Invest Europe
Transaction value analysis 2015 – 2024
Data and insight
10 Jul 2025
The report demonstrates the true scale of private capital’s impact on Europe, by examining investment in its entirety, including leverage and co-investment, for the period from 2015 to 2024.
2015 - 2024 Key Findings
Invest Europe's transaction value analysis presents you with a new analysis of investments into European companies. The report looks at the transaction value of Venture Capital and Private Equity investments, including equity provided by the fund, co-investments, and leverage.
The transaction value is defined as the sum of the amount invested by the Venture Capital or Private Equity fund, the amount invested by co-investors, and the leverage provided by banks or other sources, if applicable.
The findings are backing up our annual activity statistics.
All Private Equity
In 2024, €251.2bn was invested: marking a notable recovery from last year’s downturn. The 2024 total represents a 27% increase compared to €197.7bn invested in 2023 and a 3% increase from the 2019-2023 average.
Venture Capital
Following the dip in 2023, venture capital increased to €30.7bn in 2024. This represents an 18% increase compared to the previous year. This figure, combined with those from 2021 and 2022, reflects the peak performance recorded to date. The average equity* ratio per transaction has decreased since 2015: from 80% in 2015 to 67% in 2024.
*includes equity, quasi-equity, mezzanine, unsecured and secured debt provided by the fund
Growth Capital
In 2024, growth capital investments totaled €31.0 billion, representing a 15% decrease compared to 2023, following a record high in 2021. The average equity* ratio per transaction slightly decreased to 76%, a decline of 1%.
Growth co-investments have become more popular over the past decade: in 2015 they accounted for 49% of the value, while in 2024 this was 63%.
Buyout
Buyout transaction value increased by 48% in 2024, reaching a total of €186.7bn. The average equity* ratio within transactions slightly decreased to 65%.
Compared to 2023, investment in the Nordics increased significantly in 2024, rising from €12.2bn to €34.1bn. The UK & Ireland and CEE regions also recorded notable increases of 89% and 51%, respectively.
In terms of value, the proportion of co-investment transactions continued to grow, reaching 52% in 2024 – a significant increase from the 10-year low recorded in 2015.
