Forvis Mazars Private Equity Report 2026: risk-averse approach limits potential returns for Dutch private equity

What does the research show?

• 84% of Dutch private equity firms see themselves as active investors.
• TMT and financial services remain the most important sectors.
• Dutch parties apply a lower entry leverage (42%) compared to international peers (47%).
• 66% indicate that geopolitical uncertainty is the biggest external challenge; in the global report, market dynamics rank highest.
• 36% of Dutch exits achieve an IRR ≥ 20%, compared to 50% globally.
• 44% state that Germany is the most important foreign market.

Caution brings stability, but slows acceleration

Where international private equity firms selectively use risk as an accelerator of growth, Dutch players remain primarily focused on control, risk management and predictability. This creates a solid foundation, but at the same time limits the potential to create value at a faster pace.

“The market forces tough choices. Capital is still widely available, but using it effectively, with active ownership and clear value levers, determines the difference between following and leading.”  - Aron de Jong, Partner | Head of Private Equity, Forvis Mazars in the Netherlands

Prestaties: solide uitvoering, beperkte uitschieters

De prestaties van Nederlandse portefeuilles ontwikkelen zich grotendeels conform verwachting, maar de sector realiseert minder vaak hogere rendementen dan internationaal. De nadruk op majority deals, intensieve operationele sturing en lagere leverage levert stabiliteit op, met als gevolg minder uitschieters naar boven.

Performance: solid execution, limited outperformance

The performance of Dutch portfolios largely develops in line with expectations, but the sector less frequently achieves higher returns than its international counterparts. The emphasis on majority deals, intensive operational steering and lower leverage delivers stability, but results in fewer upside outliers.

Market conditions: cautious confidence and focus on familiar markets

Although more than half of Dutch private equity firms are positive about the fundraising climate, confidence in portfolio growth remains moderate. Cross-border strategies are considered important, but are applied less intensively than globally. The preference for nearby and familiar markets, particularly Germany, underlines the risk-averse behaviour.

The research findings make clear that Dutch private equity firms opt for responsible investing, with attention to strategy, professionalisation and sustainable value creation.

Tjarda Molenaar, Managing Director of the Dutch Private Equity & Venture Capital Association (NVP), summarises this succinctly:

“Private equity plays an important role in the Netherlands in enabling companies to grow and become future-proof. By combining capital with strategic guidance, businesses can invest successfully in innovation, digitalisation and internationalisation. This report shows that in uncertain times, Dutch investors choose a measured approach: careful selection, responsible financing and strengthening companies step by step. That discipline contributes to the sustainable development of portfolio companies and of our sector.”

With this approach, the sector remains an important engine for innovation and future-proof growth.

About the research

Forvis Mazars’ Dutch Private Equity Report 2026 is based on a mix of telephone interviews, an online panel and a survey among 50 Dutch respondents. The research was conducted between 1 September and 26 November 2025 and serves as a deep dive into Forvis Mazars’ global private equity study among more than 800 respondents.

About Forvis Mazars

Forvis Mazars is a leading global network in financial services operating under a single brand name with two members: Forvis Mazars, LLP in the United States and Forvis Mazars Group SC, an internationally integrated partnership active in over 100 countries. Both members are deeply committed to their clients, delivering an unmatched client experience and offering global services in audit, tax, and advisory.

Quality within ethical and legal frameworks is what you can expect from us. Trust in our judgment is the reason we exist. With in-depth knowledge of regulations and solid market insight, we support our clients and contribute to society.

Forvis Mazars has more than 40,000 professionals serving clients around the world.