Investing in Europe
Private Equity Activity H1 2024
Disclaimer
The information contained in this report has been produced by Invest Europe, based on data
collected as part of the European Data Cooperative (EDC) and other third-party information.
While Invest Europe has made every effort to ensure the reliability of the data included in this
report, Invest Europe cannot guarantee the accuracy of the information collected and
presented. Therefore, Invest Europe cannot accept responsibility for any decision made or
action taken based upon this report or the information provided herein.
This presentation is for the exclusive use of the persons to whom it is addressed and is
intended for general information purposes only. It is not intended to constitute legal or other
professional advice and should not be treated as such. Appropriate legal advice must be
sought before making any decision, taking any action or refraining from taking any action in
reliance on the information contained in this presentation. Invest Europe does not assume any
responsibility for any person’s reliance upon the information contained herein.
In furnishing this presentation, Invest Europe undertakes no obligation to provide any
additional information or to update this presentation or any additional information or to
correct any inaccuracies which may become apparent.
Unless otherwise specified, this presentation is confidential and may not be distributed,
published, reproduced or disclosed to any other person or used for any other purpose,
without the written permission of Invest Europe.
www.investeurope.eu/research
Copyright information
No part of this publication may be reproduced by any process except in accordance with the
provisions of the Copyright Act 1968. Copyright enquiries should be directed to Invest Europe.
Tel: + 32 2 715 00 20.
© Copyright Invest Europe 2024
Version
Presentation as of 12/11/2024
2
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Introduction to Invest Europe
Invest Europe is the
voice of investors
in privately held
companies in Europe
> Invest Europe is the association representing Europe’s private equity, venture capital and
infrastructure sectors, as well as their investors. We have over 650 members, split roughly
equally between private equity, venture capital and limited partners – with some 110
associate members representing advisers to our ecosystem. Those members are based in 57
countries, including 42 in Europe, and manage 60% of the European private equity and venture
capital industry’s €1,154 billion of capital under management. Businesses with private capital
investment employ 10.9 million people across Europe, 5% of the region’s workforce.
> Our members take a long-term approach to investing in privately held companies, from
start-ups to established firms. They inject not only capital but dynamism, innovation and
expertise. This commitment helps deliver strong and sustainable growth, resulting in healthy
returns for Europe’s leading pension funds and insurers, to the benefit of the millions of
European citizens who depend on them.
> Invest Europe aims to make a constructive contribution to policy affecting private capital
investment in Europe. We provide information to the public on our members’ role in the
economy. Our research provides the most authoritative source of data on trends and
developments in our industry.
> Invest Europe is the guardian of the industry’s professional standards, demanding
accountability, good governance and transparency from our members.
> Invest Europe is a non-profit organisation with 31 employees in Brussels, Belgium.
> For more information, please visit www.investeurope.eu
www.investeurope.eu/research
3
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
European Data Cooperative
What is the EDC?
The EDC is the
most comprehensive
database of European
private equity and
venture capital statistics
> The European Data Cooperative (EDC) is a joint initiative which is owned & operated by Invest
Europe and its national association partners to collect Europe-wide private equity and venture
capital industry data.
> The EDC serves as a single data entry point for members of private equity and venture capital
associations and other contributors across the continent.
> Using one platform with a standardised methodology allows us to have consistent, robust panEuropean statistics that are comparable across the region.
> Audit efforts are conducted in close coordination with data contributors and partnering national
associations to ensure the best coverage and consistent application of methodology.
> As a result we produce the most comprehensive overview of Europe’s private equity and
venture capital markets available, allowing us to better inform fund managers, investors,
policymakers, regulators, and other stakeholders.
Last year, all data from 2007 onwards
have been restated and supplemented
with additional information. This update
was coordinated in close collaboration
with data providers and partner national
associations to ensure comprehensive
coverage and uniform methodology.
www.investeurope.eu/research
> Invest Europe processes all available information at the time of the data collection cut-off to
produce its annual statistics. Any differences between Invest Europe’s statistics and those of
other associations partnering in the EDC may be related to different reporting approaches,
restatements, and timing of data collection cut-offs.
> The most recent data publications are always available on Invest Europe’s website
(www.investeurope.eu/research)
or
by
contacting
the
research
team
(research@investeurope.eu).
> Invest Europe members and data contributors are eligible to receive dedicated research and
data support from our research team. Please contact us at research@investeurope.eu to find
out more about how to use this service.
4
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
European Data Cooperative
What is the EDC?
1,150+
83,000
10,200
Funds
12,100+
Funds
4,200+
Firms
www.investeurope.eu/research
Portfolio
companies
308,000
383,000+
Transactions
Transactions
fund managers across
Europe contributed to 2023
data collection effort
100,300+
Portfolio
companies
91%
of the €1,154bn in capital
under management in
Europe covered (as of end-2023)
5
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
What’s inside?
EXECUTIVE SUMMARY
8
FUNDRAISING
INVESTMENTS
DIVESTMENTS
METHODOLOGY & GLOSSARY
40
INCREMENTAL FUNDRAISING
MARKET STATISTICS
MARKET STATISTICS
ACKNOWLEDGEMENTS
45
BY FUND STAGE FOCUS
10
BY STAGE
17
BY INITIAL INVESTMENT STAGE
30
ABOUT INVEST EUROPE RESEARCH
47
BY REGION OF MANAGEMENT
12
BY SECTOR
21
BY EXIT ROUTE
31
BY GEOGRAPHY
25
BY GEOGRAPHY
36
www.investeurope.eu/research
6
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Overview - All Private Equity - Fundraising, Investments, & Divestments
Time series - Market statistics - Amount
FUNDRAISING
€64bn
€64bn
€45bn
€41bn
€29bn
€26bn
H1
H2
H1
2015
H2
€44bn
€36bn
H1
2016
H2
H1
2017
H2
€58bn
€56bn
H1
2018
H2
€99bn
€87bn
€76bn
€54bn
€51bn
H1
2019
H2
€95bn
H1
2020
H2
€82bn
€59bn
€51bn
H1
2021
H2
H1
2022
H2
H1*
2023
H2
2024
INVESTMENTS
€83bn
€31bn
€26bn
H1
H2
€41bn
€35bn
€25bn
H1
2015
€35bn
H2
H1
2016
H2
€48bn
€38bn
H1
2017
€66bn
€57bn
H2
H1
2018
€44bn
€44bn
H2
H1
2019
€77bn
€57bn
€47bn
H2
H1
2020
H2
H1
2021
H2
€55bn
H1
2022
€45bn
€40bn
H2
H1*
2023
H2
2024
DIVESTMENTS
€30bn
H1
€19bn
€23bn
€21bn
H2
H1
H2
2015
2016
Source: Invest Europe / EDC
www.investeurope.eu/research
€27bn
H1
2017
€24bn
€19bn
€20bn
€16bn
€20bn
€16bn
€14bn
€13bn
H2
H1
H2
H1
H2
H1
H2
2018
2019
2020
H1
2021
€23bn
€20bn
€16bn
€17bn
€13bn
€14bn
H2
H1
H2
H1
H2
H1*
2022
2023
H2
2024
* Data is preliminary and subject to change
7
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Executive summary
FUNDRAISING
INVESTMENTS
DIVESTMENTS
Preliminary fundraising figures for Europe in
H1 2024 hit €58.5bn, a 16% increase from the
revised H1 2023 numbers. However, this still
falls short of the €82.3bn raised in the
second half of 2023.
A total of 366 funds closed their fundraising
rounds in the first half of the year, which is an
18% drop compared to the same period in 2023.
Venture capital fundraising totaled €6.2bn decreasing by 25% year-on-year - but it did see
an 8% increase compared to the second half of
2023.
On the flip side, buyout fundraising went up by
a strong 32% from H1 2023, reaching €40.3bn.
Growth funds raised €10.7bn in the first half of
2024. That’s a 20% increase from H1 2023 and a
return to the levels seen bank in the second
half of 2022.
Preliminary figures show that European
companies received €39.6bn in equity
investments throughout the first half of 2024.
This marks a 28% decline compared to the
revised figures for 2023, making it the lowest
half year since the second half of 2018.
Venture Capital investments totaled €8.2bn, up
by 26% year-on-year.
Buyout investments reached €23.0 billion for
the first half of 2024, which is a 38% decline
from the same period in 2023 – the sharpest
drop among all stages. In terms of sectors,
business products and services took the lead in
buyout investments, accounting for 29% of the
total.
Growth investments reached €7.6bn in H1 2024
– a 26% decrease from the same period of 2023.
ICT led the way for Growth investments,
attracting 26% of total, followed by Consumer
goods & services at 20%.
Divestments at cost* for H1 2024 reached
€14.1bn. This represents an 18% decline
compared to the same period in 2023.
The relative importance of exit routes
remained similar to that seen over the recent
years. Trade sale and sale to another private
equity firm remained the most common
divestment routes, together making up 60% of
the amount at cost divested in the first half of
2024.
Breaking it down by initial investment stage**,
venture-stage divestments amounted to €1.0bn;
buyout-stage divestments led the way with
€9.3bn. Growth-stage investments came in at
€3.1bn.
* Meaning total amount divested is equal to total amount invested before
** Divested companies categorised by the stage they were at when initially invested
www.investeurope.eu/research
8
ACTIVITY H1 2024
FUNDRAISING
www.investeurope.eu/research
9
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
All Private Equity – Funds raised by fund stage focus
Time series – Incremental amount raised during the year
€99.3bn
3.5
1.3
€87.1bn
€95.4bn
3.4
11.6
3.4
€75.6bn
15.7
2.8
€63.9bn
€63.9bn
2.3
5.5
2.3
2.7
€26.2bn
2.8
1.4
3.9
3.1
2.3
€44.5bn
€36.3bn
5.6
3.7
4.6
4.2
49.4
5.0
10.5
2.2
1.4
8.2
€58.5bn
€58.1bn
1.7
5.6
2.6
5.5
€53.9bn
€51.3bn
3.6
46.5
11.5
55.7
€50.6bn
2.9
10.3
2.8
3.4
€28.9bn
€56.2bn
6.7
€41.1bn
€82.3bn
9.2
5.0
€44.8bn
8.3
62.5
57.9
64.7
29.0
40.3
30.6
28.1
31.0
9.0
42.0
39.7
33.0
23.5
21.5
20.9
10.7
2.1
69.1
13.3
3.8
H1
3.8
6.6
H2
H1
2015
2016
3.9
6.2
H2
H1
2017
5.7
5.5
H2
H1
6.6
8.4
H2
H1
2018
Venture Capital
Source: Invest Europe / EDC
www.investeurope.eu/research
8.2
7.7
H2
H1
2019
Buyout
7.9
9.8
H2
H1
2020
Growth
Mezzanine
11.3
13.8
H2
H1
2021
2022
10.7
8.4
H2
H1
2023
5.8
6.2
H2
H1*
H2
2024
Generalist
* Data is preliminary and subject to change
10
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
All Private Equity – Funds raised by fund stage focus
Time series – Number of Funds raised during the year
541
535
518
470
431
412
387
372
301
291
83
260
83
72
5
42
3
30
52
68
87
3
5
55
72
77
3
4
39
54
54
84
89
82
71
104
3
6
69
65
87
H1
H2
106
H1
2015
H2
2016
125
H1
2017
www.investeurope.eu/research
54
50
4
5
128
99
101
114
69
93
79
107
109
132
31
3
101
106
86
366
110
113
142
148
H2
H1
160
168
162
166
233
197
230
216
167
162
118
H2
2018
Venture Capital
Source: Invest Europe / EDC
458
445
117
205
117
134
130
68
119
5
5
113
2
98
77
5
65
57
47
5
95
5
128
53
357
52
56
131
65
354
330
54
408
517
H1
H2
H1
2019
Buyout
H2
2020
Growth
Mezzanine
H1
H2
2021
H1
H2
2022
H1
H2
2023
H1*
H2
2024
Generalist
* Data is preliminary and subject to change
11
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
All Private Equity – Funds raised by region
Time series – Incremental amount raised during the year
€99.3bn
3.0
€87.1bn
€95.4bn
5.2
14.5
€82.3bn
4.4
€75.6bn
€44.8bn
2.9
2.1
2.0
€26.2bn
€28.9bn
2.4
1.4
€41.1bn
€63.9bn
€63.9bn
4.0
4.2
4.6
3.1
10.8
€56.2bn
€44.5bn
€36.3bn
8.8
1.6
4.5
4.0
8.5
9.9
€58.1bn
2.8
1.7
4.7
1.5
€51.3bn
4.5
€53.9bn
2.1
7.8
22.0
14.8
1.9
6.3
12.9
38.4
26.6
14.3
11.5
H1
H2
34.0
28.9
22.6
18.0
19.8
H1
H2
2016
H1
H2
2017
H1
H2
2018
UK & Ireland
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
H2
H1
2019
France & Benelux
9.9
8.0
15.8
49.1
47.4
H2
2020
DACH
Nordics
21.5
16.9
11.0
2015
50.4
3.7
33.5
29.9
23.9
€50.6bn
16.5
16.6
55.0
€58.5bn
20.2
3.6
3.0
5.7
9.8
4.3
15.8
12.8
4.2
4.2
7.9
8.4
5.0
24.3
3.8
13.3
9.9
21.7
12.5
2.1
5.3
2.5
13.9
12.1
1.6
4.2
2.3
1.3
2.7
2.3
2.6
3.0
22.1
6.6
H1
H2
H1
2021
Southern Europe
H2
2022
20.6
H1
H2
2023
H1*
H2
2024
CEE
* Data is preliminary and subject to change
12
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Venture Capital – Funds raised by region
Time series – Incremental amount raised during the year
€13.8bn
1.3
€11.3bn
1.0
0.6
€9.8bn
0.3
€8.4bn
€6.6bn
0.4
€5.7bn
0.4
1.1
€3.8bn
€3.8bn
1.5
€3.9bn
0.4
0.3
0.4
0.3
0.9
1.0
1.3
1.3
1.2
1.1
H1
H2
€6.6bn
€6.2bn
1.9
0.4
0.4
0.3
0.7
1.3
2.1
2.2
€5.5bn
€8.2bn
0.7
0.6
0.7
0.6
0.5
0.5
1.1
H1
2015
H2
2016
2.0
1.6
H1
H2
2017
www.investeurope.eu/research
0.4
1.0
0.6
1.5
1.3
1.3
0.6
0.4
0.9
2.9
0.4
1.7
2.6
4.5
3.2
2.4
2.3
H1
H2
2018
3.3
H2
H1
H2
2020
DACH
0.3
0.6
0.7
Nordics
2.9
3.3
2.6
3.8
3.2
2.7
2019
€6.2bn
1.2
3.0
1.8
France & Benelux
0.5
0.5
0.3
1.6
2.8
3.0
H1
€5.8bn
2.7
1.5
2.5
0.3
3.3
1.2
2.1
1.4
1.9
1.3
1.0
€8.4bn
5.0
0.9
0.9
2.1
0.4
UK & Ireland
Source: Invest Europe / EDC
€7.9bn
0.3
0.7
0.4
1.5
1.6
1.6
€7.7bn
€10.7bn
H1
H2
H1
2021
Southern Europe
2022
1.5
1.1
H2
H1
1.4
H2
2023
0.8
H1*
H2
2024
CEE
* Data is preliminary and subject to change
13
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Buyout – Funds raised by fund region
Time series – Incremental amount raised during the year
€69.1bn
€64.7bn
€62.5bn
11.7
€57.9bn
€55.7bn
6.8
€13.3bn
7.6
1.2
3.0
2.7
7.2
€21.5bn
5.2
19.6
7.9
H1
H2
€28.1bn
10.0
6.7
47.4
11.8
6.2
1.2
2.2
3.0
2.1
2.5
10.3
42.9
6.2
36.9
7.2
28.2
€30.6bn
€29.0bn
1.4
5.7
2.9
23.4
5.0
3.0
1.4
3.9
35.4
1.2
2.2
€23.5bn
3.9
€40.3bn
1.4
4.1
3.5
7.5
9.4
8.5
1.1
2.5
13.3
€31.0bn
€20.9bn
13.2
20.6
€39.7bn
5.8
3.3
1.8
17.1
12.3
€42.0bn
2.6
1.5
1.2
5.1
€46.5bn
1.6
4.0
€33.0bn
9.1
1.8
1.5
€49.4bn
1.5
2.7
8.5
39.6
5.9
25.0
20.9
20.3
15.6
17.6
15.6
12.3
12.2
5.8
H1
2015
H2
2016
H1
H2
2017
H1
H2
2018
UK & Ireland
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
H2
2019
France & Benelux
H1
H2
2020
DACH
Nordics
H1
H2
H1
2021
Southern Europe
H2
2022
H1
H2
2023
H1*
H2
2024
CEE
* Data is preliminary and subject to change
14
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Growth – Funds raised by region
Time series – Incremental amount raised during the year
€15.7bn
0.4
0.4
0.6
0.6
€11.6bn
€11.5bn
4.4
0.7
€9.2bn
0.5
€10.5bn
0.4
1.7
0.3
1.0
0.4
€10.3bn
1.2
0.3
0.8
3.6
€6.7bn
€5.5bn
€5.0bn
1.4
€3.4bn
€2.7bn
€2.3bn
0.3
0.5
€1.4bn
1.0
1.2
1.3
H2
H1
0.4
H1
2015
0.6
2.3
3.0
2016
1.5
1.0
H2
H1
€4.2bn
1.5
0.5
1.2
0.3
1.4
1.0
0.5
0.4
0.5
0.6
www.investeurope.eu/research
€5.6bn
0.4
0.5
2.4
3.7
5.5
H1
H2
2018
2.3
2.7
0.4
2.0
4.9
4.3
3.3
3.2
2.6
2.2
1.4
H2
H1
2019
France & Benelux
0.6
5.5
4.9
H1
€8.2bn
3.2
4.7
1.8
H2
0.6
9.2
1.8
0.8
2017
0.4
0.4
4.2
3.0
2.8
UK & Ireland
Source: Invest Europe / EDC
€5.5bn
1.7
€9.0bn
1.0
2.7
3.7
€10.7bn
H2
2020
DACH
Nordics
H1
H2
H1
2021
Southern Europe
H2
2022
H1
H2
2023
H1*
H2
2024
CEE
* Data is preliminary and subject to change
15
ACTIVITY H1 2024
INVESTMENTS
www.investeurope.eu/research
16
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
All Private Equity – Investments by stage
Time series – Investments – Market Statistics – Amount & Number of companies
3,100
3,048
2,808
2,543
Number of companies
2,340
2,176
2,165
1,697
1,360
1,112
543
3,276
2,686
2,761
2,834
2,525
2,483
2,213
2,061
1,639
1,350
661
3,091
2,853
1,331
1,269
724
660
1,085
651
578
1,356
806
1,369
1,385
1,363
1,279
663
737
698
609
1,294
1,431
1,393
840
723
1,377
1,288
1,241
1,324
809
746
723
719
884
596
551
€83.1bn
€76.6bn
2.8
19.4
€66.3bn
16.6
€57.2bn
€56.8bn
€47.7bn
€41.3bn
1.4
5.3
€34.8bn
€31.0bn
1.5
5.3
€26.3bn
1.7
7.0
17.7
2.6
H1
10.1
€44.2bn
€38.1bn
10.8
1.6
7.2
€24.6bn
€44.3bn
5.0
13.7
1.5
€44.6bn
2.1
49.9
10.9
49.3
€39.6bn
7.6
39.4
35.6
30.5
31.2
5.2
5.8
5.3
H2
H1
27.4
26.2
22.8
23.0
10.2
9.4
7.3
7.1
34.2
31.3
€55.1bn
1.1
€47.3bn
39.8
6.0
21.6
€35.0bn
1.4
8.2
16.6
1.5
37.4
25.2
23.0
6.4
8.2
H2
H1*
17.0
2.1
3.0
H2
H1
2015
2016
2.0
3.4
H2
H1
2017
Venture Capital
Source: Invest Europe / EDC
www.investeurope.eu/research
3.5
4.0
H2
H1
4.3
5.4
H2
H1
2018
Buyout
2019
Growth
H2
2020
11.1
H1
2021
9.7
10.0
H2
H1
2022
7.3
6.5
H2
H1
2023
H2
2024
Other (includes Turnaround/Rescue and Replacement Capital)
* Data is preliminary and subject to change
17
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Venture Capital – Investments by stage
Time series – Investments – Market Statistics – Amount & Number of companies
1,838
1,655
Number of companies
1,464
1,435
1,262
1,191
976
497
403
390
324
1,611
1,634
1,658
1,449
1,242
833
490
449
481
453
1,762
1,168
662
390
1,700
1,545
1,384
926
537
1,662
415
331
616
614
494
548
675
596
875
759
930
593
637
581
541
544
500
722
419
464
483
644
567
516
531
593
€11.1bn
€9.7bn
€10.0bn
€8.2bn
€7.3bn
4.4
6.4
5.2
€5.4bn
€3.5bn
€3.4bn
€3.0bn
€2.6bn
€2.0bn
1.3
0.8
1.1
1.4
0.9
H1
H2
1.2
1.6
1.1
H1
2015
1.8
H2
2016
H1
H2
2017
3.9
2.4
2.2
H1
H2
2018
Source: Invest Europe / EDC
www.investeurope.eu/research
3.2
2.8
2.7
0.3
0.4
0.5
H2
H1
H1
2019
Seed
2.7
3.1
3.2
0.6
0.5
0.5
H2
H1
4.9
1.6
1.6
1.0
2.8
2.1
2.1
1.8
1.3
€2.1bn
3.1
2.1
2.3
€6.4bn
3.6
€5.3bn
€5.2bn
€4.3bn
€4.0bn
€6.5bn
€5.8bn
3.6
2.7
2020
Start-up
3.8
0.4
0.7
H2
H1
0.6
0.7
H2
H1
2021
2022
3.6
H2
2023
1.0
H1*
H2
2024
Later Stage Venture
* Data is preliminary and subject to change
18
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Growth – Investments by stage
Time series – Investments – Market Statistics – Amount & Number of companies
1,123
1,122
1,118
Number of companies
944
1,058
1,123
1,121
1,112
1,092
1,017
986
927
1,104
1,076
1,067
982
1,017
953
705
242
168
228
158
211
208
246
235
293
251
293
277
327
317
310
306
307
288
179
€19.4bn
€16.6bn
€16.6bn
5.8
5.8
€10.1bn
€8.2bn
€7.2bn
€7.0bn
€6.0bn
€5.3bn
0.9
€5.0bn
0.9
0.8
0.6
5.1
4.5
H1
H2
6.1
H1
2015
2016
€5.3bn
1.2
€7.1bn
2.0
4.4
4.6
H2
H1
2017
6.0
H2
H1
H2
H2
Non-VC-backed Growth
Source: Invest Europe / EDC
www.investeurope.eu/research
13.6
10.8
2.1
€7.6bn
1.3
12.3
9.4
8.8
8.7
6.8
5.2
2019
€10.9bn
2.6
8.2
H1
€10.2bn
1.5
€7.3bn
2.1
5.9
2018
4.3
€9.4bn
2.6
1.9
8.3
6.2
€13.7bn
€10.8bn
1.1
0.7
4.3
H1
H2
2020
6.3
H1
H2
2021
H1
H2
2022
H1
H2
2023
H1*
H2
2024
VC-backed Growth
* Data is preliminary and subject to change
19
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Buyout – Investments by stage
Number of companies
Time series – Investments – Market Statistics – Amount & Number of companies
440
387
413
391
425
241
201
152
424
309
268
248
203
492
447
236
439
285
532
488
456
368
372
244
242
227
Small (< €15m), 361
287
283
16
29
20
24
21
30
23
40
23
16
28
41
33
33
9
11
7
6
25
14
21
11
26
15
19
20
35
20
31
€49.9bn
€39.8bn
25.0
€23.0bn
€21.6bn
4.2
€17.7bn
5.3
6.1
2.0
3.3
1.9
2.0
3.2
2.0
H1
H2
1.9
2.9
4.5
2015
3.4
12.7
€17.0bn
6.0
2.2
4.7
1.7
3.7
3.9
1.4
2.3
1.9
3.2
5.3
6.4
€30.5bn €31.2bn
4.4
1.9
2.7
5.7
6.8
2.0
5.6
4.5
2.3
3.0
6.9
5.5
8.8
9.3
5.2
3.5
2.4
2.9
3.6
2.4
1.9
4.0
5.0
32
27
14
2.5
H2
H1
H2
2019
2020
Large (€150m-€300m) , 21
Mega (> €300m), 13
Mega (> €300m)
€23.0bn
Large (€150m-€300m)
6.2
2.8
3.2
3.2
5.0
3.3
Core mid-market (€50m-€100m)
2.6
4.4
3.9
Lower mid-market (€15m - €50m)
5.8
2.2
1.7
4.6
5.2
Small (< €15m)
3.0
2.9
2.0
H1
H2
H1*
4.2
6.9
6.7
5.0
2.7
3.0
3.0
H2
H1
H2
2022
Upper mid-market (€100m-€150m)
7.6
5.2
8.1
2021
€25.2bn
6.3
3.5
H1
2.2
H1
16.4
5.1
H2
2.4
H2
2.9
4.6
4.9
Mid-market (€15m-€150m), 197
€37.4bn
3.9
2.0
2.2
H1
7.4
6.0
H1
2.4
H2
www.investeurope.eu/research
3.7
1.8
1.9
Source: Invest Europe / EDC
22
17.5
3.3
3.0
H1
2018
6.4
5.6
2.0
2017
22
€35.6bn
9.3
6.6
2.6
2016
11.3
13.8
207
15.6
€27.4bn
€22.8bn
7.6
6.3
6.0
€26.2bn
255
13
€39.4bn
€34.2bn
11.5
228
€49.3bn
20.2
14.3
520
480
352
27
€31.3bn
517
440
2023
H2
2024
* Data is preliminary and subject to change
20
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
All Private Equity – Investments by sector
Time series – Investments – Market Statistics - Amount
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
H1
H2
H1
2015
H2
2016
H1
H2
2017
H1
H2
H1
2018
H2
H1
2019
H2
2020
H1
H2
2021
H1
H2
2022
H1
H2
H1*
2023
Agriculture
Biotech & healthcare
Business products & services
Chemicals & materials
Construction
Consumer goods & services
Energy & environment
Financial & insurance activities
ICT (Communications, computer and electronics)
Real estate
Transportation
Source: Invest Europe / EDC
www.investeurope.eu/research
H2
2024
* Data is preliminary and subject to change
21
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Venture Capital – Investments by sector
Time series – Investments – Market Statistics - Amount
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
H1
H2
H1
2015
H2
2016
Agriculture
Chemicals & materials
Energy & environment
Real estate
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
H2
2017
H1
H2
2018
H1
H2
2019
H1
H2
2020
Biotech & healthcare
Construction
Financial & insurance activities
Transportation
H1
H2
2021
H1
H2
2022
H1
H2
H1*
2023
H2
2024
Business products & services
Consumer goods & services
ICT (Communications, computer and electronics)
* Data is preliminary and subject to change
22
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Buyout – Investments by sector
Time series – Investments – Market Statistics - Amount
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
H1
H2
H1
2015
H2
2016
Agriculture
Chemicals & materials
Energy & environment
Real estate
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
H2
2017
H1
H2
2018
H1
H2
2019
H1
H2
2020
Biotech & healthcare
Construction
Financial & insurance activities
Transportation
H1
H2
2021
H1
H2
2022
H1
H2
2023
H1*
H2
2024
Business products & services
Consumer goods & services
ICT (Communications, computer and electronics)
* Data is preliminary and subject to change
23
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Growth – Investments by sector
Time series – Investments – Market Statistics - Amount
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
H1
H2
H1
2015
H2
2016
Agriculture
Chemicals & materials
Energy & environment
Real estate
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
H2
2017
H1
H2
2018
H1
H2
2019
H1
H2
2020
Biotech & healthcare
Construction
Financial & insurance activities
Transportation
H1
H2
2021
H1
H2
2022
H1
H2
2023
H1*
H2
2024
Business products & services
Consumer goods & services
ICT (Communications, computer and electronics)
* Data is preliminary and subject to change
24
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
All Private Equity – Investments by region
Time series – Investments – Market Statistics - Amount
€83.1bn
2.6
€76.6bn
9.2
1.8
€66.3bn
10.6
7.5
€56.8bn
1.6
€47.7bn
€41.3bn
2.8
€34.8bn
€31.0bn
3.9
2.5
2.9
3.9
3.9
5.2
7.7
10.3
€24.6bn
2.8
4.1
7.0
3.2
2.6
4.7
5.4
10.5
4.2
2.2
4.5
8.6
4.7
3.9
3.0
7.3
€38.1bn
€35.0bn
5.7
1.2
€26.3bn
9.4
6.5
8.1
8.2
5.9
H1
H2
9.9
8.4
9.4
H2
H1
12.3
3.4
3.6
5.9
9.8
11.4
21.6
8.8
8.3
7.8
18.2
9.3
7.6
6.4
6.9
11.5
€44.6bn
1.0
4.3
23.1
7.2
16.6
13.8
14.9
19.9
12.2
12.6
H2
2016
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
2017
H2
H1
2018
2019
H2
H1
20.0
14.8
10.2
UK & Ireland
France & Benelux
H2
2020
DACH
Nordics
6.1
13.5
12.5
26.2
14.8
5.5
5.0
17.2
13.2
€39.6bn
6.5
12.1
12.0
3.3
H1
2015
10.1
7.5
9.7
12.8
€55.1bn
1.0
8.3
4.8
10.5
9.6
9.6
1.4
11.1
15.4
12.8
6.5
€44.3bn
€57.2bn
7.6
€47.3bn
€44.2bn
7.1
1.0
12.8
8.4
11.9
1.7
H1
H2
H1
2021
Southern Europe
H2
2022
H1
H2
2023
7.3
H1*
H2
2024
CEE
* Data is preliminary and subject to change
25
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Venture Capital – Investments by region
Time series – Investments – Market Statistics - Amount
€11.1bn
€10.0bn
1.3
€9.7bn
0.5
1.4
0.7
1.0
0.5
1.0
€8.2bn
0.9
€7.3bn
0.3
2.9
€5.8bn
€5.4bn
€4.3bn
€4.0bn
€3.0bn
€2.6bn
€2.1bn
0.4
0.2
0.6
0.4
0.3
€2.0bn
0.6
0.7
H1
H2
H1
2015
0.7
0.5
0.8
0.7
0.3
0.7
0.4
0.3
0.3
0.4
0.3
1.1
1.1
0.4
€3.4bn
€3.5bn
2016
0.4
0.3
0.5
0.5
www.investeurope.eu/research
0.2
0.4
0.5
0.4
0.6
1.1
1.5
2.6
0.2
0.5
0.7
0.6
1.4
1.0
1.5
1.1
0.9
H2
H1
2017
1.3
2.0
0.9
1.3
1.1
1.4
1.7
1.5
1.6
1.4
H2
H1
H2
H1
H2
H1
H2
3.0
2019
France & Benelux
2020
DACH
Nordics
2.8
H1
H2
2.9
2.2
H1
2021
Southern Europe
1.9
1.5
1.6
1.4
0.8
2018
0.6
1.8
2.3
0.8
0.4
0.9
0.7
1.8
0.9
€6.4bn
1.1
0.7
0.4
0.4
0.9
€5.3bn
0.2
0.7
1.0
UK & Ireland
Source: Invest Europe / EDC
€5.2bn
0.7
2.6
0.9
€6.5bn
2022
1.5
2.3
1.5
1.7
1.6
H2
H1
2023
2.2
2.0
H2
H1*
H2
2024
CEE
* Data is preliminary and subject to change
26
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Buyout – Investments by region
Time series – Investments – Market Statistics - Amount
€49.9bn
€49.3bn
1.0
6.6
€39.8bn
9.2
€39.4bn
5.2
€34.2bn
€30.5bn
€23.0bn
€21.6bn
2.1
4.5
€22.8bn
2.5
€17.7bn
3.2
4.1
2.9
5.1
€17.0bn
2.1
2.0
2.2
2.4
3.3
2.0
2.3
4.9
6.2
H1
4.8
5.0
H2
H1
2015
€27.4bn
1.0
1.5
3.4
3.2
5.3
5.6
8.9
7.9
5.9
5.9
2.8
4.5
4.3
H2
H1
6.6
7.7
7.6
5.9
7.5
4.6
3.4
4.4
6.3
6.1
2.2
3.8
6.4
3.9
13.1
3.3
10.1
10.2
6.3
7.7
8.4
H2
H1
4.5
14.9
9.6
5.8
7.6
6.1
2.2
H2
2016
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
2017
H2
H1
2018
2019
UK & Ireland
France & Benelux
H2
2020
DACH
Nordics
H1
H2
H1
2021
Southern Europe
H2
2022
3.1
4.5
2.3
10.9
7.9
16.5
12.7
7.2
€23.0bn
3.8
8.0
2.5
9.5
9.6
€25.2bn
4.8
13.3
7.1
8.6
6.5
5.1
€31.2bn
5.9
9.6
11.3
4.0
4.2
€26.2bn
3.2
6.8
5.9
6.8
4.7
7.7
€35.6bn
5.3
6.3
€31.3bn
2.7
€37.4bn
3.7
H1
H2
2023
8.3
4.5
H1*
H2
2024
CEE
* Data is preliminary and subject to change
27
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Growth – Investments by region
Time series – Investments – Market Statistics - Amount
€19.4bn
1.4
1.1
€16.6bn
€16.6bn
0.5
0.8
1.7
1.3
2.4
1.5
€13.7bn
2.0
0.5
2.5
€10.1bn
€8.2bn
€7.2bn
€7.0bn
€6.0bn
€5.3bn
0.4
0.7
0.6
0.5
1.1
0.5
€5.0bn
0.4
0.7
2.7
0.5
0.5
0.4
0.5
1.7
0.8
2.2
3.6
2.3
€5.3bn
2.8
2.6
0.6
1.0
H2
H1
2.4
1.5
1.0
H1
H2
H1
2015
2016
Source: Invest Europe / EDC
www.investeurope.eu/research
2017
€7.1bn
1.2
0.5
0.6
1.5
1.0
€10.8bn
€9.4bn
1.1
0.4
0.6
1.2
0.6
2.5
0.6
0.4
0.7
2.2
1.7
H2
H1
H2
1.6
5.9
1.1
€10.9bn
€10.2bn
1.4
0.9
1.2
1.2
6.8
1.0
5.1
3.9
3.8
3.2
6.7
3.0
2.5
2.4
H1
H2
H1
H2
0.8
0.8
3.9
4.3
3.4
€7.6bn
1.2
1.8
3.6
3.0
2.0
2.4
6.1
1.4
2.9
2.9
1.8
0.9
€7.3bn
1.6
2.8
1.3
2.7
3.3
2.5
2.4
2.9
H1
H2
0.8
2018
2019
UK & Ireland
France & Benelux
2020
DACH
Nordics
H1
H2
H1
2021
Southern Europe
H2
2022
2023
H1*
H2
2024
CEE
* Data is preliminary and subject to change
28
ACTIVITY H1 2024
DIVESTMENTS
www.investeurope.eu/research
29
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Divestments at cost – Venture Capital / Buyout / Growth
Time series – Market Statistics – Amount
Number of companies
938
812
742
801
742
839
788
689
847
723
693
651
620
35
620
721
672
676
664
724
471
453
445
401
811
737
716
766
715
749
701
445
418
809
761
538
695
578
473
433
361
€29.7bn
741
504
449
428
749
718
854
556
549
517
969
915
403
327
365
332
30
3.6
1.3
€23.2bn
25
3.8
€19.1bn
3.1
3.1
€23.9bn
3.6
€20.6bn
€18.8bn
1.3
20
3.2
3.0
€19.8bn
1.9
2.6
2.1
2.6
€19.7bn
€16.0bn
20.7
1.3
2.5
4.5
€13.6bn
15.7
15.4
13.9
2.6
3.0
5
1.6
H1
H2
2.6
9.2
8.1
€13.4bn
€14.1bn
2.7
3.1
9.6
9.3
16.3
17.1
13.5
11.0
10.1
€17.3bn
3.7
3.0
14.3
13.7
€16.0bn
€12.9bn
10
14.8
€19.8bn
4.2
€15.6bn
2.7
21.2
€23.0bn
4.5
2.2
15
0
270
€27.1bn
10.9
12.8
1.2
1.0
1.1
1.0
1.0
1.1
1.7
1.2
1.2
1.5
1.5
2.0
1.6
1.2
1.3
1.1
1.0
H1
H2
H1
H2
H1
H2
H1
H2
H1
H2
H1
H2
H1
H2
H1
H2
H1*
2015
2016
2017
Venture Capital
Source: Invest Europe / EDC
www.investeurope.eu/research
2018
Buyout
2019
Growth
2020
2021
2022
2023
H2
2024
Other (includes Turnaround/Rescue and Replacement capital)
* Data is preliminary and subject to change
30
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Divestments at cost – All Private Equity
Current half year – Market Statistics – % of Amount – Number of companies
Sale to
management
Other means
3%
1%
Sale to financial
institution
11%
Sale to
management
11%
Other means
1%
Sale to financial
institution
2%
Trade sale
17%
Trade sale
25%
Sale to another
private equity
firm
13%
All Private Equity
€14.1bn* divested at cost
Public offering
5%
All Private Equity
1,262* companies
divested
Write-off
12%
Public offering
9%
Sale to another
private equity
firm
35%
Write-off
7%
Repayment of preference
shares/ loans or
mezzanine
9%
Source: Invest Europe / EDC
www.investeurope.eu/research
Repayment of preference
shares/ loans or mezzanine
39%
* Data is preliminary and subject to change
31
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
All Private Equity – Divestments at cost by exit route
Time series – Market Statistics - % of total amount at cost
100%
90%
1%
4%
9%
1%
3%
4%
7%
6%
7%
4%
2%
7%
80%
17%
26%
29%
6%
5%
5%
2%
4%
2%
3%
3%
5%
8%
4%
4%
2%
4%
7%
6%
4%
3%
3%
2%
3%
6%
6%
3%
7%
6%
6%
6%
9%
2%
3%
3%
7%
3%
50%
3%
9%
3%
34%
32%
33%
36%
30%
30%
39%
35%
3%
1%
3%
11%
10%
39%
43%
29%
35%
40%
5%
6%
7%
14%
7%
22%
15%
26%
5%
7%
5%
6%
7%
3%
4%
3%
24%
36%
7%
40%
3%
25%
70%
60%
3%
3%
11%
3%
7%
6%
4%
12%
14%
6%
7%
4%
13%
11%
13%
8%
2%
3%
3%
2%
8%
9%
30%
6%
8%
8%
2%
17%
10%
15%
12%
8%
5%
11%
6%
12%
3%
12%
8%
7%
9%
3%
2%
41%
20%
34%
29%
32%
30%
27%
31%
30%
30%
26%
25%
10%
35%
35%
32%
31%
25%
30%
23%
25%
0%
H1
H2
H1
2015
Trade sale
H2
2016
Public offering
Source: Invest Europe / EDC
www.investeurope.eu/research
Write-off
H1
H2
2017
H1
H2
2018
H1
H2
2019
Repayment of preference shares/ loans or mezzanine
H1
H2
2020
H1
H2
2021
Sale to another private equity firm
H1
H2
2022
Sale to financial institution
H1
H2
2023
Sale to management
H1*
H2
2024
Other means
* Data is preliminary and subject to change
32
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Venture Capital – Divestments at cost by exit route
Time series – Market Statistics - % of total amount at cost
100%
90%
1%
5%
1%
5%
4%
3%
3%
5%
1%
3%
7%
9%
4%
13%
4%
15%
9%
18%
6%
8%
6%
4%
25%
6%
70%
8%
13%
6%
11%
12%
8%
6%
26%
3%
18%
3%
9%
12%
2%
6%
3%
3%
2%
4%
5%
3%
3%
8%
13%
14%
18%
8%
6%
5%
9%
9%
17%
6%
12%
22%
10%
8%
32%
33%
H2
H1
16%
11%
6%
7%
12%
9%
24%
10%
18%
12%
2%
15%
12%
10%
16%
48%
35%
16%
4%
2%
13%
55%
34%
10%
51%
46%
45%
39%
38%
32%
1%
4%
0%
4%
10%
20%
14%
37%
10%
8%
18%
13%
5%
7%
10%
6%
13%
20%
48%
40%
3%
5%
9%
6%
2%
5%
13%
30%
20%
2%
4%
9%
15%
15%
14%
9%
7%
11%
50%
40%
6%
5%
11%
7%
7%
4%
12%
60%
18%
8%
5%
3%
4%
7%
15%
16%
3%
4%
3%
80%
4%
32%
29%
35%
34%
10%
0%
H1
H2
H1
2015
Trade sale
H2
2016
Public offering
Source: Invest Europe / EDC
www.investeurope.eu/research
Write off
H1
2017
H2
2018
H1
H2
2019
Repayment of preference shares/ loans or mezzanine
H1
H2
2020
H1
H2
2021
Sale to another private equity firm
H1
H2
2022
Sale to financial institution
H1
H2
2023
Sale to management
H1*
H2
2024
Other means
* Data is preliminary and subject to change
33
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Buyout – Divestments at cost by exit route
Time series – Market Statistics - % of total amount at cost
100%
90%
80%
2%
1%
9%
11%
4%
8%
5%
2%
2%
7%
1%
2%
2%
5%
8%
3%
2%
2%
3%
2%
5%
3%
2%
2%
5%
2%
7%
3%
1%
5%
7%
1%
6%
8%
1%
2%
3%
7%
2%
2%
3%
3%
6%
2%
9%
2%
15%
12%
26%
20%
29%
70%
28%
43%
28%
4%
3%
2%
6%
3%
50%
31%
6%
1%
40%
36%
43%
46%
37%
45%
41%
4%
4%
53%
31%
46%
15%
18%
40%
37%
32%
4%
60%
2%
1%
4%
3%
1%
5%
5%
1%
26%
22%
4%
1%
4%
9%
13%
4%
16%
6%
10%
5%
2%
5%
7%
9%
5%
14%
13%
30%
7%
6%
1%
6%
11%
1%
4%
3%
4%
13%
2%
9%
14%
28%
27%
8%
5%
3%
40%
36%
29%
1%
2%
1%
43%
33%
6%
6%
13%
20%
40%
32%
28%
30%
28%
32%
29%
32%
23%
10%
24%
19%
28%
26%
H2
H1*
0%
H1
H2
H1
2015
Trade sale
H2
2016
Public offering
Source: Invest Europe / EDC
www.investeurope.eu/research
Write off
H1
H2
2017
H1
H2
2018
H1
H2
2019
Repayment of preference shares/ loans or mezzanine
H1
H2
2020
H1
H2
2021
Sale to another private equity firm
H1
H2
2022
Sale to financial institution
H1
2023
Sale to management
H2
2024
Other means
* Data is preliminary and subject to change
34
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Growth – Divestments at cost by exit route
Time series – Market Statistics - % of total amount at cost
100%
90%
1%
12%
3%
1%
9%
12%
2%
2%
6%
5%
2%
8%
5%
9%
10%
4%
3%
8%
9%
5%
11%
3%
7%
8%
22%
23%
35%
11%
5%
23%
11%
2%
11%
40%
3%
4%
46%
20%
39%
34%
24%
24%
5%
7%
7%
0%
7%
5%
6%
3%
29%
29%
28%
31%
10%
11%
16%
12%
3%
10%
4%
1%
5%
6%
14%
3%
5%
8%
4%
9%
24%
21%
4%
6%
6%
19%
3%
18%
20%
5%
6%
31%
3%
2%
11%
13%
5%
16%
1%
29%
26%
32%
4%
2%
6%
16%
13%
13%
7%
17%
14%
10%
6%
4%
21%
6%
7%
20%
5%
9%
2%
23%
13%
30%
7%
2%
24%
21%
7%
6%
21%
23%
27%
13%
2%
4%
14%
18%
7%
12%
2%
7%
22%
70%
10%
3%
22%
14%
50%
8%
8%
4%
80%
60%
3%
14%
23%
1%
2%
36%
34%
32%
30%
36%
29%
27%
18%
17%
21%
20%
0%
H1
H2
H1
2015
Trade sale
H2
2016
Public offering
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
H2
2017
Write off
H1
H2
2018
H1
H2
2019
Repayment of preference shares/ loans or mezzanine
H1
H2
2020
H1
H2
2021
Sale to another private equity firm
H1
H2
2022
Sale to financial institution
H1
H2
2023
Sale to management
H1*
H2
2024
Other means
* Data is preliminary and subject to change
35
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
All Private Equity – Divestments at cost by region
Time series – Market Statistics – Amount at cost
35
€29.7bn
30
€27.1bn
5.5
1.0
25
5.3
2.1
20
€23.9bn
€23.2bn
4.2
€20.6bn
€19.1bn
1.0
1.2
2.9
15
€19.7bn
€18.8bn
2.7
2.5
2.8
3.7
4.1
3.3
2.4
2.9
€16.0bn
2.6
2.5
2.0
3.1
6.4
6.9
2.8
2.9
€13.6bn
2.8
2.2
6.2
1.2
1.9
1.8
1.7
2.8
2.9
3.3
1.8
2.5
2.2
1.3
€13.4bn
1.3
3.5
6.8
5.4
6.0
5.6
6.8
4.1
4.0
3.5
4.4
3.3
3.5
H2
H1
3.2
2.2
1.9
5.8
4.5
3.6
4.9
€14.1bn
1.3
3.0
4.6
9.9
1.5
1.6
9.9
6.8
1.8
5.5
€17.3bn
€16.0bn
3.6
1.2
1.5
1.8
4.9
5
€12.9bn
7.0
6.5
3.4
4.1
€15.6bn
2.6
6.0
5.8
€19.8bn
2.9
3.1
3.5
1.8
3.7
3.6
2.0
7.7
10
€19.8bn
3.9
€23.0bn
1.0
4.5
5.3
4.5
2.6
4.2
4.1
4.0
3.0
2.0
0
H1
H2
H1
2015
H2
2016
H1
H2
2017
H1
H2
2018
UK & Ireland
Source: Invest Europe / EDC
www.investeurope.eu/research
H1
2019
France & Benelux
H2
2020
DACH
Nordics
H1
H2
H1*
2021
Southern Europe
H2
2022
H1
H2
2023
H1*
H2
2024
CEE
* Data is preliminary and subject to change
36
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Venture Capital – Divestments at cost by region
Time series – Market Statistics – Amount at cost
€2.0bn
0.2
€1.7bn
€1.6bn
€1.6bn
0.2
0.1
€1.5bn
0.2
0.1
0.4
€1.2bn
€1.0bn
€0.9bn
0.4
0.1
0.1
0.4
0.1
0.2
0.3
0.6
0.2
H1
H2
0.1
0.1
€1.0bn
0.1
0.1
0.1
0.2
0.1
0.4
0.2
0.3
0.4
0.1
H1
2015
2016
€1.0bn
0.2
0.2
www.investeurope.eu/research
0.4
0.2
0.2
0.2
0.3
0.2
H2
H1
0.1
0.3
0.2
0.2
0.3
0.2
H2
0.2
0.2
0.1
0.6
0.2
€1.3bn
0.1
€1.2bn
0.3
0.1
0.1
0.2
0.2
0.2
0.2
0.5
0.4
0.3
0.2
0.1
€1.1bn
0.1
0.1
0.1
0.3
0.2
0.3
0.3
0.2
0.1
€1.0bn
0.1
0.1
0.6
0.4
0.5
0.5
0.4
0.2
0.4
0.4
0.2
H1
2017
0.3
0.3
0.1
H2
2018
UK & Ireland
Source: Invest Europe / EDC
0.2
0.3
0.2
€1.2bn
€1.1bn
€1.1bn
0.2
€1.2bn
€1.5bn
0.2
H1
H2
2019
France & Benelux
DACH
0.3
0.3
0.4
0.4
0.4
0.4
0.3
0.3
0.3
0.1
H1
H2
H1
H2
2020
2021
Nordics
Southern Europe
H1
H2
2022
H1
H2
2023
H1*
H2
2024
CEE
* Data is preliminary and subject to change
37
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Buyout – Divestments at cost by region
Time series – Market Statistics – Amount at cost
€21.2bn
€20.7bn
0.8
4.0
4.5
€15.7bn
1.8
€14.8bn
0.9
0.8
3.6
2.6
€17.1bn
0.8
€15.4bn
0.6
1.8
2.8
2.7
€13.9bn
1.6
2.6
1.7
2.8
4.9
2.4
2.8
3.9
1.7
€11.0bn
€10.1bn
2.4
2.3
4.1
3.6
H1
H2
5.1
3.6
H2
2016
2.2
3.8
www.investeurope.eu/research
€12.8bn
5.8
€8.1bn
2.9
1.5
0.9
1.6
0.6
1.4
1.0
€9.6bn
3.8
3.2
4.0
H1
H2
2017
2.4
H1
H2
2018
3.1
H1
2.5
2.2
H2
H1
2019
France & Benelux
1.7
H2
DACH
Nordics
2.2
2.7
1.4
2.4
3.6
2020
1.1
1.4
1.9
3.0
H1
2.9
2.8
H2
H1
2021
Southern Europe
2022
2.8
3.1
H2
H1
€9.3bn
1.0
2.8
1.2
6.9
4.4
1.4
2.7
1.9
1.8
0.7
1.8
4.8
€10.9bn
1.3
1.2
3.5
UK & Ireland
Source: Invest Europe / EDC
0.5
0.9
1.6
1.5
2.7
€9.2bn
2.2
3.5
H1
2015
1.4
2.5
3.5
1.3
4.1
6.1
2.4
1.9
3.4
3.6
€13.5bn
2.1
1.5
2.0
2.9
2.6
0.5
3.5
3.0
1.0
€14.3bn
€13.7bn
€16.3bn
2023
2.5
2.1
1.5
H2
H1*
H2
2024
CEE
* Data is preliminary and subject to change
38
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Growth – Divestments at cost by region
Time series – Market Statistics – Amount at cost
€4.5bn
€4.5bn
0.2
€4.2bn
0.5
€3.8bn
0.4
€3.6bn
0.4
0.1
0.1
1.1
€3.1bn
€3.2bn
€3.0bn
0.1
0.3
0.1
0.1
0.2
0.3
0.3
€3.0bn
0.5
0.1
0.2
0.7
0.1
€2.6bn
0.7
€2.7bn
0.6
€2.1bn
0.2
2.0
€2.5bn
0.1
0.6
€3.7bn
0.2
0.1
€3.1bn
0.8
0.1
0.1
0.2
0.2
0.1
0.2
0.4
0.3
0.1
0.1
1.5
0.1
0.2
2.2
1.7
0.7
€2.7bn
0.5
0.1
0.1
0.1
0.7
0.1
0.1
0.3
2.3
0.2
0.3
0.1
0.3
€2.6bn
0.3
0.5
0.2
0.2
1.8
1.7
1.6
1.1
1.7
0.4
€2.6bn
0.6
0.5
1.8
0.1
0.2
0.3
1.9
0.4
0.6
0.1
0.1
0.5
€3.0bn
0.3
0.1
1.5
1.2
1.2
1.1
1.4
1.0
1.3
0.5
0.5
0.7
0.6
0.4
0.4
0.1
H1
H2
H1
2015
H2
2016
0.5
H1
H2
2017
H1
H2
2018
UK & Ireland
Source: Invest Europe / EDC
www.investeurope.eu/research
0.7
H1
0.6
0.5
H2
H1
2019
France & Benelux
0.9
0.7
0.5
H2
2020
DACH
1.1
Nordics
H1
H2
H1
2021
Southern Europe
H2
2022
0.6
0.6
H1
H2
2023
0.4
H1*
H2
2024
CEE
* Data is preliminary and subject to change
39
ACTIVITY H1 2024
METHODOLOGY
& GLOSSARY
www.investeurope.eu/research
40
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Methodology & Glossary
Fundraising
FUNDRAISING STATISTICS EXPLAINED
FUND STAGE FOCUS
Direct private equity investment funds that primarily
focus on investments in Europe are monitored.
Buyout fund: Funds acquiring companies by
purchasing majority or controlling stakes, financing
the transaction through a mix of equity and debt.
Funds raised are recorded in the country of the
advisory team that is raising/managing the fund
(‘industry statistics’).
Generalist fund: Funds investing in all stages of
private equity.
The funds included in the statistics are: private
equity funds making direct private equity
investments, mezzanine private equity funds, coinvestment funds and turnaround/rescue funds.
Growth fund: Funds that make private equity
investments (often minority investments) in relatively
mature companies that are looking for primary capital
to expand and improve operations or enter new
markets to accelerate the growth of the business.
The following funds are excluded from the
statistics: infrastructure funds, real estate funds,
private debt funds, distressed debt funds, primary
funds of funds, secondary funds of funds,
accelerator/incubator funds, business angel activity.
Mezzanine fund: Funds using a hybrid of debt and
equity financing, comprising equity-based options
(such as warrants) and lower-priority (subordinated)
debt.
www.investeurope.eu/research
Venture Capital
Early-stage fund: Venture capital funds focused on
investing in companies in the early stages of their
lives.
Later-stage fund: Venture capital funds providing
capital for an operating company which may or may
not be profitable. Typically, in C or D rounds.
Venture fund (all stages): Venture capital funds
focused on both early and later stage investments.
Note: Fundraising amounts include capital gains
except when reporting fundraising by type of
investor. More comprehensive data is available
here: www.investeurope.eu/research/
41
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Methodology & Glossary
Investments
INVESTMENTS STATISTICS EXPLAINED
Industry statistics are an aggregation of figures
according to the country of the private equity firm’s
office in charge of the investment. At European
level, this relates to investments made by European
private equity firms regardless of the location of the
portfolio company.
Market statistics are an aggregation of figures
according to the location of the portfolio company.
At European level, this relates to investments in
European companies regardless of the location of the
private equity firm.
Equity value: The amount of capital invested to
acquire shares in a company. The equity value
includes equity, quasi-equity, mezzanine, unsecured
debt and secured debt provided by the private equity
firm.
The funds included in the statistics are: private
equity funds making direct private equity
investments, mezzanine private equity funds, coinvestment funds and turnaround/rescue funds.
The following funds are excluded from the
statistics: infrastructure funds, real estate funds,
private debt funds, distressed debt funds, primary
funds of funds, secondary funds of funds,
accelerator/incubator funds, business angel activity.
www.investeurope.eu/research
INVESTMENTS STAGES
Seed: Funding provided before the investee company
has started mass production/distribution with the aim
to complete research, product definition or product
design, also including market tests and creating
prototypes. This funding will not be used to start mass
production/distribution.
Start-up: Funding provided to companies, once the
product or service is fully developed, to start mass
production/distribution and to cover initial marketing.
Companies may be in the process of being set up or
may have been in business for a shorter time but have
not sold their product commercially yet. The use of
the capital would be mostly to cover capital
expenditures and initial working capital.
This stage contains also the investments reported as
“Other early stage” which represents funding
provided to companies that have initiated commercial
manufacturing but require further funds to cover
additional capital expenditures and working capital
before they reach the break-even point. Such
companies will not be generating a profit yet.
Later-stage venture: Financing provided for an
operating company, which may or may not be
profitable. Later-stage venture tends to involve
financing into companies already backed by VCs,
typically in C or D rounds.
Growth: A type of private equity investment (often a
minority investment) in relatively mature companies
that are looking for primary capital to expand and
improve operations or enter new markets to
accelerate the growth of the business.
Within Growth, type of investment is further split into
“VC-backed growth” & “Non-VC-backed growth”.
The former refers to Growth investments made with
either continued participation by at least one VC fund
at the time of the investment round, or else full
divestment by the involved VC fund(s) at the time of
the Growth round. The latter refers to Growth
investments where VC funds had either fully divested
prior to the Growth round, or else had never backed
the company in question before.
Buyout: Financing provided to acquire a company. It
may use a significant amount of borrowed capital to
meet the cost of acquisition. Typically involves
purchasing majority or controlling stakes.
Turnaround / Rescue: Financing made available to an
existing business, which has experienced financial
distress, with a view to re-establishing prosperity.
Replacement Capital: Minority stake purchase from
another private equity investment organisation or
from another shareholder or shareholders.
42
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Methodology & Glossary
Divestments
DIVESTMENTS STATISTICS EXPLAINED
Industry statistics are an aggregation of figures
according to the country of the private equity firm’s
office in charge of the divestment. At European
level, this relates to divestments made by European
private equity firms regardless of the location of the
portfolio company.
Market statistics are an aggregation of figures
according to the location of the portfolio company.
At European level, this relates to divestments of
European companies regardless of the location of the
private equity firm.
Divestment amounts (including write-offs) are
recorded at cost (i.e. the total amount divested is
equal to the total amount invested before).
The funds included in the statistics are:
private equity funds making direct private equity
investments, mezzanine private equity funds, coinvestment funds and turnaround/rescue funds.
The following funds are excluded from the
statistics: infrastructure funds, real estate funds,
private debt funds, distressed debt funds, primary
funds of funds, secondary funds of funds,
accelerator/incubator funds, business angel activity.
www.investeurope.eu/research
EXIT ROUTE
Management/ Owner buyback: The buyer of the
company is its management team.
Public offering:
‒ First divestment following flotation (IPO): The sale
or distribution of a private company’s shares to the
public for the first time by listing the company on
the stock exchange.
‒ Sale of quoted equity post flotation: It includes sale
of quoted shares only if connected to a former
private equity investment, e.g. sale of quoted shares
after a lock-up period.
Repayment of preference shares / loans or
mezzanine: If the private equity firm provided loans
or bought preference shares in the company at the
time of investment, then their repayment according
to the amortisation schedule represents a decrease of
the financial claim of the firm into the company, and
hence a divestment.
Sale to financial institution: A financial institution is
an entity that provides financial services for its
clients:
‒ Depositary Institutions: deposit-taking institutions
that accept and manage deposits and make loans,
including banks, building societies, credit unions,
trust companies and mortgage loan companies.
‒ Contractual Institutions: Insurance companies and
pension funds.
‒ Investment Institutions other than direct private
equity firms.
Trade sale: The sale of a company's shares to
industrial investors.
Write-off: The value of the investment is eliminated
and the return to investors is zero or negative.
Note: Recapitalisations are not considered in the divestment
statistics.
Sale to another private equity firm: The buyer of the
portfolio company is a private equity firm.
43
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Methodology & Glossary
MARKET STATISTICS
A Domestic investments / divestments in
European countries
B Cross-border investments / divestments within
Europe
C Non-European private equity firms investing in
/ divesting portfolio companies in Europe
C
Non-European private equity
firms investing in / divesting
portfolio companies in
Europe
INDUSTRY STATISTICS
A Domestic investments / divestments in
European countries
A
B
Domestic
investments /
divestments
in European
countries
Cross-border
investments /
divestments
within Europe
B Cross-border investments / divestments within
Europe
D European private equity firms investing in /
divesting portfolio companies outside Europe
D
European private equity firms
investing in / divesting portfolio
companies outside Europe
www.investeurope.eu/research
44
ACTIVITY H1 2024
ACKNOWLEDGEMENTS
www.investeurope.eu/research
45
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
Acknowledgements
We are grateful for the generous support of General Partners representing private equity and venture capital firms across Europe who provided us
with their activity data. These comprehensive and verified pan-European statistics would not be possible without their ongoing commitment.
We also thank all the regional and national private equity associations formally partnering with Invest Europe as part of the European Data
Cooperative (EDC):
Active Owners Denmark - Denmark
LPEA - Luxembourg
AIFI – Italy
NVCA - Norway
BVA - Belgium
NVP - The Netherlands
BgVCA - Bulgaria
PSIK - Poland
BVCA - UK
ROPEA - Romania
BVK - Germany
SECA - Switzerland
CVCA - The Czech Republic
SPAINCAP - Spain
France Invest - France
SVCA - Sweden
FVCA – Finland
www.investeurope.eu/research
46
Investing in Europe
Private Equity Activity H1 2024
Introduction
Fundraising
Investments
Divestments
Methodology & Glossary
Acknowledgements
About Invest Europe Research
Invest Europe is recognised as the authoritative
data source for European private equity and
venture capital by institutions including the
European Commission, ESMA (European
Securities and Markets Authority), and OECD
(Organisation for Economic Co-operation and
Development).
Rigorous research has underpinned Invest
Europe’s work with policymakers, media, fund
managers, and other stakeholders since 1984. To
deliver this robust, trusted research data and
insight, Invest Europe collects data on more than
1,700 firms.
INVEST EUROPE
RESEARCH TEAM
Research Director
Julien Krantz
Research Manager
Daniel Irwin-Brown
Senior Research Officers
Lucrezia Lo Sordo
Francesco Lappano
Research Officer
Joan Jose
research@investeurope.eu
www.investeurope.eu
PEREP_ANALYTICS
Authorised statistics provider
for Invest Europe
Statistics Manager
Iuliana Furica
Statistics Leads
Adriana Süket (Craciun)
Alexandra Ehupov, Report Technical Lead
Cristina Toma-Porumboiu, Report Dedicated Lead
Statistics Team
Alexandra Nedea
Alina Begeaca
Ana Cobuz
Andrei Apostol
Angela Sapun-Cucu
Bianca Ostropet
Bogdan Prundeanu
George Radulescu
Luiza Dima, Report Dedicated Coordinator
Renata Sandulache
Silvia Costea
Tiberiu Mihailescu
Valentin Lepadat
info@perepanalytics.eu
www.investeurope.eu/research
47