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Momentum meets headwinds in European PE
European PE carried strong momentum into 2026 until the Iran conflict shifted the calculus. Deal and exit activity slowed QoQ as sponsors adopted a more cautious stance, syndicating risk and consolidating existing positions. Fundraising remains subdued, but the mid-market continues to demonstrate resilience, with strong step-ups signalling that LP conviction has not disappeared; it is just becoming more selective.
Table of contents
| Introduction | 3 |
| Deals | 4 |
| Spotlight: Unlocking UK Pension Capital for Private Markets | 7 |
| A word from CIL Strategy Consultants | 8 |
| Exits | 10 |
| Fundraising | 14 |
| References | 17 |
European PE deal value and count by quarter, Q1 2021–Q1 2026, with estimated deal counts for the most recent periods.
