Our Nordic PE sector team shares insights on PE deal volumes in key sectors across the Nordics.
Comments on the Nordic PE market development
- Buyout deal volume shows subtle signs of recovery – Q2/’25 deal value was the highest since Q2/’22 and the LTM aggregate reached its highest level since Q1/’23.
- LTM VC deal volume, on the other hand, continued its downward trajectory, with no quarterly increases observed during the reporting period (Q2/’22 – Q2/’25).
- Buyout deal activity increased substantially in NO (+35%) after a slower quarter. SE and FI volumes also grew, up 7% and 20%, respectively. DK deal value declined 8% after a strong previous quarter.
- Buyout deal activity varied across the sectors. Tech experienced the most significant growth, up 32% after a slower previous quarter, while Consumer & Retail declined substantially (–28% compared to the previous quarter).
- PE fundraising activity increased after a slower Q1/’25. Five buyout funds, at a combined value of ~€1.7bn, and five VC funds, at a combined value of ~€170m were closed. Three new buyout and two new VC funds were opened in the Nordics during Q2/’25.
Implications on the outlook for PEs
- The IPO window has partly reopened, with H1/’25 seeing 16 NordicIPOs / direct listings (mostly in SE), raising EUR 2.17bn. More sponsor-backed listings are expected in H2.
- Activity varied across countries in Q2’25. NO rebounded significantly, FI and SE also grew, while DK declined. After a soft start to 2025, pipelines in industrials, energy, and services point to selective recovery, with carve-outs and operational value creation in focus.
- Costs of borrowing remain uneven across the Nordics, with NO rates still high (~4%), while Euro area and SE rates have eased (~2%).
- Global PE fundraising is at multi-year low, tightening capital for smaller managers. Larger Nordic players such as EQT and Nordic Capital still attract LP commitments, reinforcing the shift toward scaled and specialist platforms.
- Sponsors continue to target sectors with stable cash flows and structural demand. Secondaries remain a pressure valve for liquidity, while new US–EU tariffs pose risks for export-heavy portfolios.
Nordic Private Equity Market Update Q2/2025
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