Investor Shelf
Library/PitchBook

Nordic Private Capital Breakdown 2026 (PitchBook)

ReportPitchBookMarch 202623 pages35 min readOriginal source
Key number
€65.9 billion
Nordic PE Deal Value 2025 p.12
What changed
32.8%
Nordic PE Deal Value Growth YoY p.12
Largest segment
63.2%
Add-ons Share of PE Deal Count p.12

Summary

  • Nordic VC exit value rose to €18.7 billion in 2025, heavily driven by Klarna's €12.7 billion IPO.p.8
  • Nordic PE fundraising fell 77.6% YoY to €7.6 billion across 14 closed funds in 2025.p.20
  • VC fundraising in the region dropped sharply to €0.6 billion raised across 15 funds in 2025.p.10

Key insights

  1. Finland's share of Nordic VC deal value increased significantly to 35.1% in 2025, putting it on par with Sweden.p.4
  2. Add-on acquisitions dominated Nordic private equity strategy, accounting for 63.2% of total PE deal count in 2025.p.12
  3. US investor participation in Nordic PE deals grew to represent 27.5% of total deal value in 2025.p.14
  4. Excluding Klarna's IPO, Nordic VC exit value still increased 38.5% YoY to €6 billion in 2025.p.8
  5. Norway recorded the highest proportion of AI startups in its ecosystem among Nordic nations, reaching 19.7%.p.4
  6. Nordic companies accounted for seven of Europe's 17 PE-backed public listings in 2025, representing 18.2% of total Nordic PE exit value.p.17
  7. The median step-up for Nordic PE funds increased from 1.4x in 2024 to 1.7x in 2025.p.20

Topics and entities

EuropeNordicsIPOs and listingsM&A and exitsPrivate equityStartup ecosystemsStartup fundingVenture capitalAxcel ManagementEQTKlarnaOuraSaminvestTESIVerdane

Summary and figures generated from the document and checked automatically: every number shown appears on the cited page. The full document is available from the publisher. Publishers can request removal.