2026年一季度法国市场快照（英）2026

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 activity 7 Institutional Research Group EVC exit activity Analysis PVC fundraising activity Nicolas Moura, CFA, CAIASenior Analyst, EMEA Private Capitalnicolas.moura@pitchbook.com VPE deal activity 11 Data VPE exit activity 13 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 28th of April 2026. Q4 2025 France Market Snapshot Q4 2025 Germany Market Snapshot Market overview Q1 2026 quarterly comparison Commentary Our Country Snapshot series provides an overview of financing market trends in the region, covering various countries across Europe. We look athow both public and private data points have trended in Q1 for France. Highlights include: Macro Unlike VC, PE fundraising was off to a rocky start with only six newfunds closed in Q1, raising a mere €2 billion. The largest fund at €540million, BNP Paribas Asset Management Alts' Prime Capital Partners I,was quite unique because it is the first GP stakes fund raised by aEuropean manager, and the largest of its kind raised in Europe to date.Rather than investing directly in companies, it acquires minority equitystakes in mid-market private markets managers, effectively allowingLPs to invest in the management fee and carry economics of GPsthemselves. The fund exceeded its initial €400 million target andcounts AXA as its anchor investor. In Q1, France's economy continued along a modest and fragilerecovery path. GDP expanded 0.2% QoQ in Q4 2025, the weakestquarterly reading in three quarters, and consensus forecasts point toa similar, unspectacular pace heading into Q1 2026, with full-year2026 growth expected around 0.9%. Inflation ticked up to 1.7% inMarch, remaining well below the ECB's target and offering limitedsupport to growth momentum. On the labour market, unemploymentrose to 7.9% in Q4 2025, the highest mark since 2021, reflecting thedrag of fiscal tightening and subdued business confidence. The fiscalpicture, however, delivered a rare moment of relief: After nearly twoyears of political paralysis and three fallen governments, PrimeMinister Sébastien Lecornu passed France's 2026 budget inFebruary. The budget targets a deficit of around 5% of GDP, a modestimprovement from the estimated 5.4% in 2025, though still far abovethe EU's 3% limit and widely seen as insufficient to stabilise France'srising debt trajectory. At the European level, the ECB held ratesunchanged at its March meeting and revised its 2026 headlineinflation forecast up to 2.6%, adopting a cautious stance as marketsreassess the likelihood of any near-term easing. Public equity marketThe CAC 40 was down -4.0% YTD through Q1, underperforming most Venture capital In Q1, VC deal count in France fell to a new low, with fewer than 200deals in the quarter. Deal value bounced back, however, driven by twolandmark raises. AMI (Advanced Machine Intelligence), the AI startupco-founded by Turing Award winner and former Meta Chief AIScientist Yann LeCun, raised €875.6 million at a valuation of €3.9billion. AMI is developing "world models"—AI systems designed tounderstand the physical world, reason, and plan—as an alternative tothe large language model paradigm, targeting applications in roboticsand autonomous systems. The second major deal saw Pasqal, aglobal leader in quantum solutions based on neutral atom technologyand co-founded by 2022 Nobel Prize laureate Alain Aspect, raise€200 million, crossing the unicorn threshold, as it prepares for apublic listing later this year. France now has 26 unicorns, up from 13in 2021. On the listings front, Q1 was quiet, reflecting a broader trend. Euronextrecorded less than €1 billion in IPO proceeds across all its exchangesin 2025, a first since its own IPO over a decade ago. There were onlytwo listings in France in Q1 2026: IEVA Group (€118.6 millionvaluation) and Rising Stone (€120 million valuation). VC exit activity continued to drop in France, making for one of itsworst quarters in two years, echoing a broader slowdown in exitappetite across Europe. Beyond the IEVA IPO, the largest VC-backedexit in Q1 saw EDF Pulse Ventures sell down its stake in Exaion. Fundraising was off to a promising start with five new funds closingan aggregate €1 billion in Q1, though further momentum will beneeded to offset the downward trend in VC AUM in France over thepast two years. Private equity PE deal activity decreased in Q1, mirroring the trend at the Europeanlevel as sponsors pivoted to a more risk-off approach. This wasvisible by a higher proportion of add-on deals and a lower