PE remained a significant driver of Irish M&A activity in 2025.

H1 was the busiest period for Irish PE investment since the pandemic, underscoring continued investor appetite despite increasingly challenging global conditions. Activity moderated in H2, as geoeconomic uncertainty and political developments slowed the initiation of deal processes.

Overall, Irish PE deal volumes still increased by 9%, rising from 92 transactions in 2024 to 100 in 2025. Aggregate deal value fell by 62%. This largely reflects the absence of a 2024‑style megadeal – such as Apollo Global Management’s €10.1bn investment in Intel’s Fab 34 – rather than a broader market decline.

PE activity remained notable throughout the year, with PE firms involved in seven of the 20 largest Irish transactions. This included the largest deal of 2025, Ardian’s €2.5bn acquisition of the Energia Group, which saw PE participation on both the buy-side and sell-side. Transactions of this scale highlight the continued attractiveness of Ireland as a market offering scalable platforms, high quality assets, and favourable long-term fundamentals.

Looking ahead, the outlook for 2026 presents grounds for cautious optimism. Further easing in monetary conditions, combined with increased political clarity, could support a more constructive environment for deal execution. There is also potential in this for increased activity from Ireland’s well-established domestic PE firms, which have remained active toward the medium end of the M&A market in 2025.

At a global level, the PE sector continues to face headwinds. Higher interest rates and inconsistent global conditions have contributed to a degree of stagnation, with PE firms encountering challenges in both exiting investments at attractive valuations and raising new capital. Recent months have shown signs of renewed momentum, with Q3 2025 delivering record levels of global PE dealmaking. Exit activity rebounded 40% year on year, with narrowing valuation gaps and improved financing.

A sustained global recovery in the sector is likely to translate into increased activity in Ireland during 2026, as investors continue to identify attractive opportunities across the market. Additionally, better alignment between buyer and seller expectations will drive deal activity as capital is deployed and exit opportunities increase.

Click here or the graphic below to download the M&A Review for 2025.