UK & IRELAND
Private Capital
Breakdown
2022
2
Contents
PitchBook Data, Inc.
John Gabbert Founder, CEO
Nizar Tarhuni Senior Director, Institutional Research & Editorial
Dylan Cox, CFA Head of Private Markets Research
Institutional Research Group
Analysis
Published on September 5, 2022
Click here for PitchBook’s report methodologies.
Publishing
Report designed by Sarah Schwab and Jenna O’Malley
Data
Charlie Farber
Senior Data Analyst
TJ Mei
Associate Data Analyst
pbinstitutionalresearch@pitchbook.com
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
Nalin Patel
Lead Analyst, EMEA Private
Capital
nalin.patel@pitchbook.com
Introduction
3
VC deals
4
VC exits
7
VC fundraising
9
PE deals
10
PE exits
12
PE fundraising
14
3
INTRODUCTION
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
Introduction
Venture capital
UK & Ireland venture capital (VC) deal activity defied
macroeconomic uncertainty in H1 2022. The pace set in
H1 2022 aligned with the record figures logged in 2021. As
evidenced with the VC dealmaking activity this year, capital
continued to flow freely into UK- & Ireland-based startups
despite anticipated recessions. The shift in monetary
policy is notable and its impact on the VC dealmaking
environment will be clearer in H2 2022. VC deal activity
growth has been considerable YoY during the past decade,
and we believe a flattening will take place in 2022, rather
than a sharp decline. Within the UK ecosystem, London-
based fintech companies have emerged as the most
prominent in the region. As witnessed across Europe in H1
2022, UK & Ireland exit activity retrenched from the bumper
showing in 2021. Despite a multitude of macroeconomic
challenges, fundraising has displayed resilience in
this region.
Private equity
The macroeconomic backdrop shifted in H1 2022,
with flattening of private equity (PE) dealmaking
activity across choppier financial markets. The UK &
Ireland—particularly the UK—has been one of the largest
European PE deal value generators of the past decade.
The development of largescale portfolio companies and
PE sponsors with considerable AUM is a major part of
the financial industry in the UK, alongside traditional
investment banking, management consulting, and
accounting services. As witnessed globally, UK & Ireland
deal activity has been skewed by outsized deals. Take-
privates could become increasingly popular in upcoming
quarters as PE firms with high levels of dry powder target
undervalued high-growth companies in the current market.
In H1 2022, UK & Ireland PE exit value kept pace with 2021’s
record-breaking total. The pace of PE fundraising in this
region was slightly down on figures registered in the past
three years.
4
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
VC DEALS
VC deals
1: “Bank of England’s Bailey Warns UK Faces ‘Very Big’ Inflation Shock, Defends Historic Rate Hike,” CNBC, Karen Gilchrist, August 4, 2022.
2: “Cazoo to Cut 750 Jobs in UK and Across Europe Amid Recession Fears,” The Guardian, Julia Kollewe, June 7, 2022.
3: “UK Health App Babylon Plans Job Cuts in Bid to Slash Costs,” Bloomberg, Olivia Solon, July 12, 2022.
4: “Arrival to Slash Costs, Cut Up to 30% of Workforce to Meet on EV Van Production Target,” TechCrunch, Kirsten Korosec, July 13, 2022.
hiring sprees. In H1 2022, previously VC-backed companies
displayed lower market capitalisations as liquid public
markets entered correction territory. UK-based companies
including online car retailer Cazoo (NYSE: CZOO),2 telehealth
provider Babylon Health (NYSE: BBLN),3 and electric vehicle
developer Arrival (NASDAQ: ARVL) have reportedly laid off
employees in 2022.4 We believe late-stage companies that
require financing in the current climate may face haircuts,
especially those who experienced soaring valuations during
pandemic-induced lockdowns. Online discretionary spending
increased during COVID-19 lockdowns, but with the cost-of-
living now surging in the UK, consumer-facing businesses will
struggle to maintain growth rates witnessed during the past
two years.
One major late-stage deal to close in Q2 2022 was London-
based payment company SumUp, which secured £504.2
million in debt and equity at a £6.8 billion post-money
valuation. Substantial late-stage deals have continued to
close in 2022 thus far, underpinning the UK’s position as
the largest VC deal value producer in Europe. In H1 2022,
66.3% of deal value was within late-stage deals, equivalent
to £10.2 billion.
UK & Ireland VC deal activity defied macroeconomic
uncertainty in H1 2022, with £15.4 billion invested across
1,879 deals. The pace set in H1 2022 aligned with the record
figures logged in 2021, which saw £28.2 billion pumped
into 3,857 deals. As evidenced with VC dealmaking activity
this year, capital has continued to flow freely into UK- &
Ireland-based startups despite anticipated recessions.
Inflation reached a 40-year high of 10.1% in July 2022 due
to rising goods and energy prices, and the Bank of England
(BOE) predicts an increase to 13.3% in H2 2022. To curb
surging inflation, the BOE raised interest rates by 50 basis
points to 1.75%, the sixth consecutive increase and largest
hike in 27 years.1
The shift in monetary policy from historically low interest
rates that promoted growth, spending, and borrowing is
notable and its impact on the VC dealmaking environment
will be clearer in H2 2022. VC deal activity growth has been
considerable YoY during the past decade, and we believe a
flattening will take place in 2022, rather than a sharp decline.
As spending tightening and growth becomes challenging,
late-stage companies with high burn rates could be the first
to rein in costs, adjust aggressive growth targets, and slow
Deal value (£B)
Deal count
£2.1£2.6£3.1£4.7£5.0£8.7£9.3£11.6£13.7£28.2£15.41,230
1,639
2,218
2,199
2,277
2,699
3,087
3,270
3,341
3,857
1,879
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022*
VC deal activity
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
5
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
VC DEALS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20122013201420152016201720182019202020212022*Late-stage VC
Early-stage VC
Angel & seed
£0
£5
£10
£15
£20
£25
£30
20122013201420152016201720182019202020212022*Commercial
services
Consumer goods
& recreation
Energy
HC devices
& supplies
HC services
& systems
IT hardware
Media
Biotech & pharma
Software
Other
Share of VC deal value by stage
Share of VC deal value (£B) by sector
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
The maturity of UK-based companies has enabled larger
rounds to close in the region. As startups have been able to
leverage the vast financial resources of investors in Europe,
US, and Asian markets, the UK is the natural launchpad
for US or Asia-headquartered LPs, GPs, and portfolio
companies to expand into Europe. Brexit has complicated
certain EU processes; however, in contrast to initial fears,
there has not been a mass exodus of companies, funds, or
talent from the UK ecosystem in the past few years.
The UK possesses the third largest proportion of
national economic output from financial services in The
Organization for Economic Cooperation and Development.
The financial services sector was estimated to contribute
£164.2 billion to the UK economy, 8.6% of economic output
in 2020. The sector was largest in London, where half of the
sector’s output was concentrated.5 Vast experience in the
financial services sector has translated into a burgeoning
fintech VC scene. Within the UK ecosystem, London-based
fintech companies have become the most prominent in
the region. A glut of high-profile companies obtaining
sizable backing and reaching lofty valuations including
Checkout.com, Revolut, Rapyd, Monzo, Starling Bank, and
others have emerged. Top talent has been lured from
established financial institutions (FIs) to either carve out
their own business or help build companies disrupting
incumbents. Furthermore, existing relationships and
integrated networks between companies, individuals,
and FIs in local clusters such as London have boosted the
likelihood of success and investments to be struck.
Although high quantities of VC activity take place in London,
additional clusters have crystallised in the UK & Ireland
region in the past decade. World-class universities in
Oxford and Cambridge have drawn international talent to
study, research, and develop innovative solutions ripe for
investment. For example, Cambridge-based CMR Surgical
and previously VC-backed Oxford Nanopore Technologies
(LON: ONT) carry multi-billion-pound valuations and have
completed some of the largest VC financings witnessed in
the UK in the past five years. Both companies have attracted
capital from an array of global investors and have established
their respective founding cities as VC hubs in the UK.
5: “Financial Services: Contribution to the UK Economy,” UK Parliament, Ali Shalchi, Georgina Hutton and Matthew Ward, December 8, 2021.
6
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
VC DEALS
£0.1£0.2£0.5£0.8£0.7£1.9£1.7£3.0£2.9£9.3£ 5.275
131
197
207
260
345
421
445
456
566
276
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022*
Deal value (£B)
Deal count
UK & Ireland fintech VC deal activity
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
Company
Deal size (£M)
Post-money valuation (£B)
Industry
HQ location (UK)
SumUp
£504.2
£6.8
Payments
London
Newcleo
£254.8
£0.5
Energy
London
GoCardless
£244.5
£1.6
Payments
London
Matillion
£169.3
£1.1
Database software
Manchester
Multiverse
£169.3
£1.3
HR tech
London
Five largest UK & Ireland VC deals in Q2 2022*
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
7
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
VC EXITS
VC exits
may have had greater impact on public listings in the UK,
rather than regulatory reforms of listing rules on the London
Stock Exchange.
While public listings declined from 2021 figures, acquisitions
and buyouts reflected softer falls. We believe alternative
exit routes to public markets will proliferate in upcoming
quarters as nimble PE firms and corporates armed with
capital seek out cut price targets. Companies could be
facing lower valuations in coming months and rather than
risking a costly and lengthy public debut, an acquisition
or buyout could be more appealing for founders and
management teams. Corporates via corporate venture
capital (CVC) arms and PE firms have both increased their
exposure as nontraditional investors in VC deals in recent
years and could look to take controlling stakes in VC-
backed companies. CVCs could identify targets to merge
with existing operations and bolster revenue streams.
Meanwhile, PE firms could identify companies to diversify
existing portfolios and add to their AUM.
£0.7£1.6£3.3£5.1£2.6£2.7£10.1£8.4£6.1£52.8£4.595
110
123
172
137
155
135
175
159
309
130
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022*
Exit value (£B)
Exit count
VC exit activity
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
As witnessed across Europe in H1 2022, UK & Ireland exit
activity retrenched from the bumper showing in 2021. Exit
value was £52.8 billion in 2021, nearly nine times larger than
the £6.1 billion logged in 2020. In H1 2022, exit value topped
£4.5 billion, which was comparable to exit levels pre-2021.
As the year has progressed, it is clear that 2021 was an
outlier year due to a mixture of VC-backed companies
rushing towards an exit to take advantage of heightened
valuations and beneficial market conditions. Pandemic-
driven growth curtailed in H1 2022 and companies
focusing on growth at all costs are increasingly looking to
improve capital efficiency in the current bear market. As
a result, exits have declined, with founders, companies,
and investors unwilling to test out their private market
valuations in public markets out of fear of damaging their
long-term returns.
Only six public listings of companies from the UK & Ireland
took place in H1 2022. In comparison, 44 chose to publicly
list in 2021. It must be emphasised only six public listings
took place in 2019 and in 2020, respectively, and the
previous high of 20 was in 2014, further illustrating that
2021 was an anomaly. Without enormous multi-billion-
pound exits for companies including Wise (LON: WISE),
Deliveroo (LON: ROO), and Darktrace (LON: DARK) in 2021,
exit value in 2022 would not appear as a considerable YoY
collapse. Given the declines in 2022, it could be argued that
favourable market conditions and demand from investors
8
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
VC EXITS
0%
50%
100%
150%
200%
250%
300%
350%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022*
Commercial services
Consumer goods
& recreation
Energy
HC devices & supplies
HC services & systems
IT hardware
Media
Other
Biotech & pharma
Software
Share of VC exit count by sector
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
£0
£10
£20
£30
£40
£50
£60
20122013201420152016201720182019202020212022*Buyout
Public listing
Acquisition
0%
50%
100%
150%
200%
250%
300%
350%
20122013201420152016201720182019202020212022*Buyout
Public listing
Acquisition
Share of VC exit value (£B) by type
Share of VC exit count by type
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
9
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
VC FUNDRAISING
VC fundraising
wider financial markets. However, given the strong and
consistent fundraising efforts across regions—including
UK & Ireland—in the past five years, dry powder levels have
elevated in the VC ecosystem. Thus, even if fresh capital
availability falls, GPs should be able to deploy significant
amounts of capital into investments without having to raise
substantial funds in the near-term. Obviously, a one-size-
fits-all approach is inaccurate and specific GPs have their
own considerations regarding funding cycles. Nonetheless,
strong dry powder figures should help buffer from the
impending market downturn in H2 2022.
£4.4£3.1£2.6£2.2£3.9£9.1£2.6£8.0£4.3£6.3£2.735
50
72
68
73
69
71
93
87
81
27
20122013201420152016201720182019202020212022*Capital raised (£B)
Deal count
VC fundraising activity
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
Investor
Fund name
Fund size (£M)*
Fund location
(UK)
Felix Capital
Felix Capital Fund IV £478.5
London
Blossom Capital
Blossom Capital III
£347.9
London
Eight Roads
Eight Roads China
Technology Fund V
£264.1
London
Hiro Capital
Hiro Capital II
£251.3
London
Synthesis Capital
Synthesis Food
Technology Fund
£241.1
London
Five largest VC funds to close in H1 2022
by fund size
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
UK & Ireland VC fundraising reached £2.7 billion in H1
2022, slightly down on the pace set during 2021 which saw
£6.3 billion raised. Despite a multitude of macroeconomic
challenges in 2022, fundraising has displayed resilience in
the UK & Ireland. Several funds closed in H1 2022 may have
been launched prior to the shifting financial markets during
the past few months. Nonetheless, capital commitments
have remained healthy. It is worth noting fundraising
processes can take months with open funds concurrently
raising funds. Figures are typically lumpy and skewed
towards a limited number of outsized funds. Therefore,
major changes in activity can take several quarters to feed
into data.
The UK & Ireland has consistently been one of the largest
capital raising regions in Europe during the past decade.
Notable GPs to close funds in H1 2022 included Felix Capital,
Blossom Capital, and Eight Roads. Similar to deal value,
capital raised by VC funds has been largely concentrated
in London. In 2021 and H1 2022, nine out the 10 largest VC
funds to close were in London. Established managers have
raised fund families in the capital city, with domestic and
international LPs clambering to commit to bigger funds
offered by GPs with impressive track records.
Generally, closed UK-based funds have continued to attract
commitments from global LPs and have shown infinitesimal
declines in size in the past six months. As 2022 progresses,
the fundraising landscape is expected to tighten and mirror
10
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
PE DEALS
PE deals
2015. Tech stocks have enjoyed a bull run for several years,
characterised by an insatiable appetite from investors,
strong growth metrics, and an increasing reliance on
technology in everyday life. Furthermore, UK- and Europe-
based tech companies have often listed on established US
exchanges to increase their exposure to new markets and
leverage wider investor bases.
2022 has seen numerous public tech companies struggle
below their historically high multiples of the past two years.
Although the Mimecast take-private was announced prior
to severe depressions in tech stock market capitalisations in
H1, further take-privates could occur in upcoming months.
PE firms with high levels of dry powder will be targeting
undervalued high-growth companies in the current market.
Lofty valuations tied to soaring revenue multiples have
fallen, as investors have turned to value instead of growth
in recent months. US-based tech companies are scattered
among the largest company market capitalisations in the
world, and UK-based counterparts have constantly looked
to bridge the gap. Instead of risking an IPO to promote
growth or struggling with a lowly share price, companies
may look to PE firms for take-privates to focus on long-term
growth efforts and avoid the noise, financial reporting, and
scrutiny facing public companies.
UK & Ireland PE deal activity reached £75.6 billion across
762 deals in H1 2022, which is on pace to drop below the
£198.4 billion recorded by 2021’s conclusion. UK & Ireland
PE deal value jumped 73.7% YoY in 2021 as PE deal activity
ballooned with highly capitalised investors and portfolio
companies conducting several high-profile deals. However,
the macroeconomic backdrop has shifted in H1 2022,
and we have seen flattening of PE dealmaking activity
across choppier financial markets. The UK & Ireland, and
in particular the UK, has been one of the largest European
PE deal value contributors during the past decade. The
UK’s position as a financial services and PE hub has grown
impressively. The development of largescale portfolio
companies and investors with significant AUM now forms
a major part of the financial industry in the UK, alongside
traditional investment banking, management consulting,
and accounting services.
As is the case globally, UK & Ireland deal activity has been
largely skewed by outsized deals. Despite a softening in
activity in H1 2022, substantial deals continued to close.
For example, Permira’s £4.6 billion take-private of London-
based cloud cybersecurity provider Mimecast was one
of the largest deals in the first half of the year. Mimecast
was delisted after debuting on the tech-heavy Nasdaq in
£41.4£53.2£67.8£91.8£72.9£131.1£130.3£116.8£114.2£198.4£75.6756
853
984
1,115
1,101
1,244
1,387
1,332
1,310
1,922
762
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022*
Deal value (£B)
Deal count
PE deal activity
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
11
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
PE DEALS
In H1 2022, UK & Ireland take-private deal value reached
£6.9 billion, down on the pace set in 2021 which saw £27.1
billion logged. Another major deal in H1 2022 was the £1.3
billion take-private of pharmaceutical services & products
company Clinigen by UK-headquartered Triton. Healthcare
is a core sector of Triton’s investment strategy and PE firms
in search of returns have continued to branch out into
new areas beyond traditionally popular sectors such as
information technology (IT), financial services, consumer
products & services, and business products & services. In
H1 2022, 11.6%—equivalent to £8.7 billion—was within the
healthcare sector. By comparison, £17.6 billion was invested
into IT companies in H1 2022.
The public healthcare system in the UK is heavily reliant
on the free-to-use National Health Service (NHS). Stress
placed on the NHS system has been discussed for decades
by politicians, and COVID-19 created huge backlogs for
patients requiring treatment. Healthcare privatisation
has been a longstanding point of contention in the UK
with NHS employees and patients increasingly forced to
move towards private service providers. According to the
think-tank IPPR, the proportion of healthcare spending
from people paying for private healthcare rose from
0.46% in 1980 to 1.77% in 2020, the biggest increase in the
G7 nations.6
In 2020/21, the Department for Health and Social Care
spent £192 billion on the NHS.7 Moreover, the NHS is the
largest employer in Europe and the world’s largest employer
of highly skilled professionals.8 The size and scope of
the NHS provides opportunities for talented individuals,
innovative companies, and knowledgeable investors to
help improve efficiency and the quality of services. PE
firms are opportunistic, and greater levels of investment
or acquisitions through privatisation may be unpopular
with the public but may be necessary to sustain stretched
services. Therefore, we could see an increase in UK
healthcare PE dealmaking in coming years.
Looking ahead, PE dealmaking could be further stimulated
by the uncertainty facing global markets and special
situation teams could move for assets. One notable deal
to close in H1 2022 was the sale of Chelsea Football Club
for £2.5 billion to Clearlake Capital Group. Russian oligarch
Roman Abramovich bought Chelsea in 2003 and was forced
to sell due to sanctions from his ties to Vladimir Putin.
The war in Ukraine has been a devastating humanitarian
disaster, and as it rages on, wider impacts are evolving.
£1.8£0.4£0.9£7.2£1.5£10.0£8.3£14.4£9.9£27.1£6.913
7
7
14
10
15
14
21
15
18
6
20122013201420152016201720182019202020212022*Deal value (£B)
Deal count
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20122013201420152016201720182019202020212022*Materials &
resources
IT
Healthcare
Financial services
Energy
Consumer products
& services
Business products
& services
Take-private PE activity
Share of PE deal count by sector
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
6: “Private Healthcare Boom Adds to Fears of Two-Tier System in UK,” The Guardian, Denis Campbell, March 1, 2022.
7: “Key Facts and Figures about the NHS,” The King’s Fund, January 13, 2022.
8: “Chapter 4: NHS Staff Will Get the Backing They Need,” NHS, n.d., accessed August 22, 2022.
For example, the cost of energy in Europe is soaring due
to its reliance on Russia. With inflation at record highs,
businesses may be forced to seek new owners or carve out
assets to raise capital, which could encourage PE activity in
the near-term.
12
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
PE EXITS
PE exits
shift to online spending creates challenges for established
stores such as Selfridges and Harrods that have been
present for decades in the UK. Therefore, investment
into physical stores alongside digital marketing, modern
applications, and user-friendly websites is essential to
ensure established companies remain relevant with younger
generations.
In H1 2022, there were no PE-backed public listings of
UK- & Ireland-based companies. By comparison, 27
public listings took place in the entirety of 2021. Public
market activity has dried up in H1 2022 as unease about
recessions, weak economic growth, and rising inflation have
dampened appetite. The public market valuations of several
international companies, particularly in the technology
sector, have taken huge hits in 2022 thus far. As a result,
management teams and investors have been extremely
cautious about listing in the current climate. We expect
public listing activity to remain depressed in the near-term
as uncertainty persists. Exits via corporate acquisitions and
buyouts will form the majority, if not all, of the exits from UK
& Ireland-based companies in the next three to six months.
£32.1£37.4£53.0£65.8£53.5£70.4£67.6£47.7£47.3£103.0£49.5204
275
327
328
294
362
333
277
255
394
222
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022*
Exit value (£B)
Estimated exit value (£B)
Exit count
Estimated exit count
360
131
PE exit activity
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
In H1 2022, UK & Ireland PE exit value reached £49.5 billion
and kept pace with 2021’s record-breaking total of £103.0
billion. Meanwhile, exit volume is pacing higher through
H1 2022 and if sustained throughout the year, it could
eclipse 2021’s figure. Exit markets often reflect near-term
challenges facing companies and economies first; however,
PE exits remained surprisingly resilient in H1 2022. Major
exits tend to skew exit value and a selection of high-profile
exits closed in H1 2022. Further, as public listings have
declined in popularity, buyouts and corporate acquisitions
have continued to take place at a rapid clip despite market
uncertainty. Exit agreements in place prior to financial
market volatility in H1 2022, as well as elevated dry powder
levels, have been key drivers of exit activity in the first half
of the year.
The £4.0 billion sale of UK-based famed luxury retailer
Selfridges to Thailand-based Central Group and Austria-
based SIGNA Holding was one of the largest exits in
H1 2022. The Selfridges Group comprises 18 stores,
e-commerce platforms, and associated properties.
Selfridges will become part of the collective Central and
Signa group of high-end retailers, including Italy-based
Rinascente, Denmark-based ILLUM, Switzerland-based
Globus, and Germany-based KaDeWe Group. Near-term
impacts on discretionary spending caused by global
inflation generally slow growth in luxury markets; however,
economies of scale, strong brands, and new fashion lines
can protect profit margins in the industry. The long-term
13
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
PE EXITS
£0
£10
£20
£30
£40
£50
£60
£70
£80
£90
£100
20122013201420152016201720182019202020212022*Buyout
Public listing
Acquisition
0%
50%
100%
150%
200%
250%
300%
350%
400%
20122013201420152016201720182019202020212022*Buyout
Public listing
Acquisition
Share of PE exit value (£B) by type
Share of PE exit count by type
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
14
2022 UK & IRELAND PRIVATE CAPITAL BREAKDOWN
PE FUNDRAISING
PE fundraising
pressure are likely to impact adversely on multi-billion-
pound fundraising efforts. In contrast, established PE fund
managers with strong track records and vast networks
combined with deep-pocketed LPs seeking returns can help
commitments flow into funds based in the region. Notable
funds to close in H1 2022 included BC European Capital XI
at £5.8 billion and Inflexion Buyout Fund VI at £2.5 billion.
It is worth mentioning that fundraising processes can take
several months. Although it is too early to discern if recently
closed or open funds are feeling the impacts of shifting
market dynamics, fundraising figures were relatively healthy
in H1 2022. Nonetheless, a prolonged recession and deep
market depression could affect fundraising in the long run.
£10.3£34.2£14.8£23.5£29.6£50.9£27.5£45.9£48.3£30.1£13.133
67
61
76
73
80
67
77
68
59
18
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022*
Capital raised (£B)
Fund count
PE fundraising activity
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
Investor
Fund name
Fund size (£M)*
HQ location (UK)
BC Partners
BC European Capital XI
£5,763.3
London
Inflexion Private Equity Partners
Inflexion Buyout Fund VI
£2,500.0
London
Generation Investment Management
Generation IM Sustainable Solutions Fund IV
£1,356.0
London
Pollen Street Capital
PSC IV
£983.3
London
Sprints Capital
Sprints Capital International Fund IV
£442.7
London
Five largest PE funds to close in H1 2022
Source: PitchBook | Geography: UK & Ireland
*As of June 30, 2022
In H1 2022, the pace of PE fundraising in the UK & Ireland
was slightly down on figures registered in the past three
years. £13.1 billion was raised across 18 funds in H1 2022
and is on track to land below the £30.1 billion raised across
59 funds in 2021. Although fundraising figures are lumpy
and skewed by outlier funds, capital raised at the year’s
conclusion could reach its lowest total since 2015 if the
current pace continues. During the past decade, fundraising
totals have oscillated, indicative of figures that are dictated
by mega-funds closing in the region.
Naturally, factors including tentative financial markets,
rising interest rates, political instability, and inflationary
Additional research
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European private capital
Q2 2022 European Venture
Report
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Q2 2022 European VC
Valuations Report
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Q2 2022 European PE
Breakdown
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Analyst Note: 2022
European Private Capital
Outlook: H1 Follow-Up
Download the report here
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