1、EUROPEANPE Breakdown2025ANNUAL2025 ANNUAL EUROPEAN PE BREAKDOWN2ContentsInstitutional Research GroupNicolas Moura,CFA,CAIA Senior Research Analyst,EMEA Private Capital Published on 16 January 2026Introduction 3Deals 4Spotlight:Unlocking UK Pension Capital for Private Markets 9Exits 11Fundraising 152
2、025 ANNUAL EUROPEAN PE BREAKDOWN3IntroductionEuropean PE recorded a landmark year in 2025,with dealmaking reaching record levels.Total deal value rose 14.4%YoY,while deal count increased 12.8%YoY,supported by a combination of improving macroeconomic conditions,supportive policy developments,and rene
3、wed investor confidence.Monetary policy became a key tailwind over the course of the year,with four rate cuts each from the European Central Bank(ECB)and the Bank of England(BoE)as inflation moved closer to target levels.Lower borrowing costs improved LBO economics and increased sponsors willingness
4、 to underwrite larger transactions.Megadeals accounted for 31.9%of total deal value in 2025,levels last seen in 2021 through early 2022.US investors played an increasingly central role,participating in nearly 1 in 5 European PE deals and accounting for 34.8%of total deal value.While the European PE
5、market remains smaller than that of the US,its reliance on US sponsors,particularly for megadeals,continues to underpin growth.2025 saw a continued rise in corporate carveouts,which reached record levels.Carveouts accounted for roughly 1 in 10 PE deals,driven by corporate portfolio optimisation in a
6、 higher-rate environment and sponsors ability to generate value through operational transformation.Regionally,the UK&Ireland retained a clear leadership position,accounting for 31.6%of European deal value,while Germany overtook France to become Europes second-largest PE market.Sector-wise,healthcare
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