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UK PE holds strong amidst macroeconomic uncertainty in Q2 2025
Despite a backdrop of economic uncertainty, UK private markets demonstrated resilience in Q2 2025. Venture deal value declined, but share gains appeared in energy and healthcare, with standout raises from Clerkenwell Health and Believe. PE deals remained robust, climbing to £24.1 billion for the quarter, led by major buyouts. Fundraising was mixed—VC slumped, but PE fundraising remained solid.
A key structural development: The UK government’s new Pensions Schemes Bill and the Mansion House Accord could introduce over £50 billion into private markets by 2030, signalling long-term support for private capital. And while dry powder continues to decline across the board, regional investment hubs—Leeds, Birmingham, and Bristol—are progressing amidst London’s long-standing dominance.
Table of contents
| Market overview | 2 |
| Commentary | 3 |
| City comparison | 4 |
| Private markets | 5 |
| VC deal activity | 7 |
| VC exit activity | 9 |
| VC fundraising activity | 10 |
| PE deal activity | 11 |
| PE exit activity | 13 |
| PE fundraising activity | 14 |
| Corporate acquisition activity | 15 |
| Public equity markets | 16 |
