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European Private Equity

Invest Europe
PRIVATE EQUITY AT WORK
With this ‘Private Equity at Work’ report, Invest Europe is, for the first time, providing detailed evidence and analysis of the European private equity industry’s contribution to employment and job creation in Europe. Over time, our data will expand to create a comprehensive picture of our industry’s contribution to jobs, and the economy that those jobs support. >more


ESG

Baker & McKenzie
TOP TEN TIPS FOR ESG DEBT FINANCINGS
Navigating the challenges and opportunities presented by the rapidly - growing and evolving financial markets for environmental, social and governance ('ESG') - related bonds and loans can be a daunting undertaking. In this issue of In the Know, Baker McKenzie lawyers share their experiences and insights. >more


Real Estate and Digitalization

EY
FÜNF JAHRE DIGITALISIERUNG IN DER IMMOBILIENWIRTSCHAFT
One in four companies in the real estate industry (27 percent) now invests more than five percent of its annual turnover in the digital transformation. A comparison over time in particular shows that digitalization investments have become a fixed, significant factor in the real estate industry. >more


Venture Capital Q2 2020

KPMG
VENTURE PULSE Q2 2020
So far, the Covid 19 pandemic has not had a particularly negative impact on the venture capital market. This conclusion can be drawn from KPMG's new Venture Pulse, for which global investments in venture capital are regularly evaluated. In the second quarter of 2020, for example, 62.9 billion dollars in venture capital was invested worldwide. This is almost as much as in the first quarter (63.8 billion). The total amount of venture capital invested was 10.1 billion dollars in Europe and around 1.79 billion dollars in Germany. The Berlin-based company N26 was able to raise 570 million dollars, putting it in second place in Europe. >more


PE H1 2020

EY
PRIVATE EQUITY: DER TRANSAKTIONSMARKT IN DEUTSCHLAND H1 2020
Two megadeals and the corona crisis shaped the German private equity market in the first half of the year. The number of deals collapsed from 112 in the same period of the previous year to 94. This corresponds to a decline of 16 percent and marks the lowest figure since 2016. The reluctance of financial investors as a result of the corona pandemic was particularly noticeable in the second quarter: Between April and June, they only executed 38 deals, compared with 56 transactions in the first quarter. Despite the significant decline: at EUR 24.2 billion from January to June, the transaction value was more than three times higher than in the same period of the previous year. >more


Property Index 2020

Deloitte
DELOITTE PROPERTY INDEX 2020
The current Deloitte Property Index shows that the German housing market remains tense. Real estate prices have again risen significantly, especially in major cities, with Munich still leading the way in terms of property prices. However, the percentage price increase in Hamburg, Frankfurt and Berlin is higher than in the Bavarian capital. At the European level, it can be observed that COVID-19 and the effects of the pandemic are already inhibiting construction activity in many countries and may lead to new housing shortages in the longer term. >more


PE H1 2020

EY
PRIVATE EQUITY: DER TRANSAKTIONSMARKT IN DEUTSCHLAND H1 2020
Two megadeals and the corona crisis shaped the German private equity market in the first half of the year. The number of deals collapsed from 112 in the same period last year to 94. This represents a decline of 16 percent and marks the lowest figure since 2016. The reluctance of financial investors in the wake of the corona pandemic was particularly noticeable in the second quarter: Between April and June, they executed only 38 deals, compared with 56 transactions in the first quarter. Despite the significant decline: at 24.2 billion euros, the transaction value from January to June was more than three times as high as in the same period last year. Such a high value has never been achieved in any first half of the period under review. This was mainly due to two mega deals. >more


European Real Estate Q2 2020

White & Case
EUROPEAN REAL ESTATE FINANCE: MARKET UPDATE - Q2 2020
The governments across Europe have introduced fiscal stimulus measures and liquidity measures to help companies through these difficult times. These measures can also have a drastic impact on the real estate finance markets, especially with measures such as mortgage payment holidays; a hiatus on the serving of eviction notices for rental properties and an inability for landlords to forfeit business leases due to non-payment of rent for a period of time. >more


German Startups 2020

KfW Research
KFW-GRÜNDUNGSMONITOR 2020    
Supported by the development of the economy and the labour market, start-up activity in Germany was able to pick up in 2019 for the first time in years. The number of business start-ups rose to 605,000 (+58,000). This was mainly due to a significant increase in the number of part-time start-ups, whereas the number of full-time start-ups dropped to a new low. At the same time, the number of opportunity start-ups increased disproportionately to 439,000. There were also significantly more Internet-based and digital start-ups. The outlook for start-up activity in 2020 was positive - but the corona pandemic is changing things. >more

 


Female Founders

Deutsche Startups e.V.
FEMALE FOUNDERS MONITOR 2020
The Female Founders Monitor (FFM) is the central study on the importance of female founders for the German start-up ecosystem. The aim of the Female Founders Monitor is to support female start-ups in Germany and in this way to promote the openness, diversity and competitiveness of the start-up ecosystem. On the basis of facts and figures, the FFM raises awareness of the conditions of female start-ups, identifies current challenges and thus makes an important contribution to the process of social change. >more


Real Estate

Bain & Company
GEWERBLICHE IMMOBILIENFINANZIERUNG: BANKEN IM HÄUSERKAMPF    
Income of almost EUR 15 billion and a profit pool of a good EUR 4.5 billion - commercial real estate financing has long been on the road to success. And the record hunt could have gone even further. Without the corona pandemic and the recession that is expected as a result, earnings would have risen by another EUR 600 million to around EUR 15.5 billion by 2021, according to a bain forecast. In contrast, there were already signs of a trend reversal in profits, with the extremely tough competition taking its toll. >more


Real Estate

EY
TRENDBAROMETER IMMOBILIENANLAGEN DER ASSEKURANZ 2020
The average real estate ratio of the insurance companies is again rising to a historic high of 10.8 percent, after having reached a double-digit figure for the first time last year at 10.3 percent. This means that the real estate ratio is growing continuously for a decade now, after its lowest level of 6.0 percent in 2009. This is one of the findings of the current Assekuranz 2020 trend barometer by EY Real Estate, for the 13th edition of which was published in May, a total of 30 representatives of leading companies in the insurance industry were surveyed. >more


Global PE

Coller Capital
GLOBAL PRIVATE EQUITY BAROMETER: SUMMER 2020
Coller Capital’s Global Private Equity Barometer is a unique snapshot of worldwide trends in private equity – a twice-yearly overview of the plans and opinions of institutional investors in private equity based in North America, Europe and Asia-Pacific including the Middle East. The Barometer – private equity’s first regular gauge of investor sentiment – has been published every six months since 2004. >more


Private Investments

BlackRock
PRIVATE MARKETS 2020
With private investments playing an increasingly important role in most institutional portfolios, the private markets have continued to evolve. They have grown deeper and more dynamic in terms of new strategies, new fund managers and geographies. They have also become more competitive in certain asset classes and regions, with their relative attractiveness and value shifting over time. >more


PE in Public Equity

Baker McKenzie
GLOBAL PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPE) GUIDE
Our Global PIPE Guide sets out a comparison of the key features and requirements applicable to PIPE deals in a number of jurisdictions around the globe. In this guide, our transactional lawyers share their insight and knowledge on PIPE deals including the key advantages of using PIPEs, why and how they are used. We also cover the key considerations for investors, and highlight any potential legal or regulatory hurdles an investor or issuer might face. We hope you find this guide useful. >more


COVID-19 and Real Estate

UBS
REAL ESTATE OUTLOOK
COVID-19 is affecting all real estate markets globally. Recession will hit occupier demand, with the retail sector being worst affected and logistics most resilient. Central bank easing and liquidity should support real estate values, though we still expect some declines this year. Ultimately, recovery will depend upon how quickly the health crisis is brought under control, with a vaccine likely needed for a full exit. >more


German VC Q1 2020

KfW Research
GERMAN VENTURE CAPITAL BAROMETER: Q1 2020

The uncertain consequences of the coronavirus pandemic have unsettled the German VC market. Business confidence has plummeted to an all-time low. In the first quarter of 2020, the business climate indicator of the early-stage segment nosedived by 72.3 points to -61.3 balance points – an unprecedented decline. VC investors’ assessments of both the current business situation and expectations have deteriorated dramatically. >more
The uncertain consequences of the coronavirus pandemic have unsettled the German VC market. Business confidence has plummeted to an all-time low. In the first quarter of 2020, the business climate indicator of the early-stage segment nosedived by 72.3 points to -61.3 balance points – an unprecedented decline. VC investors’ assessments of both the current business situation and expectations have deteriorated dramatically. >more

 


PE Q1 2020

KfW Research
GERMAN PRIVATE EQUITY BAROMETER: Q1 2020
The coronavirus pandemic has hit the private equity market hard. The German private equity market has experienced a massive loss of confidence. In the first quarter of 2020, the sentiment indicator of the later-stage segment plunged by 94.3 points to -86.7 balance points. Never before have later-stage investors been more pessimistic about both their current business situation and their expectations. The indicator for the current business situation dropped to -82.2 balance points, while the indicator for business expectations fell to -91.2 of -100 possible balance points. The fund-raising climate has now fallen from a record-high level in the previous quarter to just above its previous lowest level. >more


PE Overview 2019

May21, 20

Invest Europe
INVESTING IN EUROPE: PRIVATE EQUITY ACTIVITY 2019
With data on more than 1,400 European private equity firms, covering 86% of the €782bn in capital under management in Europe, Invest Europe offers the most comprehensive review of fundraising, investment and divestment trends for European private equity and venture capital activity. >more


COVID-19 and PE

May21, 20

Neuberger Berman
THE HISTORICAL IMPACT OF ECONOMIC DOWNTURNS ON PRIVATE EQUITY
In light of recent market volatility, Neuberger Berman’s Private Equity and Institutional Solutions teams analyzed historical private equity performance during two recent periods of market distress. We performed this analysis to gain perspective on current conditions with the understanding that the dynamics behind COVID-19-related volatility may be quite different from the past. Focusing on the major economic downturn of the early 2000s and the 2007 – 09 global financial crisis, we found that private equity historically experienced a less significant drawdown, and a quicker recovery, than public equities in both cases. We also noted a lag in the slowing of capital calls and a more immediate drop in distributions, both of which resumed as the economy and public markets regained their footing. >more


PE Panel Spring 2020

CMS Hasche Sigle / FINANCE

PRIVATE EQUITY PANEL FRÜHJAHR 2020

For the Private Equity Panel, the FINANCE editorial team, together with the law firm CMS Hasche Sigle, interviews senior investment managers from more than 50 leading private equity houses in Germany three times a year about their current market assessment. The report compiles the most exciting statements on the business prospects of their portfolio companies, the attractiveness of certain sectors and the financing environment. >more


PE Investing and Market Cycle

Neuberger Berman

PE INVESTING AT TURNING POINTS IN THE MARKET CYCLE

The spread of the coronavirus has upended the economic cycle and the long public equity bull market. Acknowledging that the length and depth of a crisis triggered by a new virus will likely be different from one triggered within the financial industry, it is worth reviewing how increases to private equity allocations historically performed when undertaken in and around the global financial crisis, as well as the earlier bursting of the technology bubble. Specifically, how did investors fare who increased their allocations to PE in relation to these events? >more


PE and COVID-19

McKinsey & Company

PRIVATE EQUITY AND THE NEW REALITY OF CORONAVIRUS

COVID-19 is an enormous global humanitarian challenge. Millions of health professionals are battling the disease, caused by the coronavirus (SARS-CoV-2), and putting their own lives at risk. Governments and industries around the world are working together to understand and address the challenge, support victims and their families and communities, and search for treatments and a vaccine. Every industry needs to respond to the crisis—including PE. This article provides an outline of the emerging playbooks for both PE firms and their portfolio companies. >more


Real Estate Outlook 2020

UBS

REAL ESTATE OUTLOOK EUROPE

In 2019, the European market continued to see positive performance in occupier markets following a late fourth quarter surge in the investment markets. We expect the softening economic fundamentals to continue to weigh on demand. As interest rates are unlikely to rise this year, we do not anticipate a price correction in 2020 despite yields in most cities reaching record lows. >more


PE Co-Investment Funds

Capital Dynamics

PRIVATE EQUITY CO-INVESTMENT FUNDS – A COMPARISON OF RISKS AND RETURNS

Private equity co-investment funds present a number of attractive performance and risk characteristics. This empirical study explores their outperformance and risk mitigation versus single-manager primary private equity funds. Outperformance is probably attributable to a co-investment fund’s lower overall costs, the manager’s selection skills, and two levels of due diligence on each transaction (the manager and lead sponsor). Downside protection results from enhanced portfolio diversification across geography, sector, industry, vintage year and lead investors/sponsor. >more


European PE Outlook 2020

Roland Berger

EUROPEAN PRIVATE EQUITY OUTLOOK 2020

The private equity industry is cautiously optimistic for the 2020 financial year. The reason for this is the stable outlook for M&A transactions with PE participation. The issue of sustainability will have a somewhat stronger impact on the investment behaviour of PE professionals: This factor has the highest significance as a criterion for portfolio value creation. >more


German Tech Start-ups

EY

GROWTH WITH PURPOSE: GERMAN TECH START-UPS CHANGING SOCIETY

The financing of the currently 100 largest German tech start-ups has improved further compared to previous years: since their foundation, they have been able to raise eleven billion US dollars from investors. Compared with the top 100 start-ups in 2018, this represents an increase of 4.8 billion US dollars or 77 percent. >more


Global Private Markets 2020

McKinsey & Company

GLOBAL PRIVATE MARKETS REVIEW 2020

Updated annually, our Private Markets Review offers the best of our research and insight into private equity, private real estate, and other private markets. The report shows, amongst others, that industry performance has been strong, but manager selection remains paramount. >more


Global PE 2020

Bain & Company

GLOBAL PRIVATE EQUITY REPORT 2020

Our 11th annual report shows another great year for PE. But the game is getting harder as asset prices soar and 10-year public market returns match PE returns for the first time. >more


PE Trend 2020

PwC

PRIVATE EQUITY TREND REPORT 2020

In 2019, the number of private equity transactions in Europe remained at a very high level. It is now clear that private equity (PE) is moving from boom to normal, mainly because the form of financing meets investors' expectations. One of the consequences is increasingly fierce competition among PE houses for the most attractive deals. >more


Start-Up Report 2019

KfW Research

START-UP REPORT 2019

The number of innovation- or growth-driven young enterprises in Germany has increased again. In 2018 there were 70,000 start-ups, after 60,000 in the previous year. On average, nine in 100 businesses founded by men have start-up characteristics, as opposed to only three in 100 for women. Businesses founded by women and men differ primarily in how strongly they are innovation- and growth-driven. Examples of suitable measures for closing the gender gap include stepping up efforts to attract women to technical and scientific careers and teaching business skills to school students. >more


Start-ups Frankfurt

PwC

DEUTSCHER STARTUP MONITOR: AUSKOPPLUNG FRANKFURT

Start-ups in the greater Frankfurt area have taken up the cause of growth - and are focusing on green, social issues. A good half of the founders from the Hessian metropolis (56 percent) describe growth as their most important task at the moment and thus prioritise the topic higher than sales and customer acquisition (51 percent), product development (42 percent) and capital procurement (40 percent). Nationwide, growth is only on the list as the top topic for a good third of the start-ups. >more


Global Outlook 2020

J.P. Morgan

2020 GLOBAL ALTERNATIVES OUTLOOK

J.P. Morgan Asset Management released its second annual Global Alternatives Outlook, providing a 12-18-month outlook across key alternative asset classes and highlighting the views of the CEOs, CIOs and strategists from the firm's 15 distinct alternatives investment engines. The report offers an assessment of opportunities in alternatives as investors look to construct resilient portfolios in an environment of high public equity valuations and lower fixed income yields. >more


IT Private Equity Returns

PwC

SUPERIOR PE RETURNS WITH INVESTMENTS IN GERMAN IT ASSETS

Private equity investments in the German IT sector have risen steadily over the last 20 years, reaching a new record level of 9.5 billion euros in 2019. How profitable are these investments from the perspective of private equity houses and which strategies are particularly successful? The new PwC study "Superior PE returns with investments in German IT assets" answers this question. >more


Global VC Q4 2019

KPMG

VENTURE PULSE Q4 2019

Despite a decline in the number of deals, VC investment globally remained strong in Q4’19. While 2019’s total VC investment fell sharply compared to 2018’s record-shattering $298 billion, VC investment remained significantly higher than all previous years. >more


Art Investments

Deloitte

KUNST ALS KAPITALANLAGE: HERAUSFORDERUNGEN UND CHANCEN

The market for art as an investment has been characterized by two opposing trends in recent years. On the one hand, art as an investment continues to enjoy great popularity; on the other hand, investments in this area have been characterized by restraint. This can be seen from the current "Deloitte Art & Finance Report 2019", in which Deloitte and the London-based research company ArtTactic examined the international art and financial markets. >more


Start-Up January 2020

EY

START-UP BAROMETER: JANUAR 2020

The financing boom in the German start-up segment continues: Young companies were able to raise more fresh capital in 2019 than ever before. In total, they received 6.2 billion euros, 36 percent more than in the previous year. The number of financing rounds rose by 13 percent to 704. Once again, the lion's share of the invested capital flowed to Berlin: Start-ups from the capital received a total of 3.7 billion euros in 262 financing rounds last year - an increase of 41 percent over the previous year. >more


German Real Estate Market

EY

TRENDBAROMETER IMMOBILIEN-INVESTMENTMARKT 2020

The total investment volume (commercial and residential real estate) on the German real estate market amounted to 89.5 billion euros in 2019. This represents a remarkable growth of 14 percent compared to the previous year, when a total volume of 78 billion euros was recorded. For 2020, 93 percent of investors also expect an attractive to very attractive market environment. >more


Real Estate May 2019

Ernst & Young

REAL-ESTATE-ASSET-MANAGEMENT-STUDIE MAI 2019

The vast majority - 90 percent - of German asset management companies want to increase their holdings in the residential asset class. Nearly 90 percent of the companies are counting on a long-term holding period of more than eight years. These are the results of the current Asset Management Study 2019, conducted jointly by EY Real Estate and Vonovia. For the study, 40 companies were surveyed that represent a cross-section of the German asset management landscape.  >more

European PE 2013-2018 and Trend 2019

PwC

PRIVATE EQUITY TREND REPORT 2019: POWERING THROUGH UNCERTAINTY

2018 was another record year for the private equity industry. As the current "Private Equity Trend Report 2019" shows, financial investors, once viewed with scepticism, have established themselves as reliable partners for thousands of companies throughout Europe. In 2018 alone, they were involved in more than 2000 transactions. At the same time, the industry is sitting on record levels of uninvested funds worldwide and is therefore once again faced with the task of reinventing itself. >more


European PE Outlook 2019

Roland Berger Strategy Consultants

EUROPEAN PRIVATE EQUITY OUTLOOK 2019

Optimism in the private equity (PE) industry is significantly down on previous years. This is one of the findings of the new European Private Equity Outlook 2019, Roland Berger's annual survey of PE experts across Europe: In 2019, less than one third of those polled anticipate an increase in the number of M&A transactions with PE involvement. And for the first time in many years, almost half (48%) of PE professionals expect the number of transactions to fall this year. Geopolitical uncertainties and concerns about the economy are behind their pessimism. >more


Global PE Report Year 2018

Bain & Company

GLOBAL PRIVATE EQUITY REPORT 2019

In 2018, the global private equity industry recorded another year of solid performance, closing with the strongest five-year period in its history. The buyout value increased by 10 percent to USD 582 billion and divestitures remained stable. During the year, $714 billion was invested by investors in private equity funds, bringing the total since 2014 to $3.7 trillion. >more


PE 2018/2019

Debevoise & Plimpton

2018/2019 PRIVATE EQUITY YEAR END REVIEW AND OUTLOOK

Private equity made another strong showing in 2018, limited only by the fierce competition for deals. To find opportunities while maintaining discipline, funds have gotten creative—through roll-up and add-on strategies, in the financing arrangements they offer acquisition targets, and in increased interest in new markets, such as impact investing. >more


Global Investment 2018 Survey

Invest Europe

2018 GLOBAL INVESTMENT DECISION MAKERS SURVEY

Europe’s attractiveness as an investment destination is on the rise compared to 2017, as the majority of global investors are more likely to invest in both the EU and the UK after Brexit, according to new survey findings. Nearly 90% of investors said Europe has become a more attractive investment destination over the last five years, according to Invest Europe’s Global Investment Decision Makers Survey 2018. >more


Global Venture Capital Q4 2018

KPMG

VENTURE PULSE Q4 2018

KPMG Enterprise’s Global Network for Innovative Startups launched the Q4’18 edition of the Venture Pulse Report. The report analyses the latest global trends in venture capital investment data and provides insights from both a global and regional perspective. This edition of the quarterly series provides in-depth analysis on venture capital investments across North America, EMA and ASPAC and will cover a range of issues such as financing and deal sizes, unicorns, industry highlights and corporate investment. >more


Start-ups January 2019

Ernst & Young

START-UP-BAROMETER DEUTSCHLAND: JANUAR 2019

German start-ups received more money in 2018 than ever before: a total of just under 4.6 billion euros was invested in German start-up companies last year - 7 percent more than in the previous year. The number of investments also reached a new high (615 compared with 507 transactions in the previous year). >more


Alternative Assets

PwC

REDISCOVERING ALTERNATIVE ASSETS IN CHANGING TIMES

Historically low interest rates and the enduring effect of quantitative easing are making markets expensive, so investors continue to turn to alternative asset classes where alpha looks better. But surplus capital and other factors have forced valuations up and prospective returns down. Changes in how we work and live, prompted by new technology, innovative business models, and geopolitical shifts, could render many real assets obsolete while creating opportunities elsewhere. We also see new entrants disrupting the sector, capturing value and market share.  In this report, PwC examines the fundamentals behind this transformation and the changes across several asset classes. >more


PE H2 2018

Ernst & Young

PRIVATE EQUITY: DER TRANSAKTIONSMARKT IN DEUTSCHLAND H2 2018

The German private equity market cooled down noticeably in 2018, but remains at a high level. After 227 deals in 2017, financial investors only made 216 in the current year. And the deal volume also fell from 19.4 billion euros to 17.9 billion euros. However, the previous year was exceptionally strong: it marked the highest number of deals and the second-highest transaction value since the financial crisis. >more


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