PitchBook： 2025年第一季度欧洲私募股权市场分析报告（英文版）

After a strong year of dealmaking in 2024, investor sentiment has shifted back to a more cautious tone in Q1 2025 amid geopolitical tensions. Q1 deal value dropped 24.6% QoQ while deal count lagged by 17.7% QoQ. Geopolitical tensions with the US, accompanied by political instability in France and Germany, have taken centre stage in Q1, causing hesitation among investors. US President Donald Trump’s volatile policies bring uncertainty to dealmakers and, for the first time in a very long time,