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Q2 2024
UK Market Snapshot
September 6, 2024
UK private market activity surges in Q2
UK private markets saw strong activity in Q2 against a backdrop of encouraging macroeconomic data. Our Q2 2024 UK Market Snapshot shows that GDP grew by 0.6% QoQ, while inflation has slowed alongside robust wage growth. In this context, both private equity and venture capital dealmaking have recovered.
In particular, discounted valuations in the UK—as with the rest of Europe—are once again proving a draw for overseas PE investors seeking buyouts and take-privates. On the VC side, we have seen a QoQ and YoY increase in investment to £5.5 billion for the quarter. Our heatmap ranking the country’s most active cities by various metrics shows that while London remains the national VC hub, Manchester now ranks third for activity volume.
Table of contents
UK private markets saw strong activity in Q2 against a backdrop of encouraging macroeconomic data. Our Q2 2024 UK Market Snapshot shows that GDP grew by 0.6% QoQ, while inflation has slowed alongside robust wage growth. In this context, both private equity and venture capital dealmaking have recovered.
In particular, discounted valuations in the UK—as with the rest of Europe—are once again proving a draw for overseas PE investors seeking buyouts and take-privates. On the VC side, we have seen a QoQ and YoY increase in investment to £5.5 billion for the quarter. Our heatmap ranking the country’s most active cities by various metrics shows that while London remains the national VC hub, Manchester now ranks third for activity volume.
Table of contents
| Market overview | 2 |
| Commentary | 3 |
| City comparison | 4 |
| Heatmap and scorecard | 5 |
| Macro activity | 6 |
| Equity markets valuations | 7 |
| Private markets | 9 |
| Fund performance | 10 |
| VC deal activity | 11 |
| VC exit activity | 13 |
| VC fundraising activity | 14 |
| PE deal activity | 15 |
| PE exit activity | 17 |
| PE fundraising activity | 18 |
| Corporate acquisition activity | 19 |
| Credit markets | 20 |