PitchBook-2025年二季度荷兰市场快照（英）-2025_18页_700kb

报告摘要

Q2 Highlights: The Dutch economy maintained steady growth driven by manufacturing and exports. GDP expanded 1% QoQ, while inflation decelerated to 3.1% in June as a result of US tariffs announced on April 25th.
Private Equity (PE): Deal activity fell significantly, raising €6 billion across only 131 deals, the lowest quarterly count in the last five years. Public listings saw a pause due to tariff announcements, with the AEX decreasing by 13% post-US tariffs but recovering by the end of Q2.
Venture Capital (VC): Deal value rebounded to €1.2 billion, but deal count remained subdued. Non-traditional investors accounted for over half of VC deal value, and late-stage funding drove most investments. Two unicorn exits reached valuations exceeding €10 billion.

VC: 139 deals worth €1.2 billion closed in Q2. High-interest transactions included SkyNRG and Triodos Bank listings. Deals focused on tech, IT, and sustainable energy.
PE: 579 deals financed €49 billion. Major deals included SkyNRG and LBC Tank Terminals. Investment came from strategic and local partners, with divergence in deal size across regions.

VC: Netherlands raised €4.9 billion for five new funds, with 90% into buyouts. Egeria raised €1.3 billion for its sixth fund.
PE: Fundraising remained healthy, with five closed funds raising nearly €700 million, while five funds are still open. Dry powder increased despite economic challenges.

AUM Growth: VC AUM continues to rise, extending dry powder capacity. PE AUM reached close to €50 billion.
Exit Environment: Q2 PE exits saw notable activity with deals like LBC Tank Terminals, but delayed exits continued due to valuation mismatches.

US Influence: Dutch companies reacted differently to tariffs, with tech firms seeing price rises while staples like Unilever lagged.
Sector Growth: Sustainability, tech, and healthcare emerged as key investment areas. DFL funded SkyNRG in SAF, while venture in medical software saw significant funding round.

Economic resilience but continued challenges from macro factors; market participants should focus on longer-term valuations and sustainable growth sectors.

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