Private Equity DACH: State of the Region H1 2026 (Roland Berger)

Summary

• European PE transaction volumes increased by approximately 13% in 2025 versus 2024, reaching c.3,000 deals, but H1 2026 marks a renewed contraction.p.2
• The DACH region has 300+ active PE funds and recorded 450 transactions in 2025.p.3
• DACH recorded 450 transactions in 2025 versus 393 in 2024, a year-on-year increase of 15%.p.3
• PE firms in DACH had accumulated dry powder of more than EUR 30 billion by the end of 2025.p.3
• DACH recorded 204 transactions in H1 2026, down 15% versus H1 2025.p.6
• In 2025, technology, software & digital solutions (149 deals), business services & logistics (78) and industrial goods & engineering (67) were the main contributors to DACH deal flow.p.5
• In 2025 transaction volumes grew in the Nordics (+23%), UK & Ireland (+22%), DACH (+15%) and BeNeLux (+8%), while France fell 13%.p.4

Key insights

1. The remainder of 2026 is expected to remain challenging at the aggregate level, with bright spots in rising deal complexity, a return to industrial tech assets, and growing AI adoption across the investment lifecycle.p.2
2. The DACH PE market ranks second in Europe after the UK & Ireland in terms of total transaction volume.p.3
3. European volume rose 13% in 2025 after a 5% decline from 2023 to 2024.p.4
4. Consumer goods & retail (-22%), automotive (-30%) and chemicals (-80%) declined in DACH in 2025.p.5
5. Valuations of technology, software and digital solutions assets came under pressure as AI disruption increased uncertainty around future growth and underwriting.p.5
6. Extended deal processes, weak current trading of target companies and geopolitical risks weigh on investor confidence and put full-year 2026 volumes at risk of remaining below previous years.p.6
7. Alternative liquidity tools such as GP-led secondaries and continuation funds are becoming standard tools for holding high-performing assets as holding periods increase.p.7