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 volumes have ranged from 320-400 deals per quarter over the past three years. Average quarterly volume increased from 344 in the first half of the period to 374 in the second half, indicating a modest upward trend.
- Q3 ’25 buyout activity aligned relatively closely with the three-year quarterly average of 360 deals, following elevated activity in Q2.
- Buyout activity declined across most Nordic markets. FI saw the sharpest drop (–20%) after a strong Q2 ’25, while SE and NO also recorded declines (–12% and –13%, respectively). DK was the only market to grow, posting a +4% increase from the previous quarter.
- Sector performance was mixed. IM and Tech remained relatively stable, with IM up +7% and Tech down –5%. Consumer & Retail posted a strong rebound (+30% vs. Q2 ’25), whereas Business Services fell sharply (–17%).
- PE fundraising activity remained similar to the previous quarter. Five buyout funds totaling ~€6.3bn and one VC fund totaling ~€22m closed during the quarter. Additionally, two new buyout funds and five new VC funds were opened in the Nordics in Q3 ’25.
Implications on the outlook for PEs
- The IPO window has partly reopened, with 11 Nordic IPOs in Q1–Q3/’25 on main and growth markets (Spotlight and Euronext Oslo dominate). More listings are happening in Q4 and expected in ‘26.
- Funding costs remain uneven across the Nordics. NOK remains expensive (4%) relative to EUR and SEK (~2%), creating uneven financing costs across the region.
- PE deal activity declined across most Nordic markets in Q3 ’25, setting a cautious tone for the coming quarters. FI, SE, and NO all saw meaningful declines in buyout volumes (–20%, –12%, and –13%, respectively) following a strong Q2, possibly suggesting continued volatility ahead. DK, the only market to grow (+4%), may continue to show relative resilience if current momentum holds.
- Sponsors continue to target sectors with stable cash flow and structural demand. Tech and healthcare remain dominant, driven by digitalization and aging demographics. Energy transition assets attract strong interest, while cyclical sectors tied to global trade remain under pressure amid tariff uncertainty.
Nordic Private Equity Market Update Q3/2025
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