Each month when speaking to companies about fundraising, we hear the argument that although the business is doing well and capital would speed up the plan, shareholders want to wait for a better market. However, our advice has remained consistent, there is no ideal moment, and waiting for one does, in fact, come with its own costs.

PitchBook valued European private equity transactions at €319.7bn in the first six months of 2026, an increase of 8.6% from the previous six months. At the same time, the number of deals fell by 4.5%, compounding the trend of capital being focused on fewer, larger transactions. Growth funding is showing a similar pattern: according to Tech.eu, although European tech companies have raised a lower €44.1bn, compared to €50.1bn two years ago, this has been achieved through fewer funding rounds on average. We do not view this as a sign that investors are exiting the market, but rather as evidence that they are increasingly becoming more selective.

The assumption behind waiting for the ideal moment is that circumstances will improve and your company's performance will keep up during the wait. But neither outcome is guaranteed, and only one is within the founder's control. In reality, founders who try to time the market usually end up with less runway and therefore less bargaining power, which is directly reflected in the terms.

The question is not whether the market is ready, but whether the business is performing and whether the capital has a specific intended use. If both conditions are met, preparation should begin at once, since a process that starts today will take six to nine months to finish. It is a worthwhile exercise to put together a comprehensive investor pack, set up a data room and develop a tested equity story, no matter when the decision on timing is made. In that context, an early, well-prepared process is the best way for existing shareholders to protect themselves against a rushed process.