Transaction value analysis 2016 – 2025

2016 - 2025 Key Findings

All Private Equity

• At €260.9bn, transaction value in 2025 held steady year-on-year and remained slightly above trend (+3% vs. five-year average), consolidating the recovery seen in 2024.

• Transaction value was split across buyouts (72%), growth (13%), and venture (14%) in 2025.

• At 8,681 transactions, deal count in 2025 stayed close to 2024 levels, though remaining modestly below the five-year average (-5%).

• Healthcare and biotech sector saw strong growth in 2025, increasing to €51.9bn (+43%) and reaching 20% of total transaction value, while consumer goods and services declined sharply (–44%) to 11% of the total.

Venture Capital

• Venture capital transaction value continued its consistent upward trend in 2025, reaching €35.3bn (+11%), marking the second-highest level on record. Average equity ratios continued their gradual decline to 66%.

• In 2025, UK & Ireland accounted for 31% of transaction value (+9%), Southern Europe recorded strong year-on-year growth (+50%), while France & Benelux saw a modest decline (–6%).

• Larger venture transactions continued to drive activity in 2025, with deals above €15m up 15% from 2024, accounting for 67% of total value, while smaller deal sizes mostly declined across both value and volume.

• ICT represented 49% of transaction value in 2025, with investment up 25% year-on-year; biotech & healthcare accounted for 27% (up 10%).

Growth Capital

• Growth capital transaction value increased to €33.4bn in 2025 (+12%), marking the first year of growth after three consecutive annual declines.

• Continued decline in France & Benelux (-5%) contrasted with a strong recovery in the UK & Ireland (+30%), bringing both regions to equal shares of 28% in 2025 total, despite France & Benelux historically representing a higher share.

• ICT accounted for 34% of growth capital transaction value in 2025 (investment up 43% year-on-year), followed by biotech & healthcare at 16% (up 46%).

• Growth capital’s recovery in 2025 was entirely driven by larger deals, with deals over €30m accounting for 77% of total value (deal value up 21% year-on-year) and offsetting declines across all smaller size categories.

Buyout

• Buyout transaction value remained broadly stable in 2025 at €189.0bn (down 4% year-on-year), in line with levels observed since 2021, aside from the temporary dip in 2023.

• France & Benelux led buyout activity in 2025 (€60.0bn, +21% from 2024), while the UK & Ireland declined (–21%) and the Nordics remained at elevated levels despite a 15% decrease.

• ICT emerged as the largest buyout sector in 2025 despite a small yearly decline of –3% to €50.0bn, while biotech & healthcare expanded strongly to €36.7bn and consumer goods declined sharply (–49%) to their lowest level since 2014.

• Buyout activity remained dominated by mega deals (49% of total), while a decline in large deals (–33% from 2024) drove the total deal value decrease.