The digitisation of frontline healthcare delivery is increasingly shaping capital allocation and transaction activity across the UK healthtech market. Through its “digitising the frontline” agenda, the NHS in the UK has set out a clear set of priorities focused on technologies that directly support clinical delivery, workforce efficiency and patient access.
With interest rates firmly in a higher‑for‑longer regime, refinancing has moved centre stage for European borrowers. A stacked maturity wall over the next few years is prompting earlier term‑outs and multi‑track execution across bank credit lines, public bonds, and private credit.
Health-tech continues to attract investor interest, but it operates under constraints that are not always well understood outside the sector. Although many businesses position themselves as technology-led, commercial outcomes are rarely driven by open market forces alone. Adoption and pricing are shaped by providers, payers, and regulators, and purchasing decisions are often removed from the end user.
Over the past year, a change has taken place in how capital is being allocated. Investors are spending less time debating new themes and more time focusing on where pressure is building across the economy. Capital is increasingly flowing to businesses that sit inside those pressure points.
Private equity interest in live sport has evolved materially in recent years. Instead of focusing on sports rights ownership or single-event risk, investors are increasingly backing premium sporting event platforms that combine repeatable formats, contracted sponsorship revenues, and high-margin hospitality.
2025 was a strong year for Aalto Capital and our clients. After a few slower years, we saw markets begin a more trackable recovery. While equity markets remained somewhat unsteady, we saw an uptick in M&A activity, creating valuable opportunities for our clients and enabling a number of successful exits.
The professional sports landscape is entering a new phase of institutionalisation, with team and club ownership (football in particular) attracting unprecedented interest from private capital, strategic operators, and global investor groups. This shift reflects a broader recognition that sports organisations are no longer solely competitive sports teams; they have become diversified media, entertainment, and real-estate platforms with recurring, multi-channel revenue potential.
The telecommunications industry sits at a pivotal moment. Telecom networks act as the backbone of the global digital economy, carrying the data, supporting the applications, and powering the interactions integral to modern life.
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.