Deal Flow Monitor: Q2 2025

Deal-making caution persists, despite growing cross-border private equity activity and a shifting sector focus for venture capital funds

• Private equity deal activity declined in Q2, but carve-outs and spin-offs have grown their role by total deal value

• Europe’s compelling valuations are drawing more interest from foreign investors as private equity cross-border deals rise

• Despite fewer VC deals in Q2, their total value edged higher, led by North America and driven by interest in AI