Sector Performance

In 2025, growth equity and venture capital investors took a more selective approach as macroeconomic conditions stabilized and the cost of capital remained elevated. Deal volume was concentrated in the early-stage financings, while overall deal value was driven by large late-stage and unicorn transactions.

AI and automation remained the primary focus for investors, with enterprise software, fintech, life sciences and health care, climate and energy transition, and digital infrastructure also attracting interest. Heightened regulatory scrutiny of cross-border and technology-adjacent investments continued to shape deal structuring and execution globally.

Hogan Lovells Activities

In 2025, our Growth Equity, Emerging Company, and Venture Capital team partnered with financial investors, strategics, high-growth businesses, and founders on transactions spanning the full fundraising journey, from early investment through follow-on financings and exits.

We remained active on transactions involving transformative technologies, particularly within the AI ecosystem, as well as across key growth sectors. We also launched an Investing in Emerging Tech thought leadership series through our Digital Transformation Academy and hosted events connecting founders and investors, including our Venture Capital Rooftop Sundowner in Berlin and our collaboration with Crafty Counsel on their M&A Day in London.