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European PE breakdown 2025

Executive Search
Tracey Alper our consultant managing the role
Author: Tracey Alper
Recent research from Pitchbook reveals that UK private equity in 2024 was the third highest year for deal making in European private equity. Various factors contributed to the growth of deal making - American investors resumed participation, private buyouts flourished, countries like Italy expanded their business deals, and artificial intelligence became a key player. 


Moreover, a shift in monetary policy improved the economy. Looking forward, we're hopeful that deal making will continue to grow as the economy improves and political instability eases. We also anticipate further growth in the private markets. He is very professional, attentive, and genuinely committed throughout the process. His positive attitude made working together with him very enjoyable. I highly recommend Charlie to anyone looking for a new position.

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According to Pitchbook, annual private equity deal value increased 35.4% year over year (YoY) while annual deal count increased 18.2% YoY, marking the third best year of dealmaking in European PE after 2021 and 2022.

What lies ahead in 2025

The year 2025 promises to witness a substantial growth in Private Equity (PE) as an asset class due to an improving macroeconomic market, decreased political turmoil, and potential resolution to the Russia-Ukraine war. Reduced reliance on Russian energy is fostering a shift towards renewables and cleantech, which saw record deal value in 2024. With expected interest rate cuts in 2025, borrowing costs are likely to decrease, resulting in higher valuations and boosted dealmaking. The proliferation of private markets might lead to their further democratisation, benefitting larger firms.
In 2024, U.S. investors became significantly more involved in European Private Equity (PE) deals, with nearly 20% of such deals featuring U.S. participation. This surge represented a 51.9% year-over-year increase in the value of deals involving US investors. As the U.S. economic situation improved, these investors expanded their interests beyond the domestic market, both directly and indirectly, into Europe. In fact, U.S. participation was seen in 7 of the top 10 European PE deals in 2024. This increased activity was partly due to a strong U.S. dollar and attractive asset values in Europe, which often offered better value than similar opportunities in the U.S.
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According to Times Aerospace In 2024, there was a surge of investments put into airports. The Danish government bought back the Copenhagen Airport, Athens Airport became publicly available, and Budapest Airport was sold to the Hungarian government and Vinci, a company that owns pieces of over 70 airports around the world. Vinci also bought Edinburgh Airport.
Vinci has changed the game by buying small parts of airports, often alongside government-owned parts, and then taking over the running of them for a long period. Vinci's collection of airports grew a lot after the COVID-19 pandemic affected the airport's budget, with more than half of its airports bought after the pandemic hit. The Heathrow Airport was also sold in 2024, when Ferrovial, CDPQ, and USS sold their part to Ardian and PIF for nearly €4 billion. Ardian, a big French company, is now the main owner of Europe's busiest airport and is supporting plans to build a new runway.
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In 2024, fundraising in Europe saw a significant push towards the heights, matching the performance of the years 2021 and 2023. Interestingly, this success was heavily skewed towards experienced managers with established track records, particularly the buyout megafunds. Top performers such as EQT, Partners Group, and Cinven managed to raise staggering amounts for their respective funds. The dominance of these PE powerhouses was primarily facilitated by existing relationships with LPs, robust investor relations teams, and the increasing popularity of PE as a growing asset class among institutional clients like pension and sovereign wealth funds. To delve deeper into the rise and dominance of megafunds in Europe, refer to our analyst note - The Rise of European Megafunds: Part I.
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Are you a fund looking for a heavy weight CFO or finance leader for your investor-led business? 

At Marks Sattin Executive Search , we work with a wide range of investor-led and privately-owned businesses across all sectors and locations. With over 30 years of experience, we have helped a number of organisations find their next CFO. If you would like to speak to us about hiring a CFO for your portfolio or your owner-managed business, please don’t hesitate to submit a brief.
24/02/25
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