Activity and Commitments Report 2025 (France Invest)

Summary

• In 2025, private equity and infrastructure investments reached €36.4 billion and divestments €14 billion.p.3
• Fundraising progressed to €42.9 billion, notably thanks to the rise of continuation funds.p.3
• Equity investments represented €28.8 billion in 2,714 companies.p.6
• A study published in March shows €14.8 billion raised by funds managed in France will finance companies and infrastructure projects through private debt.p.12
• More than 80% of fundraising by private equity players comes from institutional investors.p.15
• 30% of French investment funds now include Operating Partners in their teams, compared with 16% in 2019.p.16

Key insights

1. Industry and related services represented 25% of the amounts deployed in 2025.p.3
2. France remains the leading continental European market for private assets.p.3
3. Financing of AI in France remains insufficient against needs estimated at more than €10 billion per year.p.9
4. 45% of global secondary private equity transactions are GP-led, and more than 100 SMEs and mid-caps benefited from extended financing in 2025.p.10
5. Private equity players have invested €4.1 billion in defence-sector companies since 2020.p.10
6. More than 2,000 students discovered private equity careers through initiatives launched with Level 20 France between 2022 and 2025.p.16