On December 3rd, 2025, Access Capital Partners (“Access”) held its 23rd Annual General Partners Meeting and gathered 50 of its European small cap buy-out General Partners (“GPs”) to exchange perspectives on liquidity and sector resilience in times of uncertainty.
Current exit market environment
Amid a volatile macroeconomic landscape due to ongoing geopolitical tensions and tariff turmoil, pressures on economic sentiment and the M&A landscape persist. Heightened caution among buyers has slowed exit activity, as reflected in a 58% decline in overall European buy-out exits during the first half of 2025. Despite this sluggish exit environment, Access has maintained a sustained level of liquidity for its investors, supported by the strong performance of exits, achieving an average MOIC of 3.6x in 2025, with 65% of exits happening above 3.0x.
This strong performance has been driven by robust revenue growth (+28% in 2025 compared to +17–23% in 2022–24) fuelled by buy-and-build acquisitions and by solid multiple expansion, though achieved with a slightly longer holding period relative to prior years...
Current exit market environment
Amid a volatile macroeconomic landscape due to ongoing geopolitical tensions and tariff turmoil, pressures on economic sentiment and the M&A landscape persist. Heightened caution among buyers has slowed exit activity, as reflected in a 58% decline in overall European buy-out exits during the first half of 2025. Despite this sluggish exit environment, Access has maintained a sustained level of liquidity for its investors, supported by the strong performance of exits, achieving an average MOIC of 3.6x in 2025, with 65% of exits happening above 3.0x.
This strong performance has been driven by robust revenue growth (+28% in 2025 compared to +17–23% in 2022–24) fuelled by buy-and-build acquisitions and by solid multiple expansion, though achieved with a slightly longer holding period relative to prior years...