Nordic Private Equity Market Update Q3/2023

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

Key takeaways from Q3, 2023:

•  Aggregate Q3/’23 deal volume declined in the Nordics driven by significant drop in VC activity, which was 40% lower YoY.
• Buyout deal volume for the same period has also declined but seems to be stabilizing on a rolling annual basis.
• PE buyout deal activity was relatively stable in Denmark and Sweden, but weak in Norway and at its lowest level since 2020 in Finland.
• Consumer continues to be the most challenging sector with volumes declining further from already low levels in H1/23. Business services remained most active but declined QoQ for the first time since 2022.
• Q3/’23 has seen the start of new IPO filings but new listings still sparse. Norway saw some new listings, and public-to-private deals.
• PE fundraising has continued to be slow, both in terms of number of funds and fund size, compared to the previous quarters. Two PE funds were closed with a combined value of €1.3bn.