PitchBook：2025年第一季度欧洲风险投资估值报告（英文版）

Due to the recent tariffs, many of the frameworks we established for looking at VC this year have been uprooted since the start of Q2 2025. Therefore, we are cautious to extrapolate Q1 data from this report for the rest of the year, where market conditions would have changed, impacting activity metrics. Our recent note on the impact of tariffs on VC observes that, first and foremost, exit markets are being impacted, and ramifications for other areas of the ecosystem will be felt at a lag. Exi