Content Includes:
Fundraising
Germany-focused funds closed in H1 2016 secured an aggregate €1.8bn.
Funds in Market
Germany-focused funds in market are seeking record levels of capital.
Investors
Germany-based investors allocate, on average, €535mn to private equity.
Deals
Private equity-backed buyout deal value hit €5bn in H1 2016.
Performance
Detailed performance data for Germany- and Western Europe-focused funds.
Preqin Special Report:
Private Equity in Germany
November 2016
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Fundraising 3
Funds in Market 4
Institutional Investors 5
Buyout Deals 8
Venture Capital Deals 9
Performance 10
Contents
In Numbers:Private Equity in Germany
€1.8bnAggregate capital secured by Germany-focused funds
closed in H1 2016.
€1bnSize of the largest Germany-focused fund ever closed:
European Recovery Programme-EIF Dachfonds.
187Number of Germany-based private equity investors profiled on Preqin’s
Private Equity Online.
$
€3.2bnCurrent allocation to private
equity of Germany-based public pension fund, Bayerische
Versorgungskammer.
€5.0bnAggregate value of private equity-
backed buyout deals in Germany in H1 2016.
€793mnAggregate value of venture capital
deals in Germany in H1 2016.
Preqin Special Report: Private Equity in GermanyDownload the data pack:
www.preqin.com/PEGER16
3 © 2016 Preqin Ltd. / www.preqin.com
Data Source:
Preqin’s Private Equity Online contains detailed information on 215 Germany-focused private equity funds as well as a
further 3,886 Europe-focused funds.
Profi les include information on target, interim and fi nal close sizes; fund type; investment focus; predecessor funds and much
more.
For more information, please visit:
www.preqin.com/privateequity
8
5
10
14
27
20
10
5
1210
1214
108
1.2 1.1 0.71.6 2.3 2.7
0.9 0.31.3 1.0 1.2
3.31.7 1.8
0
5
10
15
20
25
30
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016
No. of Funds Closed Aggregate Capital Raised (€bn)
Fig. 1: Annual Germany-Focused Private Equity Fundraising, 2003 - H1 2016
Source: Preqin Private Equity Online
Year of Final Close
128 132
181
248 254 246
177
153 158 153
176192
165
89
24 27
6782 82 75
4429 30
4960 58 64 57
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016
No. of Funds Closed Aggregate Capital Raised (€bn)
Fig. 2: Annual Europe-Focused Private Equity Fundraising (Excluding Germany-Focused Funds), 2003 - H1 2016
Source: Preqin Private Equity Online
Year of Final Close
Fundraising
Fig. 3: 10 Largest Germany-Focused Private Equity Funds Closed, 2003 - H1 2016
Fund FirmFinal Close
Size (mn)Fund Type
Year of
Final Close
European Recovery Programme-EIF Dachfonds European Investment Fund 1,000 EUR Fund of Funds 2004
SwanCap Opportunities Fund SwanCap Partners 1,200 USD Direct Secondaries 2014
Waterland Private Equity Fund IV Waterland 816 EUR Buyout 2008
Capvis Equity IV CapVis Equity Partners 720 EUR Buyout 2014
Capvis Equity III CapVis Equity Partners 601 EUR Buyout 2008
EIF Growth Facility European Investment Fund 500 EUR Fund of Funds 2016
Ventizz Capital Fund IV Vorndran Mannheims Capital 455 EUR Growth 2008
Capiton V Capiton 440 EUR Buyout 2014
Botts Capital Partners II Botts & Co. 300 GBP Buyout 2003
Paragon Partners II Paragon Partners 412 EUR Buyout 2014
Source: Preqin Private Equity Online
4 © 2016 Preqin Ltd. / www.preqin.com
Preqin Special Report: Private Equity in GermanyDownload the data pack:www.preqin.com/PEGER16
Funds in Market
11 11
6
8 8
10
1211
12
14
1.1 0.9 0.51.4
0.6 0.8
2.01.4
2.43.4
0
2
4
6
8
10
12
14
16
Jan
-08
Jan
-09
Jan
-10
Jan
-11
Jan
-12
Jan
-13
Jan
-14
Jan
-15
Jan
-16
Oc
t-1
6
No. of Funds Raising Aggregate Capital Targeted (€bn)
Fig. 4: Germany-Focused Funds in Market over Time, January 2008 - October 2016
Source: Preqin Private Equity Online
211
267
215191
213 221
257 261
303313
76
100
42 45
71 73 70 77
10287
0
50
100
150
200
250
300
350
Jan
-08
Jan
-09
Jan
-10
Jan
-11
Jan
-12
Jan
-13
Jan
-14
Jan
-15
Jan
-16
Oc
t-1
6
No. of Funds Raising Aggregate Capital Targeted (€bn)
Fig. 5: Europe-Focused Funds (Excluding Germany-Focused Funds) in Market over Time, January 2008 - October 2016
Source: Preqin Private Equity Online
Fig. 6: 10 Largest Germany-Focused Private Equity Funds in Market (As at October 2016)
Fund FirmFinal Close
Size (mn)Fund Type Fund Status
Rocket Internet Capital Partners Fund Rocket Internet 1,000 EUR Expansion/Late Stage First Close
Asia-Germany Industrial Promotion Capital Fund I AGIC Group 1,000 USD Growth First Close
Equita Fonds 5 HQ Equita 400 EUR Buyout Raising
LEA Partners I LEA Partners 180 EUR Buyout First Close
Allistro Capital Fund 21-1 Allistro Capital 150 EUR Buyout Raising
Finatem IV Finatem 150 EUR Buyout First Close
Pinova Capital Fund II Pinova Capital 150 EUR Balanced Second Close
Cross II Cross Equity Partners 150 CHF Buyout First Close
Beyond Capital Partners Fund I Beyond Capital Partners 120 EUR Buyout Raising
Target Partners Fund III Target Partners 120 EUR Venture Capital Raising
Source: Preqin Private Equity Online
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5 © 2016 Preqin Ltd. / www.preqin.com
Institutional Investors
15%
15%
12%
10%10%
8%
7%
6%
17%
Insurance Company
Family Office
Private Sector Pension Fund
PE Fund of Funds Manager
Corporate Investor
Bank/Investment Bank
Investment Company
Asset Manager
Other
Fig. 8: Breakdown of Germany-Based Institutional Investors in Private Equity by Investor Type
Source: Preqin Private Equity Online
Fig. 9: 10 Largest Germany-Based Institutional Investors by Current Allocation to Private Equity
Investor TypeAssets under
Management (€bn)
Current Allocation
to PE (€bn)
Target Allocation
to PE (€bn)
Allianz Capital Partners Private Equity Fund of Funds Manager 6.5 6.5 -
Golding Capital Partners Private Equity Fund of Funds Manager 4.9 4.5 -
Bayerische Versorgungskammer Public Pension Fund 70.0 3.2 3.5
Talanx Asset Management Asset Manager 122.7 2.8 -
Feri Trust Asset Manager 29.0 2.8 -
MEAG Munich Ergo Asset
ManagementAsset Manager 262.0 2.6 2.6
Munich Private Equity Partners Private Equity Fund of Funds Manager 2.3 2.3 2.3
DEG Government Agency 7.8 2.1 2.1
Siemens Financial Services Bank 27.3 2.0 -
Swift Capital Partners Private Equity Fund of Funds Manager 1.4 1.4 1.4
Source: Preqin Private Equity Online
€535mnAverage current allocation to private equity of Germany-based institutional investors.
€608mnAverage target allocation to private equity of Germany-based institutional investors.
26%
14%
12%8%
7%
5%
4%
4%
3%
17%
UK
Switzerland
Germany
France
Netherlands
Italy
Spain
Denmark
Norway
Other
Fig. 7: Breakdown of Europe-Based Institutional Investors in Private Equity by Location
Source: Preqin Private Equity Online
Data Source:
Preqin’s Private Equity Online contains detailed information on 187 Germany-based private equity investors and a further
1,441 Europe-based investors. Profi les include information on current and target allocations, assets under management,
investment preferences, future plans and much more.
For more information, please visit: www.preqin.com/privateequity
Investor Analyst: The True Perspective
See how investors measure up...
Leveraging Preqin’s detailed investor data, Investor Analyst allows you to generate custom visual reports comparing an investor’s allocations, preferences and investment plans against a tailor-made peer group:
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...gain a new perspective.
8 © 2016 Preqin Ltd. / www.preqin.com
Preqin Special Report: Private Equity in GermanyDownload the data pack:www.preqin.com/PEGER16
Buyout Deals
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016
France Germany Italy Netherlands Sweden UK Other
Fig. 11: Proportion of Number of European Private Equity-Backed Buyout Deals by Location, 2007 - H1 2016
Source: Preqin Private Equity Online
Pro
po
rtio
n o
f N
o. o
f D
ea
ls
Fig. 14: Five Largest Private Equity-Backed Buyout Deals in Germany, 2015 - H1 2016
Portfolio CompanyInvestment
Type
Deal
Date
Deal Size
(mn)Deal Status Investor(s) Bought from/Exiting Company
Primary
Industry
Douglas Holding Buyout Jun-15 2,800 EUR AnnouncedCVC Capital Partners,
zManagementAdvent International
Consumer
Discretionary
synlab Holding
GmbHBuyout Jun-15 1,750 EUR Completed Cinven BC Partners Healthcare
SynteractHCR Buyout May-16 1,500 USD Completed Amulet Capital PartnersCelerity Partners, Gryphon Investors,
Ticonderoga Private EquityHealthcare
Bilfi nger HSG Facility
Management GmbHBuyout Jun-16 1,200 EUR Announced EQT Bilfi nger Berger AG Infrastructure
Ascensia Diabetes
CareAdd-on Jun-15 1,020 EUR Completed KKR, Panasonic Healthcare Bayer AG Healthcare
Source: Preqin Private Equity Online
0
5
10
15
20
25
0
20
40
60
80
100
120
140
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
H1
201
6
No. of Deals Aggregate Deal Value (€ bn)
Fig. 10: Number and Aggregate Value of Private Equity-Backed Buyout Deals in Germany, 2007 - H1 2016
Source: Preqin Private Equity Online
No
. o
f D
ea
ls
Ag
gre
ga
te D
ea
l Va
lue
(€b
n)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
H1
20
16
Other
Telecoms, Media &Communications
Information Technology
Industrials
Healthcare
Food & Agriculture
Energy & Utilities
Consumer Discretionary
Business Services
Fig. 13: Proportion of Number of Private Equity-Backed Buyout Deals in Germany by Industry, 2007 - H1 2016
Source: Preqin Private Equity Online
Pro
po
rtio
n o
f N
o.
of
De
als
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016
France Germany Netherlands Switzerland
Spain UK Other
Fig. 12: Proportion of Aggregate Value of European Private Equity-Backed Buyout Deals by Location, 2007 - H1 2016
Source: Preqin Private Equity Online
Pro
po
rtio
n o
f A
gg
reg
ate
De
al V
alu
e
Preqin Special Report: Private Equity in GermanyDownload the data pack:
www.preqin.com/PEGER16
9 © 2016 Preqin Ltd. / www.preqin.com
0
500
1,000
1,500
2,000
2,500
0
50
100
150
200
250
300
350
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
H1
201
6
No. of Deals Aggregate Deal Value (€ mn)
Fig. 15: Number and Aggregate Value of Venture Capital Deals* in Germany, 2007 - H1 2016
Source: Preqin Private Equity Online
No
. o
f D
ea
ls
Ag
gre
ga
te D
ea
l Va
lue
(€m
n)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016
UK Germany France Spain Sweden Netherlands Other
Fig. 16: Proportion of Number of European Venture Capital Deals* by Location, 2007 - H1 2016
Source: Preqin Private Equity Online
Pro
po
rtio
n o
f N
o. o
f D
ea
ls
Venture Capital Deals
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016
UK Germany France Switzerland Netherlands Spain Other
Fig. 17: Proportion of Aggregate Value of European Venture Capital Deals* by Location, 2007 - H1 2016
Source: Preqin Private Equity Online
Pro
po
rtio
n o
f A
gg
reg
ate
De
al V
alu
e
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 2014 2015 H12016
Internet Software & Related Healthcare
Telecoms Other IT Cleantech
Industrials Consumer Discretionary Other
Fig. 18: Proportion of Number of Venture Capital Deals* in Germany by Industry, 2007 - H1 2016
Source: Preqin Private Equity Online
Pro
po
rtio
n o
f N
o.
of
De
als
*Excluding add-ons, venture debt, secondary stock purchases, mergers & grants
Fig. 19: Five Largest Venture Capital Deals* in Germany, 2015 - H1 2016
Portfolio Company StageDeal
Date
Deal Size
(mn)Investor(s) Industry
Delivery HeroUnspecifi ed
RoundFeb-15 496 EUR Rocket Internet Internet
Auxmoney GmbHUnspecifi ed
RoundOct-15 150 EUR Transamerica Ventures Internet
Home24Unspecifi ed
RoundJun-15 120 EUR Baillie Gifford, Rocket Internet Internet
Auto1 Group Series D/Round 4 Apr-15 118 USD DN Capital, DST Global, Mutschler Ventures, Piton Capital Transportation
CureVacUnspecifi ed
RoundNov-15 110 USD
Baillie Gifford, Bill & Melinda Gates Foundation, Chartwave Limited,
Coppel Family, dievini Hopp BioTech holding GmbH & Co. KG, Elma
Investments Ltd, NorthView Ventures, Sigma Group
Pharmaceuticals
Source: Preqin Private Equity Online
10 © 2016 Preqin Ltd. / www.preqin.com
Preqin Special Report: Private Equity in GermanyDownload the data pack:www.preqin.com/PEGER16
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
Distributed to Paid-in Capital Residual Value to Paid-in Capital
Called-up to Committed Capital
Fig. 20: Median Called-up, Distributed and Residual Value Ratios by Vintage Year: Germany- and Western Europe-Focused Private Equity* Funds
Source: Preqin Private Equity Online
Vintage Year0%
5%
10%
15%
20%
25%
30%
35%
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
Top Quartile IRRBoundary
Median Net IRR
Bottom QuartileIRR Boundary
Fig. 21: Median Net IRR and Quartile Boundaries by Vintage Year: Germany- and Western Europe-Focused Private Equity* Funds
Source: Preqin Private Equity Online
Ne
t IR
R s
inc
e In
ce
ptio
n
Vintage Year
Performance
0.0
0.5
1.0
1.5
2.0
2.5
199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
Top QuartileMultiple Boundary
Median Multiple
Bottom QuartileMultiple Boundary
Fig. 22: Median Multiple and Quartile Boundaries by Vintage Year: Germany- and Western Europe-Focused Private Equity* Funds
Source: Preqin Private Equity Online
Ne
t M
ultip
le (
X)
Vintage Year
0
50
100
150
200
250
De
c-0
5
Jun
-06
De
c-0
6
Jun
-07
De
c-0
7
Jun
-08
De
c-0
8
Jun
-09
De
c-0
9
Jun
-10
De
c-1
0
Jun
-11
De
c-1
1
Jun
-12
De
c-1
2
Jun
-13
De
c-1
3
Jun
-14
De
c-1
4
Jun
-15
De
c-1
5
Fig. 23: PrEQIn Private Equity Quarterly Index: Germany- and Western Europe-Focused Private Equity* Funds
Source: Preqin Private Equity Online
Ind
ex
Re
turn
(Re
ba
sed
to
10
0 a
s o
f 3
1-D
ec
-20
05
)
Data Source:
Preqin’s Private Equity Online is the industry’s most extensive source of net-to-LP private equity fund performance, with full
metrics for over 8,300 named vehicles.
Constantly updated by our team of dedicated researchers using data gathered from both investors and fund managers
themselves, it represents the most comprehensive and transparent source of performance data available today, with global
coverage and all key fi nancial metrics included.
For more information, please visit: www.preqin.com/privateequity
*Private equity comprises private equity, real estate, infrastructure and private debt (excl. direct lending).
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Preqin Special Report: Private Equity in Germany
November 2016
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