Q3 Barometer: PE scales new heights

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Volume was muted in comparison, with deal-makers clocking up 6% fewer transactions compared with Q2 – although with 930 deals accumulated in Q3, performance was well above average.

Buyouts predominated the total value of PE deals, accounting for EUR 68.7bn, an increase of nearly 5% versus Q2 (EUR 65.6bn). Volume was also higher, although only marginally, with 357 deals compared to 349 in the second quarter.

Growth capital deals saw a dip in volume in Q3, with the transaction total sliding to 449 from 506 in Q2 – a drop of 11%. Despite this, deal value was notably higher with transactions in the third quarter totalling EUR 28.2bn. This is the highest quarterly total for growth capital deals on record since Q1 2018.

"The notable drop in investment activity over Q2 and Q3 of last year, due to Covid-19, is now very much in the rear-view mirror for European PE managers," says Merrick McKay, head of Europe, private equity at abrdn. "Record levels of new investment have been sustained for four quarters, and we are seeing no evidence of a new slow-down in investments or exits in the near-term. We note that the mid-cap segment (EUR 100m-1bn) continues to increase its share of deal volume, which is consistent with the fact that more managers have raised larger funds in this space in recent years."

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