Market Review - PE Environment Q2 2025

A macroeconomic environment marked by turbulence, particularly in response to announcements from the Trump administration.

Private equity is nevertheless showing some resilience. Activity remains robust in the United States, driven by private debt. In Europe, the slowdown in the large-cap segment contrasts with the dynamism of the mid-market. Exits are gradually picking up, while the secondary market is playing an increasingly important role in providing liquidity. Fundraising is on the rise again, with a greater focus on the most established managers.

In this context, selectivity and disciplined asset allocation remain key to generating long-term returns.

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