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Private Equity Market Study — 10th Edition

September 27, 2023
Latham & Watkins has produced the 10th edition of its annual survey of European private equity transactions.

Analysing data from more than 340 European deals signing or closing between July 2021 and June 2023 (inclusive), Latham's 10th edition of its annual European Private Equity Market Study provides insights into the trends and developments shaping the overall market.

Given Latham's role as Europe’s leading law firm for private equity, the deals surveyed provide an excellent representation of the overall M&A and buyout market.

Examples of trends and developments include:

  • Locked box mechanisms increasing, with their usage favoured amongst PE buyers and sellers
  • Popularity of earnouts rising, with variance between sectors
  • Escrows remain uncommon across jurisdictions
  • Foreign direct investment approval conditions growing
  • Changing caps for commercial warranty claims, W&I insurance usage increasing after plateauing in previous years
  • Focus on dynamic equity terms continues, including approach to equity commitment letter scope, management rollover, leavers and vesting, and compulsory transfer


We would be delighted to present our findings to your team and discuss how market trends could impact your approach to deal negotiations.