Apollo top of EMEA sponsor league table in 2Q following Lottomatica selldowns
Apollo Global Management shot to the top of the EMEA equity capital markets (ECM) sponsor league table in 2Q25 following the private equity firm’s back-to-back selldowns in Lottomatica Group SpA.
The firm notched up USD 1.9bn in ECM volume for the quarter, more than doubling the USD 747m booked in 1Q25, according to Dealogic data.
The two block trades in May and June — which raised USD 558m and USD 1.4bn, respectively — accounted for Apollo’s entire ECM activity in the period.
The sponsor made the most of a disrupted window following US President Donald Trump’s “Liberation Day” announcement, which triggered a spike in market volatility and accelerated sell-off activity across Europe.
In second place was Abu Dhabi Investment Authority (ADIA) with USD 1.4bn in deal volume, up from USD 758m in 1Q25.
The strong quarter followed from selldowns in various investments, notably Galderma Group AG, which raised USD 2.2bn, and Ayvens SA, formerly called ALD SA, through deals worth USD 501m and USD 385m, respectively.
Third was EQT with volumes of USD 1.3bn, slightly down from USD 1.4bn in the previous quarter.
The Swedish sponsor scored big with its Galderma selldown and also saw a bright spot in the IPO of Nordic mortgage servicer Enity Holding AB, for a deal value of USD 176m.
| Top 5 EMEA Sponsor-led deals in 2Q 2025 | ||||
|---|---|---|---|---|
| Pricing Date | Company | Deal Value USD (m) | Financial Sponsor | Deal Type |
| 28-May-2025 | Galderma Group AG | 1,967.00 | Abu Dhabi Investment Authority Ltd-ADIA EQT AB |
Follow-On |
| 17-Jun-2025 | Lottomatica Group SpA | 1,390.00 | Apollo Asset Management Inc | Follow-On |
| 09-May-2025 | Lottomatica Group SpA | 558.00 | Apollo Asset Management Inc | Follow-On |
| 13-May-2025 | Ayvens Group | 501.00 | Abu Dhabi Investment Authority Ltd-ADIA GIC Pte Ltd TDR Capital LLP |
Follow-On |
| 06-Jun-2025 | Allegro.eu SA | 483.00 | Cinven Ltd Permira |
Follow-On |
IPO activity remained sluggish in 2Q25, with only two successful sponsor-backed listings. Aside from EQT’s Enity IPO, Sweden’s Ratos AB floated Nordic construction group Sentia ASA, raising USD 158m.
Permira trailed the leaders with USD 415m in ECM volume — still a solid jump from just USD 60m in 1Q25.
The increase was driven by its involvement in the dual block trades of Polish e-commerce platform Allegro.eu SA, which raised a combined USD 793m across the quarter.
Rounding out the top five was Cinven, which booked USD 350m from the same Allegro trades.
Completing the top ten were: GIC (USD 295m), TDR Capital (USD 295m), CVC Capital (USD 278m), Edizione (USD 215m) and Ratos (USD 158m).
For 1H25, EQT just leads the pack with USD 2.7bn in deal volume.
The Swedish sponsor was followed by Apollo (USD 2.69bn), ADIA (USD 2.2bn), Nalka Invest (USD 1.02bn), and Wendel (USD 922m).
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