For years, an allocation to US private equity was all but automatic. However, North American entry multiples now trade at a 1.6x premium to European deals, close to the widest spread in the past 5 years. Meanwhile, US capital has been flowing to Europe - accounting for 38% of Europe's private equity deal value in the first three quarters of 2025, the highest proportion this decade. Does this show signs that even the most committed North America bulls are hedging?
