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Q3 2021
European PE Breakdown
October 15, 2021
European PE rides the wave to record-breaking numbers
European private equity has reached a fever pitch as deal activity reached a new annual record with still three months left in the year. The three largest-ever quarters for PE occurred in 2021, driven partly by the increasing vaccination rate, massive levels of dry powder and sellers wanting to take advantage of the frothy valuation environment.
PitchBook's Q3 2021 European PE Breakdown examines the key trends shaping the continent’s PE ecosystem, breaking down activity across deals, exits, fundraisings and countries.
Key takeaways
Table of contents
European private equity has reached a fever pitch as deal activity reached a new annual record with still three months left in the year. The three largest-ever quarters for PE occurred in 2021, driven partly by the increasing vaccination rate, massive levels of dry powder and sellers wanting to take advantage of the frothy valuation environment.
PitchBook's Q3 2021 European PE Breakdown examines the key trends shaping the continent’s PE ecosystem, breaking down activity across deals, exits, fundraisings and countries.
Key takeaways
- After three outstanding quarters, deal activity is expected to slow down as sponsors near the completion of their dealmaking catch-up after 2020’s down year.
- Q3’s exit volume reached a new quarterly peak with 425 deals closed worth approximately €126.4 billion, marking year-on-year increases of 96.0% and 202.8%, respectively.
- Despite an explosive start to the year, fundraising activity cooled slightly in Q3, putting 2021 on pace for the lowest annual fund count total since 2012.
Table of contents
| Introduction | 2 |
| Overview | 3 |
| Deals by sector and region | 6 |
| Spotlight: UK SPAC rule changes | 7 |
| Exits | 9 |
| Fundraising | 11 |