The fundraising landscape in 2025 has remained challenging for funds. Current data shows a clear decline in private capital raised; SS&C Intralinks reported that by the end of 2024 the number of closed private-capital funds was down roughly 45% year-on-year, with total capital raised falling by about 18%.
The healthcare software sector continues to undergo consolidation. According to Capstone Partners, deal activity in the healthcare IT sector increased for the third consecutive year in 2024, with over 260 transactions recorded globally. PwC’s H1 2025 report also demonstrated that while deal volumes in the space had fallen, deal values increased by about 50%. Strategic buyers are pursuing integrated platforms, while private equity firms are backing roll-up strategies focused on clinical and administrative tools with established traction.
In M&A much of the focus tends to fall on financials, market share, and operational synergies; however, one of the most critical and often underestimated factors in determining the success of a deal post integration is early attention to talent retention. The people who drive innovation, maintain client relationships, and hold institutional knowledge are often the ones who ensure that post-merger integration succeeds.
Cross-border M&A activity between the Nordic and DACH regions is showing renewed momentum, reflecting a shift toward strategic consolidation across Europe’s mid-market. While both regions have demonstrated resilience in their domestic deal activity, with the Nordics recording over €80 billion in transactions in H1 2025 and DACH volumes rising by roughly 15% year-on-year according to studies by KPMG and PWC respectively, a growing share of this activity now stems from corporates and sponsors pursuing cross-regional growth opportunities.
European credit markets are shifting toward equilibrium. The clear divisions that once separated bank loans, private credit, and public bonds are fading as higher base rates and tighter bank regulation reshape how companies raise capital.
After years of rapid expansion and innovation, the HealthTech mid-market is undergoing a structural shift. 2025 has marked a clear pivot from fragmented growth to transformational consolidation. According to PwC’s Global Health Industries 2025 mid-year update, global healthcare M&A volumes actually declined by roughly 22%, with deal values falling by 25%.
This year has seen a subtle but meaningful shift underway in capital allocation: US investors are looking more favourably toward the UK and Europe. One early indicator is the $10.6 billion that flowed into European ETFs in just the first quarter of the year, nearly seven times that seen in in the preceding quarter.
As highlighted in our July newsletter, European governments and industries are increasingly targeting high-tech TMT sub-sectors to strengthen defence capabilities and strategic autonomy across the continent. Technology is now the decisive factor in defence spending, making the TMT sector a central focus.
US markets have dominated global IPO activity in recent years, attracting European companies with greater liquidity, higher valuations, and more extensive analyst coverage. London, Frankfurt, and Paris have struggled to compete, with London raising only $208 million in the first half of 2025, according to Dealogic.
The healthcare software sector continues to see consolidation. According to Capstone Partners, deal activity in the healthcare IT sector increased for the third consecutive year in 2024, with over 260 transactions recorded globally.