European PE Breakdown Q2 2026 (PitchBook)

Summary

• European Q2 PE deal value grew 6.9% QoQ, putting 2026 on track for a record year by total deal count.p.4
• Megadeals increased their share of total European PE deal value from 32.1% in 2025 to 35% in H1 2026.p.7
• European exit value rose 29.7% QoQ in Q2, with 22 mega-exits driving 65.8% of total exit value.p.13
• Cross-border deal activity increased to 70.1% of total European PE deal value in H1 2026, up from 67.4% in 2025.p.8
• Mid-market buyout funds between €1 billion and €5 billion represented 54.1% of YTD capital raised in Europe.p.17

Key insights

1. The European Central Bank raised interest rates by 25 basis points on 11 June, marking its first tightening action since 2023.p.5
2. Q2 PE deal value in the US dropped 44.3% QoQ, contrasting with resilience in the European market.p.5
3. Add-on transactions accounted for 57.7% of the total European PE deal count YTD, maintaining a decade-high share.p.6
4. The UK captured 30% of total European PE deal value and 25% of deal count in Q2.p.8
5. Corporate acquisitions became the leading exit route in Q2, representing 53.4% of total exit value.p.15
6. The European PE deals-to-exit ratio rose from 2.4x in 2025 to 2.9x in H1 2026.p.14
7. The share of UK companies choosing domestic exchanges for listings fell from 71% in 2019 to 46% in 2025.p.9
8. The proportion of European PE firms embedding AI in value creation plans increased to 63% in 2026 from 41% the prior year.p.11