PitchBook： 2025年第一季度欧洲私募股权市场分析报告（英文版）（14页）.pdf

1、EUROPEAN PE BreakdownQ120252Q1 2025 EUROPEAN PE BREAKDOWNContentsPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchNalin Patel Director of Research,EMEA Private CapitalInstitutional Research GroupAnalysisNi

2、colas Moura,CFA Senior Research Analyst,EMEA Private Capital DataCharlie Farber Manager,Data AnalysisOscar Allaway Data APublishingReport designed by Megan Woodard and Josie DoanPublished on 9 April 2025Click here for PitchBooks report methodologies.Introduction3Deals4Spotlight:The Danish Compromise

3、8Exits9Fundraising123Q1 2025 EUROPEAN PE BREAKDOWNIntroductionAfter a strong year of dealmaking in 2024,investor sentiment has shifted back to a more cautious tone in Q1 2025 amid geopolitical tensions.Q1 deal value dropped 24.6%QoQ while deal count lagged by 17.7%QoQ.Geopolitical tensions with the

4、US accompanied by political instability in France and Germany have taken centre stage in Q1,causing hesitation among investors.Trade tariffs will impact PE portfolio companies and may reshape certain industries.They also tend to be inflationary,and this could cause further macroeconomic headwinds do

5、wn the line.As a result,we saw smaller add-on deals prevail in Q1 at the expense of large megadeals and take-privates.Like deal activity,exit activity dropped QoQ in Q1 2025 but was higher YoY.Exit value dropped 18%while exit count was 25.2%lower.We continue to see an increasing backlog of companies

6、 staying private for longer.The median holding time for a European PE-backed company ticked up to 3.4 years in Q1,up from 2.4 years in 2019.Similarly,deals continue to outpace exits.The investment-to-exit ratio further ticked up in Q1 to 2.6x,up from 2.3x in 2024.Higher uncertainty creates further h