European PE market – Q1 2025: is Cleantech a specialist field?

After three quarters of recovery, the total deal count and value has slowed down in Q1 2025, but the amount remains higher than the first quarters of 2023 and 2024.

Source: Pitchbook, Q1 2025 Annual European PE breakdown

The growth segment shows positive signals with €13Bn invested in primo-investments in Q1, which is the second-best quarter since Q1 2023.

The exit activity is following the same dynamic as investments, with a rebound of €[0.5 – 2.5]Bn transactions in total value. In terms of deal count, the acquisitions below €25m is the most dynamic category^[1].

Following a robust rebound in Cleantech PE investments across Europe in Q4 2024, Q1 2025 experienced a notable slowdown in both deal volume and total investment. Meanwhile, the VC activity is stable^[2].

Globally, Cleantech investment is led by specialists, while generalists are stepping back, both in terms of number and value:

[1] Source: Pitchbook, Q1 2025 Annual European PE breakdown

[2] Source: Pitchbook, based on public data as of 05/02/2025