European infrastructure transactions reached €56bn in the first half of 2026, equivalent to more than two-thirds of the €81bn recorded throughout 2025, according to new research from Preqin.
The figures form part of the data provider’s annual European private markets review, which also identifies a widening valuation gap between European and North American buyouts and substantial differences in institutional investors’ private markets allocations.
Preqin found that median buyout valuations in Europe and North America had converged at approximately 11 times EBITDA in 2023, before diverging again the following year.
By the second quarter of 2026, the gap had widened to just over two times EBITDA, with European acquisitions trading at lower multiples than comparable North American transactions.
The findings indicate that the relative pricing advantage available to European buyout investors has increased since 2023, although the report does not establish whether the difference reflects sector composition, company growth expectations or other underlying characteristics.
The research also found that European institutional investors remained substantially less exposed to private markets than their international counterparts.
Private markets represented a weighted average of 11.4% of European institutional portfolios at the end of 2025, approximately 9.6 percentage points below the global average.
That implies a worldwide weighted average allocation of approximately 21%, based on Preqin’s reported figures.
The difference suggests considerable scope for European institutions to increase allocations, although the report does not establish how quickly those allocations might change or how much additional capital would be directed towards European managers.
In venture capital, Nordic investment activity provided a further example of capital becoming concentrated in larger transactions.
Aggregate Nordic VC deal value increased 65% year on year to $7.2bn in 2025, while the number of transactions remained broadly unchanged at 465.
The increase therefore reflected larger financing rounds rather than a material expansion in deal volume.
The findings point to differing developments across European private markets, with infrastructure transaction values accelerating, buyout entry valuations becoming more attractive relative to North America, and venture investment growth increasingly dependent on transaction size.
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