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Q4 2023
France Market Snapshot
March 25, 2024
French economy shows resilience, while private markets falter
The French economy is expected to see higher growth than its European peers this year, although it will be lower than previous projections. The country’s public markets have performed better than other European markets, with the CAC 40 finishing 2023 up 16.5%, according to our Q4 2023 France Market Snapshot.
Private market dealmaking in France remained muted over the past year. VC deal value fell in Q4 but was slightly higher than Q4 2022. On the PE side, deal value sunk 19.9% YoY in 2023. Exit activity was quiet all year with no public listings for PE and only four for VC-backed companies. Only two new unicorns were added in 2023: Mistral AI and Ledger.
Table of contents
The French economy is expected to see higher growth than its European peers this year, although it will be lower than previous projections. The country’s public markets have performed better than other European markets, with the CAC 40 finishing 2023 up 16.5%, according to our Q4 2023 France Market Snapshot.
Private market dealmaking in France remained muted over the past year. VC deal value fell in Q4 but was slightly higher than Q4 2022. On the PE side, deal value sunk 19.9% YoY in 2023. Exit activity was quiet all year with no public listings for PE and only four for VC-backed companies. Only two new unicorns were added in 2023: Mistral AI and Ledger.
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 |