Private equity-backed companies now outnumber publicly listed firms in Europe by a record margin, according to PitchBook's 2026 EMEA Private Capital Outlook: Midyear Update. As of March 31, there were a record 14,395 PE-backed companies in Europe, while only 6,240 companies were listed on stock exchanges, the lowest since 2017. The ratio of PE-backed to listed firms reached 2.3 times, a fresh record. The number of listed firms fell 5.8% in the first quarter, while PE-backed company count grew just 0.7%, underscoring a structural retreat of public markets. Just seven PE-backed companies priced on European exchanges in the first five months of 2026, raising a combined €2.4 billion, putting this year on track to be the worst for European PE listings on record.