Houlihan Lokey – Growth Equity Valuation European Snapshot Portfolio Valuation and Fund Advisory Services Market Update—Fall 2025

The main theme of the document is the growth equity valuation and the state of venture capital in Europe.

Key findings include a decline in deal volume amidst economic uncertainty, resilience in deal valuations despite decreased activity, critical importance of liquidity and limited distributions to investors, pressure on fundraising, dominance of investments in artificial intelligence, slowdown in IPO and M&A exits with acquisitions dominating, and growth in valuations in venture capital, especially in late-stage investing.