 Spotlight: Unlocking UK Pension Capitalfor Private Markets8 Charlie FarberManager, Data Analysis A word from CIL Strategy Consultants9 Adi GeorgeAssociate Data Analystpbinstitutionalresearch@pitchbook.comPublished on 8 April 2026 Exits11 Fundraising 15 References18 Introduction European PE entered 2026 with momentum intact, only for anexogenous shock to bring it abruptly into question. The Iranconflict, which escalated in the second half of Q1, triggereda 22.5% QoQ decline in deal value and a 12.4% drop in dealcount. Public markets fell 5% to 10% in response, and whileprivate-market valuations have yet to fully adjust, a correctionis expected absent a near-term resolution. The closure ofthe Strait of Hormuz and the resulting upside risk to energyprices and inflation have placed central banks in a holdingpattern, leaving European PE caught between the momentumof a strong H2 2025 and an increasingly risk-off posture. Geographically, the picture is uneven. The UK & Ireland regionrecorded its best quarter since Q3 2023, with €26.1 billion inexit value. In a further encouraging sign for UK private-marketliquidity, the country recorded its first-ever transactions onPISCES, a world-first regulated platform allowing privatecompanies to open time-limited share trading windowswithout a full public listing, a milestone worth watchingas the market searches for alternative exit routes. France,meanwhile, posted its worst quarter since Q2 2020. PE fundraising remains subdued globally, with just 23 fundsclosing in Q1 and €18 billion raised YTD. Constrained LPdistributions, the denominator effect, and lagging megafundperformance relative to public markets have all weighed onactivity. Yet beneath the headline, the mid-market continuesto demonstrate resilience. Two-thirds of Q1 capital camefrom mid-market vehicles, with Inflexion, HIG, Apheon, andKedge Capital all closing follow-on funds at an average 1.5xstep-up on their predecessors. Triton Partners’ €5.5 billionclose, the first European fund above €5 billion in over a year,was the standout of the quarter, eclipsing 2025’s largestraise and signalling that LP appetite for European mid-marketstrategies remains. Growth equity showed early signs ofrevival, with eight new funds closing in Q1 as stabilisingrates reduce the valuation headwind that suppressedthe strategy since 2022. For the largest sponsors, theresponse to fundraising pressure has been inorganic.CVC’s acquisition of credit specialist Marathon and EQT’spurchase of secondaries giant Coller Capital, the largest-eversecondaries manager acquisition, signal a structural shifttoward platform diversification as organic fundraising facespersistent headwinds. The data tells a consistent story of caution beneath theheadline numbers. Megadeals, still elevated at 37.7% oftotal deal value, largely reflect transactions already inmotion before the geopolitical shift. Club deals surgedto 43.3% of deal value, add-ons reached a decade high of71.4% of buyouts, and software—rattled by the AI-drivenreassessment of the SaaS model in public markets—fell fromsecond to third in PE deal activity by sector. Each of theseshifts points in the same direction: sponsors transactingselectively, syndicating risk, and consolidating existingpositions rather than making new bets. Exit activity retreated in Q1 2026, with value falling 9.5%QoQ and count declining a more pronounced 31.3% QoQ,although the annual comparison offers some comfort withvalue still up 34.4% versus Q1 2025. Liquidity is increasinglyconcentrated at the top of the market, with 16 mega exitsaccounting for 67.9% of total exit value, while mid-marketand smaller exits remain subdued. The composition ofexit activity tells the deeper story. Sponsor acquisitionsaccounted for 76.1% of total exit value, up from 49.6% in2025, as the IPO window remains effectively closed andcorporate acquirers have stepped back. Sponsors arelargely dependent on one another for liquidity, a dynamicthat sustains deal flow but raises questions about valuationintegrity and price discovery. Deals Bank of England held rates unchanged at their most recentmeetings in March 2026, with the Iran conflict cited as a keysource of uncertainty. Momentum was disrupted in Q1 Dealmaking slowed sharply in Q1 2026, with deal value falling22.5% QoQ and deal count declining 12.4%. This was notentirely unexpected in isolation; momentum had kept activityelevated through the second half of 2025, and absent anexternal shock, there was little reason to expect an abruptreversal. That shock arrived in