Nordic Private Equity Market Update Q4 2025 (KPMG Private Enterprise)
Summary
- The Nordic PE market recorded an average of 392 deals per quarter in 2025, compared with 377 in 2024, 355 in 2023, and 388 in 2022.p.2
- Q425 buyout activity stabilized at 372 deals, aligning closely with the three-year quarterly average of 370 deals.p.2
- Add-on transactions accounted for 54% of all buyout deals in Q425, higher than the 3-year average of 47%.p.3
- Finland was the only Nordic market to post buyout deal growth in Q425, surging 41% from 64 to 90 deals.p.4
- Business Services deal activity rose 6% in Q425, whereas Industrial & Manufacturing declined 25% and Consumer & Retail fell 9%.p.5
- Fundraising in Q425 saw three buyout funds close totaling €0.9bn and four VC funds close totaling €0.2bn.p.2
Key insights
- The Nordic PE market outlook for 2026 has shifted from cautious to guarded optimism, supported by Q425 deal stabilization and improving exit visibility.p.2
- Venture capital deal volume in the Nordics has fallen ~57% compared to its peak in Q123.p.3
- Sweden remained the largest Nordic buyout market in Q425, accounting for ~39% of all deals despite a 9% quarterly decrease.p.4
- Early-stage VC deal volume accounted for 21% of all Nordic VC deals in Q425.p.3
- Ten new buyout funds were opened during Q425, whereas no new venture capital funds opened.p.7
- Qualtrics reached a definitive agreement to acquire Forsta through a €5.7bn LBO on October 6, 2025.p.6
- Workday acquired AI-learning developer Sana for €0.9bn on November 4, 2025.p.6
Topics and entities
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