UK PE activity recovers despite lower consumer and business confidence
Investor appetite for UK private markets remained high in Q4 2024 despite weaker consumer and business confidence driven by mixed economic signals. PE deal activity in the UK reached nearly £40 billion in the quarter—increasing quarter over quarter and topping 2023 levels—while VC dealmaking rose to £4.4 billion.
Looking ahead, the upcoming changes in the carried interest tax regime could be influential in deal flow and fund structuring in the private markets.
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 |
| 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 |
