2026年第一季度瑞典市场快照

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 Nalin PatelDirector of Research, EMEA Private Capitalnalin.patel@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 22April 2026 Q42025 Germany Market Snapshot Q42025 France Market Snapshot Market overview Q1 2026 quarterly comparison Commentary Our Country Snapshot series provides an overview of macroeconomic and microeconomic trends in various countries across Europe and Asia-Pacific. In this report, we look at how public and private data points trended for Sweden in Q1 2026. Here is what we highlight: Private equityIn Q1 2026, PE deal value rose 19.5% QoQ to €5.8 billion, while Macro Headline macroeconomic indicators point towards positivity inSweden. GDP growth in 2025 was 1.5%, with Q4 2025 growth at asofter 0.5% QoQ. The Consumer Price Index With a Fixed InterestRate (CPIF)—the Riksbank’s preferred measure—was 1.6%in March2026, down from1.7%in February 2026. Further inflation-reducingmeasures have been announced, including temporarily halving theVAT rate from 12% to 6% from April 2026 until December 2027 tosupport households amid high prices. In March 2026, the Riksbankheld its interest rate policy at 1.75% for the fourth consecutivequarter. The ongoing war in the Middle East introduces significantuncertainty, with higher energy prices expected to create upwardpressure on CPIF inflation, leading to a greater likelihood of ratehikes.The 2026 Spring Budget focused on lowering fuel taxes,subsidising energy, increasing defence spending, and improving thewelfare system through health and education grants. count fell 21.2% QoQ to 104 transactions. The main contributor todeal value was I Squared Capital’s €2.5 billion buyout ofinfrastructure management company Ramudden Global. RamuddenGlobal was established by Triton through the acquisition of severalplatform companies, starting with Ramudden in December 2017,followed by AVS in January 2018, and later Chevron and Fer. In2020, these individual companies were merged into a single group.The group further expanded with the addition of RSG Internationalin 2024 and Curtin in 2025. This transaction exemplifies aneffective buy-and-build strategy, as Ramudden Global hascompleted over 66 add-on acquisitions, allowing the company toexpand into adjacent markets and implement leading digitaltechnology across the group. PE exit activity reached €3.2 billionfrom 13 exits in Q1 2026, largely fuelled by the aforementioned saleof Ramudden Global by Triton. After a quiet Q4 2025, exit valuequadrupled in Sweden as a result. As in VC, no new PE fundclosures occurred in Q1. However, EQT XI, which is targeting €24billion in committed capital, remains open, and when it closes, it willskew figures upwards dramatically. Venture capital Q1 VC activity reached €0.8 billion across 68 transactions, markingmarginal declines from Q4 2025 figures. The standout deal of thequarter was AI legal firm Legora’s €467.3 million ($550 million) roundled by Accel. The funding catapulted Legora’s valuation to€4.7 billion, making it one of the most valuable VC-backedcompanies in Europe. Deal value figures in Sweden are currentlybeing supported by a select few companies, with Lovable and NekoHealth also closing enormous rounds in 2025. All three companiesare now unicorns and are garnering significant interest globally assome of the fastest-growing European tech names in the VCuniverse. Sweden is currently home to a record seven unicorns,further indicating startups’ ability to attract capital and grow theirvaluations. Exit activity was €0.3 billion across nine exits in Q1,marking a retreat from the highs seen in 2025, driven by Klarna’spublic listing. Exit activity is expected to be lumpy in venture markets,as demonstrated bySweden’s recent quarterly showings.Nonetheless, further exit opportunities for the current cohort provide optimism. On the fundraising front, no new funds were closed in Q1,and looking further back, €0.2 billion was raised in 2025. Similar toexits, fundraising is impacted by large, infrequent fund closures, sowe expect volatility in annual figures. But a broader decline in VCfundraising has been evident in Europe over the past year. In other newsIn Q1 2026, Sweden launched its first AI strategy, aiming to become one of the top 10 countries in the field.1The three mainpillars of the strategy includeadvancingAI for societal benefit,contributing to