PitchBook：2026英国私募与公开资本市场分析报告：英国退出市场-衰退还是复苏？（英文版）（19页）.pdf

1、ANALYST NOTE:UK EXIT MARKET:DEARTH OR REVIVAL?1Institutional Research GroupNicolas Moura,CFA,CAIA Senior Research Analyst,EMEA Private Capital Charlie Farber Manager,Data AnalysisAdi George Associate Data Analyst Published on 11 June 2026ContentsUK Exit Market:Dearth or Revival?An analysis on UK pri

2、vate and public markets PitchBook is a Morningstar company providing the most comprehensive,most accurate,and hard-to-find data for professionals doing business in the private markets.Key takeaways 1Introduction 2The anatomy of the drought 2Why the LSE has lost its appeal 9Green shoots:Is 2026 the i

3、nflection point?13Appendix 17References 18Key takeaways The UK is Europes largest private market,yet its public exit infrastructure is failing to keep pace.Accounting for a quarter of all European PE deal count over the past decade,the UK has an unrivalled base of private capital.This note examines

4、why the LSE has lost its appeal as an exit venue,what structural and regulatory forces are behind the retreat,and whether 2026 marks a genuine turning point.The UKs private markets have never been more dominant relative to its public ones.PE-backed companies now outnumber publicly listed ones by 2-t

5、o-1,and VC-backed companies by 8.7-to-1.PE-backed companies have grown at a 3.3%CAGR over the past five years,and VC at 4.7%,while UK public listings have shrunk at 6.2%per year.London dropped out of the top 20 global IPO venues in September 2025,and the share of UK companies choosing to list domest

6、ically has fallen from 71%in 2019 to 46%in 2025.Take-private activity remains elevated and shows no sign of abating.After reaching 34 transactions in 2023,18.1 billion was deployed across 24 UK take-privates in 2025,and 2026 is already tracking at 12.5 billion in the first four months alone.US spons