The private equity market in Portugal should return to growth in 2026, following a predicted recovery at a European level, according to the European Private Equity Outlook 2026 study, by consultancy Roland Berger, published this Wednesday, 4.
The report points to an improvement in financing conditions and the unblocking of mergers and acquisitions (M&A) operations postponed in the last two years. More than 75% of private equity professionals in Europe expect an increase in the number of transactions involving funds in 2026 compared to 2025, while in the Iberian Peninsula 46% of respondents anticipate an increase in activity, 44% believe in stability and 10% foresee a contraction.
Despite this optimistic outlook, Portugal and Spain suffered a combined 5% drop in transaction volume between 2024 and 2025, in a period in which the European market recorded an average growth of 13%. Still, the Iberian Peninsula has been seen as a “safe haven” for private equity investments, attracting greater commitment from international funds and reinforcing its strategic status for 2026, the study points out.
The work of Roland Berger, with around 3,500 specialists in private equity and M&A advisory services across Europe, highlights that the segment small e mid-cap should lead activity next year, benefiting from greater debt availability and more balanced valuations compared to large businesses. Sectors such as technology, softwaredigital solutions, business services, industry, logistics, infrastructure and health are highlighted as priorities for investment. strategies buy‑and‑builddigitalization and integration of artificial intelligence in portfolio companies will be decisive for the creation of operational value.
An intensification of operations is also expected sponsor‑to‑sponsor and a resumption of IPOs, in a more stable financial situation. Although around half of professionals consider that valuation multiples remain high, 40% believe that assets are “fairly valued”, reflecting a growing perception of balance in the market.
Leave a Reply