Access Capital Partners' Annual General Partners Meeting 2025
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...