2026年法国私人资本细分（英）2026

Contents Introduction3 Institutional Research Group Navina RajanSenior Research Analyst,EMEA Private Capitalnavina.rajan@pitchbook.com VC deals4 VC exits9 Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capitalnicolas.moura@pitchbook.com PE deals10 PE exits13 Oscar AllawaySenior Data Analyst Private capital fundraising15 Adi GeorgeAssociate Data Analystpbinstitutionalresearch@pitchbook.comPublished on 20 May 2026 References18 Introduction Private equity Venture capital France’s VC market showed momentum in early 2026,with deal activity pacing ahead of the prior year as capitalconcentrated into fewer but larger rounds. A value-over-volume dynamic became more pronounced as mediandeal sizes reached an all-time high, driven by both early-and late-stage rounds gaining traction across the funnel.AI also dominated investment by sector, attracting adisproportionate share of capital and significantly outpacinginvestment into SaaS, which saw a sharp relative decline.Advanced manufacturing and cleantech also gained ground,with deep tech rounds featuring prominently among thequarter’s largest transactions. Nontraditional investorparticipation remained elevated and above the Europeanaverage. Corporate venture capital (CVC) investors played aparticularly active role—a dynamic seen as critical to scalingstartups within France’s AI ecosystem. In Q1, French PE endured its worst quarter since the start ofthe COVID-19 pandemic—deal value fell 20.6% QoQ and 69.1%YoY. While the comparison is stark, it must be read againstan exceptional 2025, which was a record year for FrenchPE deal value. The decline reflects a prolonged politicalcrisis, whose impact on private markets materialised with acharacteristic lag, resulting in four consecutive quarters offalling deal value. Q1 2026 also saw a marked shift in deal dynamics. Add-onssurged to 58.3% of deal count as sponsors retreated fromplatform investments and megadeal appetite evaporated.Germany has now overtaken France as Europe’s second-largest PE market, with structurally lower US investorparticipation, a key contributing factor for France. We viewQ1 2026 as the trough. Prime Minister Sébastien Lecornu’spassage of the 2026 budget in February removed the mostacute source of political uncertainty, and inflation remainsbelow the ECB’s target. Conditions for a recovery are takingshape, with a rotation back toward platform deals and largertransactions the key indicators to watch. Exit activity got off to a slow start in 2026, pacing below2025 levels in both value and volume. Acquisitions andbuyouts continued to dominate, accounting for the majorityof exits against just a single IPO in the quarter. The private-for-longer theme continues to play out, with median time toexit reaching an all-time high as the valuation gap betweenlate-stage private companies and public markets persists.More broadly by vertical, SaaS, mobile, and AI saw the mostexits take place in the quarter, while Internet of Things(IoT) moved up to fourth place (from ninth last year) ande-commerce to fifth. French PE exits have fallen for four consecutive years,with Q4 2025 and Q1 2026 together marking a historic low.Corporate acquirers have largely withdrawn, with sponsor-to-sponsor transactions accounting for 76.9% of exit value,pushing PE firms to recycle assets internally throughsecondary sales and continuation vehicles. Public listingsoffer little relief, with Euronext recording less than €1 billionin IPO proceeds across all exchanges in 2025, reflecting bothcyclical headwinds and structural weaknesses in Europeanequity capital markets. Fundraising in France had a resilient start in 2026: Capitalraised in Q1 paced above recent years and growth keptpace with other private capital strategies, including PE andsecondaries. Activity was concentrated among experiencedmanagers pursuing early-stage mandates, while medianfund sizes continued to grow, now sitting well above prior-year levels, meaning that even modest vehicle counts couldsupport totals. The outlook is cautiously constructive, withan estimated €6.8 billion of open capital across the top20 active French VC funds. However, the timing of thosecloses remains uncertain, and given the tepid fundraisingenvironment since the 2023 peak, meaningful contributionsfrom nontraditional or international LPs will likely be neededto fill the gap. French PE fundraising continued to slow, with just six fundsclosing in Q1 2026 for a combined €2 billion. LP appetiteremains concentrated among mid-market managers withproven track records. The highlight was BNP Paribas AssetManagement Alts’ Prime Capital Partners I, the first andlargest GP stakes fund raised by a European manager.Secondaries dominated 2025 fundraising, largely driven byArdian’s record-breaking €29 billion close, reflecting thecritical role the strategy now plays in providing LP liquidity.In 2026 thus far, infrastructure has taken over, led byInfraVia’s €8 billion sixth fund and Meridia