Nordic Private Equity Market Update Q1/2024

Our Nordic PE sector team shares insights on PE deal volumes in key sectors across the Nordics. 

The challenging macroeconomic situation continued to adversely impact the broader deal space and the PE deal market in Q1/’24. However, recent analysis of market sentiment suggests reason for some optimism.

• Aggregate Q1/’24 deal volume continued to decrease in the Nordics, driven especially by a significant decline in VC activity.
  
• Buyout deal activity significantly weakened in Sweden and marginally in Finland. Norway and Denmark showed slight improvement compared to Q4/’24.
  
• Buyout deal volume significantly decreased in business services, while deal volume across other key sectors remained relatively stable compared to previous quarters. However, reported quarterly deal volumes across all key sectors were at their lowest levels during the reporting period.
• PE fundraising was active in Q1/’24, especially in terms of buyout funds. Seven buyout funds, totaling >€31.3bn, and two VC funds, totaling >€133m, were closed during Q1/’24. 
• While the deal space continues to be under pressure, driven by continued macroeconomic uncertainties and high interest rates, recent analysis of market sentiment suggests reason for some optimism.
• Several of the high-interest processes in the pipeline have launched, and processes for several announced industrial carve-outs are now ongoing or about to launch. 
• Advisors report that an increased number of preparations for additional potential processes to be launched in H2.