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European PE slows down amid geopolitical uncertainty
After a blockbuster 2024, European PE kicked off 2025 with a sharp cooldown. Geopolitical tensions—including US trade tariffs and instability in France and Germany—dampened dealmaking sentiment, with PE deal value dropping 24.6% QoQ. Large take-privates and megadeals gave way to smaller add-ons. Despite the slower pace, the DACH and Nordic regions stood out with resilient activity. Exit activity also dipped, though healthcare exits surged, offering rare bright spots in a cautious quarter. Fundraising remained steady thanks to France and the UK raising the bulk of the capital. Ardian also closed a record-breaking €29 billion secondaries fund.
