PE investors announced 57 deals in Ireland duringH1 2025, ahead of the 41 and 46 transactions they completed during H1 and H2 2024.
By value, PE investment in Ireland during H1 2025 amounted to €4.2bn, significantly less than the spike of €14.6bn in H1 2024 but not out of profile in the broader historical context. However, that figure was boosted by two major transactions in 2024: Apollo's €10.1bn investment in Intel's Fab 34 facility, and EQT's acquisition of Keywords Studios.
Ten of the top 20 deals in H1 2025 featured PE firms, with seven buyouts and three exits. There still appears to be PE appetite for large investments as demonstrated by Investindustrial's €1.2bn acquisition of DCC Healthcare. PE firms have become more cautious on valuations, however, meaning more work to reconcile their positions with sellers' expectations.
Global exit activity fell to its lowest levels for two years during Q1 2025 – and the uncertainties of Q2 are likely to have posed further challenges. Exit activity has slowed but not stopped with deal processes taking longer than before. In historical terms, PE activity in the Irish market looks resilient.
The PE sector also faces the challenge of deploying substantial amounts of capital; globally, this stood at $1.2trn at the end of 2024, only marginally down on the $1.3trn posted a year previously. Much of that stockpile has now been on PE firms books for several years, which is increasing the pressure to invest.
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