According to the latest investment barometer published by the Finnish Venture Capital Association, the mergers and acquisitions market is showing signs of revival after a long period of subdued activity. A majority of surveyed private equity investors expect transaction volumes to increase over the next six months. During the first half of 2025, domestic buyout and growth investors invested EUR 148 million in 29 established growth companies, and 11 exits were completed.
The latest investment barometer from the Finnish Venture Capital Association indicates a clear pickup in the long-sluggish M&A market. The survey was completed by 76 investment professionals from 32 private equity firms, who now see the market entering a new phase. Private equity investors participate in around 30 percent of Finnish M&A transactions [1], making their views a valuable indicator of overall market direction.
The outlook for M&A activity received a net balance of +25 in the barometer. This means that most investors expect deal volumes to rise in the next six months, although some caution persists. The balance figure can range from +100 to -100, with positive values indicating optimism and negative values reflecting pessimism.
“Buyers’ and sellers’ views on company valuations have moved closer together. This is a key condition for getting transactions over the line. We expect private equity activity to increase both in new investments and in exits from existing portfolio companies over the coming half-year,” says Mia Sirkiä, vice chair of the board of the Finnish Venture Capital Association and CEO of Saari Partners.
Despite signs of recovery in the M&A market, investment volumes remained modest in early 2025. Finnish buyout and growth investors deployed EUR 148 million into established growth companies between January and June, across 29 investments—below the typical half-year average of 36.
During the reporting period, domestic investors made several notable transactions: Mandatum Asset Management invested in Takomo, a manufacturer of premium golf equipment; Korona Invest backed Asuntopehtoori, a service provider for residential and commercial property owners; and Vaaka Partners invested in Lemon Tree, a company specializing in accounting and software solutions for entrepreneurs.
There were also signs of strengthening in the exit market, with 11 exits completed during the first half of the year. The number has increased in each of the past two half-year periods from the lows seen in 2023 and is now close to the long-term average of 12 exits.
“In the second half of the year, we’ve already seen clearly more exits, and IPOs have again become a viable option. We also know that several major transactions have closed in recent months, which should lift the full-year investment volume back to levels seen in previous years,” says Anne Horttanainen, Managing Director of the Finnish Venture Capital Association.
Read more about the barometer here!
Read more about the statistics here!
References: [1] Transaction Trends Q3 2025, EY-Parthenon.
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Additional information:
Mia Sirkiä
Vice chair of the board, Finnish Venture Capital Association & CEO, Saari Partners
mia.sirkia@saaripartners.fi
Anne Horttanainen
Managing Director, Finnish Venture Capital Association
anne.horttanainen@paaomasijoittajat.fi
+358 40 510 4907
