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PREVIOUS STUDIES 2021 | ALTERNATIVE INVESTMENTS


Venture Capital 2021

PwC
VENTURE CAPITAL MARKET STUDY 2021
In the second edition of our market study, we were able to confirm various findings from the previous year; there is a clear trend toward a more mature market. As a result, a picture of the German venture capital ecosystem emerges that is consistent with the 2020 study in terms of, for example, desired share ratios, design of employee stock ownership options (ESOP) and preferred valuation methods. Based on a broad, in-depth survey of investors, the study provides a unique data basis for Germany that enables benchmarking and contributes to better decision-making. It enables conclusions to be drawn about negotiation processes and their underlying motives, with the aim of contributing to greater transparency in the ecosystem. >more


Art & Finance 2021

Deloitte
ART & FINANCE REPORT 2021
Despite the Corona crisis and other global uncertainties, the market for art as an investment continued to grow. Investor interest in sustainable investments and new technologies continued to grow. These are the key findings of the 7th Art & Finance Report 2021 by Deloitte and ArtTactic. The report has been an important barometer for the ecosystem of the art and finance industry for ten years and highlights the most important developments in the market. >more


Real Estate Europe 2022

PwC
EMERGING TRENDS IN REAL ESTATE: EUROPE 2022
This report is a joint survey by PwC and the Urban Land Institute. Now in its 19th edition, the survey provides an outlook on real estate throughout Europe for the near-term and 2022. As European economies have started to recover from the pandemic, there is a clear upturn in confidence among property industry leaders although many are still coming to terms with the radical changes to the business of real estate brought about or accelerated by COVID-19. >more


European PE H1 2021

Invest Europe
H1 2021 EUROPEAN PRIVATE EQUITY ACTIVITY
The H1 2021 activity data report provides a semi-annual review of fundraising, investment and divestment trends for European private equity and venture capital activity. Preliminary H1 2021 fundraising figures for Europe reached €52.4bn. This is in line with the median amount raised during H1 over the past five years (2016-2020). Preliminary figures show that €57.3bn of equity was invested into European companies throughout H1 2021. This is the highest level of investment ever seen in any half year period to date and is a significant (38%) increase in the amount invested in H1 2020. >more


PE and Long-Term Investors

Invest Europe | Arthur D. Little
THE INSIGHT: HOW EUROPE’S PRIVATE EQUITY INDUSTRY IS ANCHORING LONG-TERM INVESTORS
Invest Europe in collaboration with Arthur D. Little, the international management consulting firm, conducted this year a pan-European, forward-looking Market Sentiment Survey capturing the views of 250 private equity managers and investors on the future of the industry in the context of COVID-19. Far from simply embracing a return to business as usual, the responses from our market sentiment survey indicate that private equity is also treading a new path. As the outlook improves, the industry is concentrating ever more attention on delivering higher sustainability standards and more ethical practices. Some 95% of general partners stated they intend to increase their focus on Environmental, Social, and Governance (ESG) issues in the near future. >more


Historical PE

BlackRock
ON THE HISTORICAL OUTPERFORMANCE OF PRIVATE EQUITY
This study measures the outperformance or alpha of private equity funds relative to public market indices and finds material outperformance across the board. All results shown here are objective market data, and no assumptions or amendments were made to the data. >more


German Startup Scene 2021

PwC | Deutsche Startups e.V.
DEUTSCHER STARTUP MONITOR 2021
The business climate in the German startup scene has brightened considerably and is back at the level of 2019. Founders are finding increasingly better conditions in this country: Two-thirds rate the startup ecosystem in their location as good or very good - that is four percentage points more than in the previous year. This positive development is also reflected in the labor market: The average number of employees is rising from 14 to 18, and the trend is also upward for planned new hires. >more


Venture Capital Survey 2021

EIF | Invest Europe
VENTURE CAPITAL SURVEY 2021: MARKET SENTIMENT    
The European Investment Fund (EIF) with the support of Invest Europe, published 'The VC Survey 2021: Market Sentiment,' a new report that provides an opportunity to retrieve unique market insights. The paper focuses on the market sentiment and the impact of COVID-19. The study looks at the current situation, developments in the recent past and expectations for the future. >more


ESG

IHS Markit | Mergermarket
THE ESG AGENDA: REVOLUTION OR EVOLUTION?
The COVID-19 pandemic, coupled with greater social and ecological awareness, has prompted a sea change in attitudes toward ESG. For the asset managers and PE firms charged with meeting those expectations, that presents opportunities and challenges. With that in mind, our survey of senior PE and asset management executives reveals not only where firms currently are on their ESG journey but the road ahead—one whose destination will determine who thrives and who falls by the wayside. >more


German Real Estate Finance Index Q2 2021

ZEW
DEUTSCHER IMMOBILIEN-FINANZIERUNGSINDEX(DIFI)-REPORT QUARTAL 2 - 2021
The German Real Estate Finance Index (DIFI) tracks the situation (past six months) and expectations (coming six months) of survey participants with regard to the German real estate financing markets. It is determined on a quarterly basis and is calculated as the mean value of the balances for the real estate market segments office, retail, logistics, residential and hotel. The balances for the segments are derived from the percentage positive and negative responses of the survey participants to the question about the situation and financing expectations for the German real estate market. >more


COVID-19 and Real Estate

FTI Andersch
EFFEKTE VON COVID-19 AUF AUSGEWÄHLTE IMMOBILIENMÄRKTE
The ongoing travel and contact restrictions, starting in the spring of 2020, have hit retailers, restaurants, hotels and office providers hard - and thus owners and landlords of these spaces. Recovery does not seem to be in sight over the short term, and the outlook for the individual sectors varies widely. In the non-food retail sector, most forecasts assume that space will decline - and will therefore have to be reallocated in the medium term. In the hotel segment, opportunities are opening up for investors with strong liquidity and hotel chains to take over shares of the market now at favorable prices. While offices are less in demand, but tend to remain stable in price due to preliminary contracts, co-working spaces, as lockdown losers from the change in the working world, could now become profiteers: with flexible rental times, office sizes and additional bookable services, they make an interesting offer for the hybrid working world. >more


PE Q2 2021

KfW Research
GERMAN PRIVATE EQUITY BAROMETER - Q2 2021
The development of the business climate on the German private equity market maintained its positive momentum in Q2 2021 and is above the long-term average again for the first time after the Corona shock. The business climate indicator for the late-stage segment rose by 25.7 points to 13.4 balance points. The assessment of business expectations increased by half as much as that of the current business situation. It is also encouraging to see that the climate components largely show positive values, with fundraising leading the way. >more


VC Q2 2021

KfW Research
GERMAN VENTURE CAPITAL BAROMETER - Q2 2021
The upturn in sentiment on the German venture capital market continues in Q2 2021. The business climate indicator of the early-stage segment rises by 10.5 points to 37.8 balance points, marking a new record. The development of climate components on fundraising, exit opportunities and deal flow strength have fueled the business climate. All three indicators have set new records. In terms of exit opportunities, the IPO climate has picked up the most, reflecting the currently well-filled IPO calendar. >more


PE HY1 2021

Bain & Company
PRIVATE EQUITY’S WILD FIRST-HALF RIDE
Let’s be honest: At this time last year, when Covid-19 was still casting a long shadow over the global economy, would anybody in the private equity industry have predicted that 2021 had the potential to blow the cover off the record books? We noted then that the deal market was showing surprising strength as massive government stimulus kept economies and markets humming around the globe. But the pace of recovery has been extraordinary, and, by almost any measure, 2021 is setting up to be by far the best year in the industry’s history. >more


German PE HY1 2021

EY
GERMAN PRIVATE EQUITY DEAL SURVEY 2021 HY1
The German private equity market has broken away from its Corona-induced restraint with a record number of deals: Financial investors made 156 deals in this country in the first six months - this marks an all-time high in a comparison of all half-years surveyed to date. The takeover of shoe manufacturer Birkenstock by investment company L Catterton and Financière Agache was the largest acquisition by a private equity fund in the first half of the year, worth 3.8 billion euros. The second megadeal worth more than one billion euros was completed by Apax Partners SAS with the acquisition of eyewear manufacturer Rodenstock for 1.5 billion euros. Overall, the average deal size has thus decreased - in the first six months, mainly smaller and medium-sized transactions dominated. >more

 


Venture Capital Q2 2021

KPMG
VENTURE PULSE Q2 2021
Investors poured $157.1 billion of venture capital into startups worldwide in the second quarter of this year - more than ever before in three months. This brings the total for the first half of the year to $304.3 billion - more than twice as much as in the same period last year ($141 billion). This is shown by KPMG's new Venture Pulse, for which global venture capital investments are regularly evaluated. >more


Asset Owners

BCG
HOW ASSET OWNERS CAN GO FROM NET ZERO TO CLIMATE LEADERSHIP
The race to net zero is on for asset owners. Many pensions, sovereign wealth funds, endowments, and foundations have declared their intent to have net-zero portfolios by 2050 or sooner. Our conversations with investors, and observations of market dynamics, suggest many more will soon follow. A net-zero portfolio can be engineered by steering capital to low-emissions sectors (like technology) and divesting high-emissions sectors (such as energy, agriculture, and manufacturing), where climate action and capital are most needed. But these moves are not enough. >more


Property Index 2021

Deloitte
PROPERTY INDEX 2021: OVERVIEW OF EUROPEAN RESIDENTIAL MARKETS
The pandemic has not harmed the European residential real estate market as a whole: According to Deloitte's Property Index 2021, both purchase and rental prices again rose in most European countries last year, albeit to very different degrees. As expected, German rental and residential property prices once again showed very dynamic growth last year, with offer prices rising at double-digit rates on average. Germany is therefore more than ever one of the most expensive residential real estate markets in Europe. >more


Insurance and Real Estate Investments

EY
TRENDBAROMETER IMMOBILIENANLAGEN DER ASSEKURANZ 2021
Insurance companies in Germany continue to rely on real estate investments. At 11.5 percent, the real estate ratio in their portfolios is higher than ever before. 63 percent of the insurance companies surveyed want to further increase their real estate ratio, while the remaining 37 percent want to keep it constant. Thus, there is no sign of a reversal of the trend in the real estate ratio, which has now been rising continuously for a decade. >more


PE

BlackRock
FINDING THE INFORMATIONAL ADVANTAGE IN PRIVATE EQUITY
Alternative data is changing the way we live, the way we work and now the way we invest. Nowhere is this change anticipated be more impactful than in some of the most highly sought-after opportunities in private markets, such as late stage venture capital or growth equity investing. >more


Machine Learning

Pantheon
MACHINE LEARNING: THE VALUATION EDGE
Pantheon’s latest research paper explores machine learning and how private equity investors could gain an edge in secondary transactions by utilizing the latest data analysis techniques to get more accurate estimates of real-time portfolio valuations. >more


Europe PE 2020 Statistic

Invest Europe
2020 CENTRAL AND EASTERN EUROPE PRIVATE EQUITY STATISTICS
This report was compiled with the help of Invest Europe’s Central and Eastern Europe Task Force. It provides annual activity statistics for the private equity and venture capital markets of Central and Eastern Europe (CEE) in 2020 and prior years. Central and Eastern Europe occupies a unique position in the European investment landscape. A region with fast growing economies and increasing economic influence, CEE benefits from long-term trends in convergence and integration that make it an unmissable opportunity for investors. >more


PE and Conquering Complexity

Aztec Group
CONQUERING COMPLEXITY: HOW EUROPE'S PRIVATE EQUITY CFOS & COOS ARE SETTING THEMSELVES UP FOR SUCCESS
This report provides insight into the state of the private equity (PE) market in 2021, and highlights how GPs are prioritising the many pressures they face in delivering their fund management and investment services. The PE market has been confronted by many COVID-19-related challenges over the past year. Leading executives in the PE industry have come out on top, having risen to the occasion and dealt with these countless disruptions. PE activity has rocketed as a result, and this is only set to continue, with more than €185bn of dry powder estimated to be available in Europe alone. >more


Global PE Summer 2021

Coller Capital
GLOBAL PRIVATE EQUITY BAROMETER: SUMMER 2021
We are pleased to share our 34th Coller Capital Global Private Equity Barometer and its associated press release. Coller Capital's Barometer is a unique snapshot of global trends in private equity – a twice-yearly overview of the plans and opinions of Limited Partners worldwide. >more


Private Equity

Invest Europe
PRIVATE EQUITY AT WORK
Private equity is an engine for growth, and growth is an engine for creating jobs across Europe. This was our message last year when we published our first ever Private Equity at Work report presenting a transparent account of the European private equity industry’s record on employment. This second edition of our Private Equity at Work report greatly expands data collection on employment in portfolio companies backed by private equity firms in Europe. Where last year we collected data only from Invest Europe members, the report now has - as its backbone - data from all portfolio companies in Europe backed by any private equity firm. >more


German PE Q1 2021

KfW Research
GERMAN PRIVATE EQUITY BAROMETER - Q1 2021
In the wake of the coronavirus slump the recovery of business sentiment in the German private equity market recently improved only very slowly but it has now gained momentum. The sentiment indicator of the later-stage segment gained 18.7 points in the first quarter of 2021, rising to -12.2 balance points, just barely in red territory. Assessments of both the current business situation and expectations improved. The indicator for the current business situation rose by 19.4points to -15.4 balance points, while the indicator for business expectations increased by 17.9 points to -9.0 balance points. >more


PE and Institutional Allocation

Willis Towers Watson
INSTITUTIONAL ALLOCATION TO PRIVATE EQUITY: A MATURING INDUSTRY CALLS FOR A DIFFERENTIATED APPROACH
We acknowledge that the private equity industry has over time matured with fewer opportunities to grasp low hanging fruit. Average buyout returns have steadily declined over the past three decades. This calls for a differentiated approach to identify those that are able to outperform their peers. In this paper, we outline several key considerations we believe are vital in managing a successful private equity investment programme. >more


VC Q1 2021

KPMG
VENTURE PULSE Q1 2021
Q1’21 saw a record nine $1 billion+ VC deals, which accounted for nearly $17 billion in global VC investment. The US accounted for the majority of these large funding rounds, including raises by Robinhood, Rivian Automotive, VillageMD, GoPuff, and Databricks. China-based Xingsheng Selected, Hong-Kong based Lalamove, and Sweden-based Klarna raised the others. The companies that raised these funding rounds represent an impressive diversity of sectors, including wealthtech, e-commerce, automotive, delivery, logistics, challenger banking, and healthcare. >more


Private Market Portfolios

BlackRock
A BETTER WAY TO BUILD PRIVATE MARKET PORTFOLIOS
With their potential to enhance returns and help mitigate risk through diversification, private assets play an increasingly important role in institutional portfolios.  Maximizing their desired benefits can be a challenge, however, as illiquidity, opaque valuations, limited data and implementation hurdles make portfolio construction harder than it is with public-market assets.  We have developed a framework that addresses these complexities through a three-step process. >more


PE 2021

PwC
PRIVATE EQUITY TREND REPORT 2021
European private equity market managed the COVID-19 pandemic year of 2020 relatively well. 57 % of respondents completed fewer transactions in 2020 than in 2019, and 58% of PE investors reported that companies in their portfolio had lower returns or even experienced financial distress. >more


PE Report 2020

Invest Europe
INVESTING IN EUROPE: PRIVATE EQUITY ACTIVITY 2020
The most comprehensive analysis of fundraising, investment and divestment trends with data on more than 1,600 European private equity and venture capital firms, the 2020 statistics cover 89% of the €708bn in capital under management in Europe. >more


Private Credit Outlook 2021

LGIM
PRIVATE CREDIT OUTLOOK
2020 was a difficult year, for society, businesses and markets alike. The pandemic presented new and unforeseen challenges, creating periods of extreme uncertainty, and correspondingly high volatility in financial markets. Positive market sentiment notwithstanding, we remain cautious when it comes to private credit investments. >more


Global Private Markets 2021

McKinsey & Company
GLOBAL PRIVATE MARKETS REVIEW 2021: A YEAR OF DISRUPTION
Private markets rebounded in 2020 after a turbulent first half, but performance varied by investment type. Meanwhile, diversity and new ways of working are central to a changing business environment. Updated annually, the Private Markets Review offers the best of McK research and insight into private equity, private real estate, and other private markets. >more


Global Hedge Fund Study 2021

Alternative Investment Management Association
GLOBAL HEDGE FUND BENCHMARK STUDY 2021
In the face of unprecedented global disruption arising from the Coronavirus pandemic, assets under management for the hedge fund industry have continued to break new records. The coming year is likely to see an acceleration of trends as the industry moves onto a new phase – increased digitalisation, more socially conscious, playing an integral role in supporting the global economy as the world exits COVID-19. These are some of the headline findings of new industry research which saw Simmons and Simmons teaming up with Seward & Kissel and AIMA to publish The Global Hedge Fund benchmark study: Beyond the horizon. >more


German PE Market 2020 Report

BVK
DER DEUTSCHE BETEILIGUNGSMARKT 2020
2020 was no ordinary year and also posed numerous challenges for the German private equity market. Despite this, private equity companies in Germany invested a total of €12.6 billion. This not only underlined the strength of the German private equity market, but also helped many companies through the pandemic and is now supporting them in overcoming the further consequences of the pandemic. >more


Outlook German Property Market 2021

Deutsche Bank Research
OUTLOOK FOR THE GERMAN RESIDENTIAL PROPERTY MARKET 2021 AND BEYOND: HOUSE PRICE CYCLE COULD END IN 2024
Our analysis suggests that the nationwide price cycle will come to an end this decade. Despite all the uncertainty, we believe the cycle is likely to end in 2024. The fundamental supply shortage should ease off in the coming years. The lower level of immigration during the pandemic is also a contributing factor. If the cycle does in fact end in 2024, we expect nominal house prices to decline for a short period of time based on comparable historical data. >more


German VC and Startups 2020 Report

EY
VENTURE CAPITAL AND STARTUPS IN GERMANY 2020
The funding of the current top 100 German tech startups has further improved in 2020 compared to previous years: They have been able to raise 13.7 billion US dollars from investors since their founding. Compared to the top 100 startups in 2019, this represents an increase of USD 3.7 billion or 37 percent. The ten best-funded technology startups in 2020 received a combined total of 1.3 billion U.S. dollars less than the top ten of the previous year, bringing their venture capital total to 1.8 billion U.S. dollars. On the other hand, the investments were distributed among more startups: The number of deals in the technology segment rose from 791 in 2019 to 820 last year. >more


Global PE Winter 2020-21

Coller Capital
GLOBAL PRIVATE EQUITY BAROMETER: WINTER 2020-21
Investors’ main motivations will be to re-focus their resources on their best private equity managers (GPs) and to re-balance their portfolios for a post-Covid world. One third of Limited Partners will face liquidity shortfalls, which they plan to remedy through asset disposals and new credit facilities. GP-led secondaries are likely to play an important role, too. Well-structured GP-led processes are overwhelmingly popular with LPs – 85% of whom regard them as a useful tool. >more


Global PE in 2020

Bain & Company
GLOBAL PRIVATE EQUITY REPORT 2021
It was a year of massive disruption and private equity emerged unscathed. Despite the tragic Covid-19 pandemic and its global economic fallout, despite the protests against police brutality and systemic racism and months of social upheaval, despite a bitterly contested US presidential election that ultimately led to an unprecedented mob assault on Capitol Hill, dealmakers kept making deals in 2020, while exits and fundraising fell in line with robust five-year averages. >more


Tokenisation

BNP Paribas
TOKENISATION OF ALTERNATIVE INVESTMENTS
Technology offers fascinating perspectives for asset management. These include tokenisation, the process of creating a digital representation of non-digital assets on a blockchain. In a new white paper, we explore the potential application of tokenisation to enable fractional ownership by investors of alternative asset classes. >more


PE Outlook 2021

Private Equity Wire
PRIVATE EQUITY GLOBAL OUTLOOK 2021
2020 saw unprecedented pandemic-induced turbulence on the political, social and economic arenas not seen for decades. While some of the major private equity groups on the global scene – the likes of KKR, Blackstone and Apollo – managed to draw on dry powder, scoop up distressed assets in the wake of the turmoil, and launch new credit funds amid the financial havoc, there are many firms who have struggled with keeping their portfolio companies afloat while coping with vast demands on management. >more


M&A and PE in 2020

PwC
DEALS WATCH GERMANY: M&A-AKTIVITÄTEN VON STRATEGISCHEN UND FINANZINVESTOREN
COVID-19 pandemic, "lockdown" and political-economic risks have led to significantly fewer deals being announced between investors and German companies so far in 2020 than in the previous year. In particular, companies from the North American and Asia-Pacific regions invested less than in 2019. By contrast, a new high was recorded in private equity investments, which are less exposed to strong fluctuations. >more


PE and Diversity

HHL | EY
WARUM VIELFALT IN PE-PARTNER-TEAMS ZU BESSEREN ERGEBNISSEN FÜHRT
According to a study by EY and the Center for Corporate Transactions & Private Equity (CCTPE) at HHL, diversity in terms of gender, nationality and age boosts buyout performance. While sociodemographic diversity in lead partner teams has a positive impact on performance, occupational diversity has a detrimental effect. For more complex buyout deals, different rules apply: Here, both diversity dimensions have a positive impact on value creation. >more


German Startups 2020

EY
STARTUP-BAROMETER DEUTSCHLAND
Despite the Corona crisis, more German startups received fresh capital in 2020 than in the previous year: The number of financing rounds rose by six percent to 743, setting a new record. However, there were significantly fewer large deals with a volume of 100 million euros, so that the investment volume fell relatively sharply: by 15 percent to 5.3 billion euros. Once again, there was particularly brisk activity in Berlin: The number of financing rounds climbed by 20 percent to 314 in the German capital. However, the lack of very large transactions also made itself felt in Berlin: The investment volume decreased by 17 percent to 3.1 billion euros. >more


PE after COVID-19

IHS Markit
AFTER THE STORM: PRIVATE EQUITY AFTER COVID-19
As challenges abound for the PE community, our survey of 30 PE executives reveals that most firms are up for the fight. First, PE firms are actively managing downside risk in their portfolio companies – including operational risks associated with COVID-19. Second, a significant proportion of respondents are looking to tap into higher returns by diversifying their asset class exposure. Third, firms are increasingly adopting advanced technologies to acquire a competitive advantage. >more


Venture Capital 2020

PwC
VENTURE CAPITAL MARKTSTUDIE 2020
Investors who finance startups take high risks - for example, with regard to the valuations and value potentials of their investments. Corresponding assessments are often based much more on empirical values of venture capitalists than on quantitative methods. This has an impact on the investment contracts, whose legal structures, however, are predominantly non-transparent. The "Venture Capital Market Study 2020" contributes in a special way to making transaction processes in the venture capital (VC) market more transparent and to elaborating the interdisciplinary bridge of financing, valuation and their legal structuring for Germany. >more


Real Estate Industry Outlook 2021

Andersch
IMMOBILIENBRANCHE - DAS ENDE EINER ERFOLGSGESCHICHTE?
A minus of 25 to 30% in textile retail - the Corona year 2020 threatens to become a disaster not only for the fashion industry, but also for the landlords of the business units. Even the top locations will not be spared from the expected increase in insolvencies. Suppliers must prepare for this now - and act. The industry update provides an up-to-date overview of the entire market situation of the real estate industry in and after the corona crisis. >more


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