Market Insights France

19 November 2025
13:30 BST | 14:30CEST

Navigating capital, competition and opportunity in the next phase of French private equity

France’s PE market is regaining momentum as 2025 progresses. According to Real deals data, while Q1 saw a dip in activity, the quietest since 2020, the picture is already shifting. The government’s €100bn push into AI and green tech is sparking fresh sponsor interest, especially in digital infrastructure, healthcare and energy transition.

With debt financing constrained and valuations moderate, dealmakers are adopting flexible approaches: minority stakes, bolt-ons, private credit and earn-outs. Bolt-ons and buyouts stayed resilient in 2024, while private credit-backed deals rose 19%. France recorded 319 bolt-ons and 278 buyouts last year, per Real Deals.

Fundraising hit a decade low in 2024 with only 16 funds closed, but recovery is visible, with €4.3bn raised in Q1 2025. LPs remain selective, favouring differentiated strategies, clear liquidity paths, and credible exit plans. Longer holds are sharpening focus on capital recycling.

Growth is strongest in healthcare, tech, consumer goods, and business services. ESG and energy transition strategies are gaining ground, backed by EU and national incentives. Still, investors face tighter foreign investment rules and ongoing tax uncertainty. Even so, France’s deep capital base, diverse economy, and sector momentum keep it a priority for global investors.

Panel:

Moderated by: Anjana Haines, Editor of Real Deals

Speakers:
William Barrett, Managing Partner, Reach Capital
Mathieu Badjeck, Co-head of the Private Equity Decarbonisation Strategy, Tikehau Capital
Benoit Choppin, Head of Private Equity, CAPZA
Matthieu Ducharme, Managing Director, Head of Private Equity Secondaries, AXA IM Prime
Diane Campion de Poligny, Partner, DLA Piper

Topics of discussion include:

• Is France's midmarket ready to lead the rebound and a new era of flexible dealmaking
• How to unlock better returns through a more disciplined deal flow
• How French LPs are reshaping Europe’s fundraising landscape
• With lower prices and less debt in deals, is France becoming a better market for building real long term value?
• The investable momentum in energy transition and digital infrastructure 
• How are GP-led secondaries and continuation vehicles reshaping exit timelines and liquidity strategies?
• The real growth of bolt-ons in France’s fragmented market
• Are evergreen vehicles and retail channels finally gaining traction in France?
• Changes in the regulatory and policy environment affecting market growth