Dates: Tuesday 25th – Thursday 27th March 2025
Venue: Rosewood Hotel, London
Now in its fifth year, the Jefferies Pan-European Mid-Cap Conference has quickly established itself as a marquee event for investors and corporates focused on Europe’s mid-cap universe. Launched during the pandemic as a virtual gathering, the conference has evolved into one of the largest and most impactful events of its kind. This year, it returns to London with 190 participating companies (up from 167 in 2024) and 525 investors confirmed, representing 286 institutions worldwide.
The 2025 conference reflects Jefferies’ strategic commitment to supporting mid-cap companies across Europe. It offers a high-quality, curated experience built around 1×1 meetings and small group discussions, complemented by keynote sessions and evening networking events, including a European food festival. Investor attendance is up 47% year-on-year, with 36% of participants now coming from outside the UK, reflecting the rising global appetite for European mid-cap opportunities.
Ahead of this year’s conference, we sat down with Dominic Lester, EMEA Head of Investment Banking; Edward Keen, Head of Equities EMEA; and Lorna Shearin, Deputy Head of EMEA Investment Banking, to discuss the themes shaping the European mid-cap landscape and what to expect from the event.
European Mid-Cap Outlook
What are you most excited about as we head into this year’s conference?
Dominic Lester: From a macro perspective, Europe’s momentum is building. Ironically, recent US political shifts have pushed Europe towards greater economic coordination. The UK is moving closer to Europe, Germany has reawakened following Merz’s electoral victory, and we’re seeing renewed energy in Southern Europe, particularly Greece and Italy. Funding is available, debt financing remains resilient, and equity markets are competitive. All of this creates a fertile backdrop for mid-cap companies. It feels like the start of a European economic renaissance.
Lorna Shearin: The Jefferies Mid-Cap Conference is a unique event, and we always look forward to connecting with so many of our UK and European investment banking clients. This year, we have 65 UK corporates participating, and the conference provides an excellent opportunity to showcase them—particularly our UK broking clients—to a broad pool of global institutional investors. It promises to be an interesting three days as we hear how these companies are navigating shifts in technology and macroeconomic conditions, and how these factors are shaping their M&A and growth strategies.
2025 marks the conference’s fifth year—what makes this year’s conference stand out?
Dominic: It’s truly international, bringing together participants from across Europe and beyond. This reflects Jefferies’ long-term strategy to support the mid-cap universe. We’re seeing a diverse range of growth-oriented leaders—70% of companies are represented by C-suite management, with many new and returning names.
Edward Keen: I’m excited by the scale of participation—it’s becoming a bit of a marquee event! We now have 190 corporate attendees, with a third from the UK. The 125 European corporates represent a full range of sectors and include some of the most dynamic and exciting mid-cap companies in Continental Europe. On the investor side, we’re seeing large teams attending, some with up to 10 investment professionals. That shows deep institutional commitment and highlights Jefferies’ differentiation across trading, research, and banking.
How do you see the European mid-cap landscape evolving over the next 12–24 months?
Ed: We’ve expanded from a UK-centric model to pan-European coverage over the last few years. Mid-caps have always been a core focus for Jefferies, and there’s a strong case for European mid-caps right now. Valuations are compelling—most would argue they are cheaper than their US peers—and there’s real potential to find alpha. Our advisory expertise makes us a valuable partner to institutional investors.
Are there sectors or geographies where you expect significant deal activity or consolidation?
Dominic: Consolidation is accelerating in financial services, particularly in Italy, and we expect it to continue across Europe. Pharma remains active, and aerospace and defence are obvious areas given increased local defence spending. The IPO market is slowly reopening—we’ve seen corporate carveouts and private equity funds tap the public market to exit some assets that might be too large to sell, like Galderma. The constraint on European IPOs has been on the supply side, but I think we’ll see more high-quality companies coming to market, like Visma, Verisure, and other high-profile names such as Revolut. I don’t foresee a blockbuster IPO year, but it’s warming up and setting the stage for 2026. There’s also ongoing restructuring among over-leveraged companies, which will drive more M&A.
Lorna: Overall, deal activity remains healthy, particularly in technology, healthcare, energy and energy transition, and infrastructure, where we are seeing significant deal flow, including sponsor exits and public-to-private transactions. That said, the current geopolitical backdrop is making deal completion less certain and timelines to close are often longer. Geographically, Germany and the UK will likely remain focal points for many of our clients. It is the drive for innovation, sustainability, and digital transformation that continues to be the principal force behind M&A activity in the near and medium term.
Are institutional investors becoming more open to European mid-caps versus US opportunities?
Dominic: Yes. There’s a clear valuation arbitrage. Investors are still selective, but they’re looking for higher-growth opportunities—companies showing double-digit topline growth are in demand. In the UK, pension funds are under regulatory pressure to allocate more to public equities, which should help domestic demand as well.
Ed: Globally, we’re seeing US and AsiaPac long-only funds increasing their European exposure. We don’t really foresee people taking an overweight position—more of a rebalancing toward neutral. It’s important to remember that the liquidity profile of Europe is nowhere near as rich as the US. We have to tread carefully, but this could mark the beginning of a long-term shift. If there’s a resolution to the Russia-Ukraine crisis, there will be a resounding appetite for Europe, but things can change in an instant. Europe has its challenges—no one is totally immune to the effects of tariffs—but relative stability, predictability, and cheaper valuations are attracting capital.
Investor attendance is up 47%, with 36% ROW participation well above historical norms. What’s driving that international interest?
Ed: In my opinion, it reflects the diversification of global asset flows. Investors are moving away from being overweight in the US, and Europe is a key beneficiary. It also highlights the growing depth and breadth of Jefferies Corporate and Institutional investor clients. We are listening to what they want, and delivering!
Dominic: In addition, significant capital is flowing into Europe from the Middle East. Sovereign wealth funds and private equity investors there have both the capital and expertise, particularly in energy and industrial sectors. We’ve already seen large energy acquisitions in Germany and expect more to follow in industrials, petrochemicals, and beyond.
Any parting thoughts?
Dominic: This feels a bit like the 2020 reset. Historically, it’s been in the US’ interest to create military and economic dependence on the US. But as America turns inward, leaders in France, Germany, and the UK are taking the bull by the horns, and Europe is moving towards greater self-reliance in defence and energy security. I don’t think investors will sit on the sidelines in fear. People are shaken by geopolitical risks, but it’s prompting decisive action. This is a pivotal moment for Europe’s economy—and a huge opportunity for mid-cap investors.
Lorna: This is one of Jefferies’ flagship conferences, and it continues to grow year on year. In the same way that the Jefferies London Healthcare Conference has become a “must-attend” event in the annual calendar, we see our Mid-Cap Conference evolving in the same way. We’re delighted to host the event and to support both our corporate and institutional clients as they connect, grow, and flourish.
Ed: Make sure you sign up early if you want to come next year!
