Cross-border private equity deal flow between the United States and Europe has generally trended up for the past two decades. U.S. private equity firms make more investments in European portfolio companies than the other way around.
Transatlantic cross-border deal data from 2000 to 2024 shows:
- 5,126 U.S. PE firms investing into Europe portfolio companies
- 2,523 EU PE firms investing into U.S. portfolio companies
Subscribers to Private Equity Info can easily see cross-border investments, a new feature added this year as part of our improved search and filtering functionality.
The investment trends across time, shown in the graph below, are more telling than the absolute number of deals because there are simply more private equity firms in the U.S. compared to Europe.
Deal activity peaked in 2021 on both sides, driven by post-COVID excess funds, while 2023 and 2024 deal volumes cooled back to pre-COVID levels.
The outbound momentum from the U.S. remains strong as U.S. PE firms continue to see Europe as a key growth market. European PE firms show a slightly declining interest in the U.S. market.
Macroeconomic Considerations
Cross-border deals are influenced by historical factors but also actively respond to contemporary challenges.
With persistent inflation concerns, rising interest rates, and looming recession fears across developed markets, many firms were rethinking how and where they deploy capital. Additionally, evolving tax policies on both sides of the Atlantic, such as the EU’s digital tax framework and proposed U.S. capital gains tax reforms, are influencing deal structures, holding periods, and exit timing.
For cross-border deals, tax efficiency, currency risk, and regulatory uncertainty have become even more important in assessing long-term value. As firms navigated 2024, strategic cross-border investments remained attractive, but execution now demands sharper due diligence and smarter structuring.
European PE Firms with the Highest U.S. Transaction Volume (2000-2025)
- SV Health Investors
- ACE & Company
- Ardian
- ATP Private Equity Partners
- HBM Healthcare Investments
- Riverside Company - Europe
- Permira
- EQT Partners
- Cipio Partners
- CVC Capital Partners
U.S. PE Firms with the Highest EU Transaction Volume (2000-2025)
- The Carlyle Group
- Advent International
- Apax Partners
- KKR & Co.
- Beringea
- Insight Partners
- General Atlantic
- H.I.G. Capital
- HarbourVest Partners
- Warburg Pincus
Sample Transactions for Cross-Border Deals
July 2025
TPG acquired Hospitality Solutions (Oradea, Romania).
Hospitality Solutions is a developer and provider of Software-as-a-Service (SaaS) hospitality technology and integrated guest information management solutions.
June 2025
Battery Ventures acquired Descartes Underwriting (Paris, France).
Descartes Underwriting is a provider of parametric insurance to cover climate risks.
May 2025
Auréa acquired Persimmon Life (Larkspur, CA).
Persimmon Life is a medical aesthetics company offering certified nurses for aesthetic treatments.
March 2025
Permira acquired Encore Fire Protection (Pawtucket, RI).
Encore Fire Protection is a provider of fire protection services.
March 2025
EQT Partners acquired ReliaQuest (Tampa, FL).
Reliaquest is an advanced cybersecurity managed service and intelligence platform for global enterprises.
