Europe's got edge: Mid-market value and PE momentum

At SuperReturn Europe, confidence in the European private-capital landscape was abundant. From the value embedded in the mid-market to a shift in global investor sentiment, our conversations with Imogen Richards, Pantheon and Mark O’Hare, BlackRock and Prequin, highlight why Europe is regaining its edge.

“Europe’s having a good time” says Mark O’Hare, Senior Advisor at BlackRock and Founder of Preqin, as he shares why Europe is attracting global investors and why tough times may create the best vintages.

Key takeaways

• Slow distributions created a tough fundraising cycle but LP appetite remains strong. Historically, tough fundraising vintages deliver the best performance. Western Europe is the top region for global LPs in 2025.
• Private wealth is a major new source of capital, from 401(k)s to high-net-worth allocations. Infrastructure and private credit lead investor demand, thanks to steady yield and lower volatility.
• Public-market outperformance is driven by just a handful of mega-cap stocks so private markets’ long-term outperformance remains intact.

Why Europe’s mid-market is still a goldmine but it's getting crowded, with Imogen Richards Partner, Head of European Primaries at Pantheon

Key takeaways

• Mid-market deals remain 1.8× cheaper than large-cap equivalents. Lower leverage and more exit options improve risk-adjusted returns.
• Increased competition means origination now requires proactive sourcing, AI-enabled tools, and deeper networks. GPs must “sell themselves” to companies, founders want partners, not just capital.
• Europe’s fragmentation creates opportunities for country and sector specialists.
• High-potential themes include AI, healthcare, sustainability, defence and infrastructure.