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Resilience in Southern European private market dealmaking despite weaker exit and fundraising conditions
This inaugural report expands regional research coverage to highlight key trends in Southern Europe’s private markets. The region showed resilience in H1 2025, with VC activity outpacing 2024 levels and PE remaining active despite macro headwinds. VC dealmaking was led by late-stage rounds in Spain and Portugal and a surge in AI investment. The exit market remains under pressure with muted IPO markets. In PE, we note a surge in dealmaking in Italy, aided by increasing cross-border flows. CVC was one of the busiest PE firms in terms of exit value in the region. Fundraising continues to slow across the region in private markets YTD.
Table of contents
| Introduction | 3 |
| VC deals | 4 |
| VC exits | 8 |
| VC fundraising | 10 |
| PE deals | 11 |
| PE exits | 15 |
| PE fundraising | 17 |