Private Equity In Deutschland
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Private Equity In Germany
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Author : Cordelia Friesendorf
language : en
Publisher: Springer Nature
Release Date : 2023-07-04
Private Equity In Germany written by Cordelia Friesendorf and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-04 with Business & Economics categories.
Start-ups are emerging, non-conventional enterprises that enter established markets with radically different products, displace incumbents, create new markets, and promote economic growth through innovation. Start-ups are often faced with many challenges that may threaten their survival, which can often be overcome by securing steady financial support. Start-ups are high-risk enterprises that are unattractive to conventional financiers, but absolutely suited to private equity (PE) and venture capital (VC) investors who seek rewards and are therefore willing to accept risk. The success stories of global digital platform start-ups have attracted PE investors in particular. When investing in a digital platform start-up in Germany, what criteria do PE and VC investors look for? How should entrepreneurs prepare for VC funding? What strategies should they use? The authors examine these questions in this book and provide a comprehensive analysis of the German start-up, digital platform, PE, and VC ecosystems. The book exposes entrepreneurs, investors, mergers and acquisitions experts, regulators and policy-makers to the market's workings and pain points so that they can help create a German start-up ecosystem that is as functional as the other organized industries.
The German Private Equity Market An Analysis Of Its Development
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Author : Ayman A.
language : en
Publisher: GRIN Verlag
Release Date : 2020-02-21
The German Private Equity Market An Analysis Of Its Development written by Ayman A. and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-21 with Business & Economics categories.
Seminar paper from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, University of applied sciences, Düsseldorf, language: English, abstract: In this work the development of the young Private Equity market in Germany is analysed in order to form the base of comprehensive understanding of the market today. In the last decades, the private equity (PE) market in Germany has witnessed waves of rise and fall. But it surpassed, by the end of 2017, all the records of German PE history. According to Deutsche Beteiligungs (DBAG), the amount of transactions in the mid-sized businesses in the German market dramatically increased and hit €4.4 billion in 2017 which was the highest during the last 15 years. But in contrast, the competition in the German market has been recently high with a steady number of companies which led to high prices and overvalued companies. PE firms target the mid-sized businesses since they are more likely to accept financial investors than bank loans or credit lines. However, this problem can now be countered with the help of PE in the context of alternative corporate financing. It should be noted that PE business has been a concern of German politics and businesses since the 1960s where the financial system was basically based on banks which is not appropriate for the development of PE industry. The government intervention was the base to build a stronger PE industry away from bank-based financial systems. Recently, the stock market segment was a key driver for the dynamic development of PE market. The price falls and the collapse of the overheated and overvalued companies were also clearly felt in the PE segment and generated a great deal over scepticism on the capital markets.
Private Equity In Germany
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Author : Gerd Rainer Meiners
language : en
Publisher: GRIN Verlag
Release Date : 2008-05-20
Private Equity In Germany written by Gerd Rainer Meiners and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-20 with Business & Economics categories.
Scientific Essay from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,0, University of Hull, course: Independent Study, language: English, abstract: This paper gives an overview of private equity. Functionality of investing firms, possible applications of private equity, and its influence on portfolio-companies is in the focus of interest. The topic is investigated by analysing the German market and describing private equity as a controversial financial instrument. Thereby also reservations are portrayed that exist in the German society as well as in the German “Mittelstand” (small and medium sized businesses). The paper concludes with presenting the author’s individual view on private equity and a positive outlook on development of private equity in Germany.
Private Equity In Germany
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Author : Thorsten Gröne
language : en
Publisher: ibidem-Verlag / ibidem Press
Release Date : 2012-02-13
Private Equity In Germany written by Thorsten Gröne and has been published by ibidem-Verlag / ibidem Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-13 with Business & Economics categories.
This study evaluates the value generation potential of private equity for German mid-cap companies. A discussion of the private equity industry and the analysis of the value generation levers serve as a basis to further explore private equity value generation in the German market. First, the special features of German mid-cap companies are examined with a special focus on their financing needs. Second, the German private equity market is introduced and its differentiating features are revealed. The comparison of the findings assesses the general suitability of private equity as a financing option for German mid-cap companies and suggests that many mid-cap companies are not (yet) suited for private equity investments. Finally, the applicability of the identified value generation levers on the German mid-cap segment is analyzed with the help of a conceptual framework in order to evaluate the value generation potential. The results show that the traditional value generation levers are applicable but have to be adjusted with respect to national differences. Private equity associations have to specifically address the strong social considerations in the German business culture and the traditional unity of management, ownership, and supervision in the mid-cap segment in order to realize high rates of return. Anecdotal and recent empirical evidence indicates the relevance of many theoretical conclusions.
Tokenization Of Private Equity Funds In Germany Direct And Indirect Participation And Feasibility
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Author : Philipp Rothe
language : en
Publisher: GRIN Verlag
Release Date : 2023-05-24
Tokenization Of Private Equity Funds In Germany Direct And Indirect Participation And Feasibility written by Philipp Rothe and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-24 with Business & Economics categories.
Master's Thesis from the year 2023 in the subject Business economics - Investment and Finance, grade: 1,0, International School Of Management, Campus Frankfurt, language: English, abstract: The aim of the master thesis is to examine whether private equity is suitable for tokenization. After analyzing different characteristics of private equity, such as the illiquidity or mechanisms like capital calls, the master thesis concluded that the asset class is suitable. Private equity shares in the form of security tokens can help to reduce illiquidity and cashflows like the capital calls can be automated by the use of smart contracts. For the tokenization, the master thesis recommends to use existing standards, such as the Ethereum blockchain or the ERC-1400 token. Furthermore, different structures for issuing private equity tokens were elaborated. These include a structure for an indirect participation via a special purpose vehicle which issues tokens and simultaneously invests into a fund, but also a direct participation where the fund itself can issue tokens. During the description of possible structures, all relevant laws were included. These include the German Electronic Securities Act (eWpG), German Banking Act (KWG), Security Prospectus Act (WpPG), Capital Investment Act (VermAnlG), Securities Trading Act (WpHG) and the German Investment Code (KAGB). All structures were evaluated from the perspective of private equity funds, institutional investors, private investors or other relevant intermediaries. Also, benefits and challenges for the different structures and participants were discussed. The benefits include an increase in efficiency of several processes, potential cost savings, the possibility for funds to reach more investors or the possibility for investors to diversify their portfolio more. Still, these benefits could only be made use of, if major challenges are mastered by the market participants. These include an insufficient legal framework, different hurdles when implementing a secondary market, or the problem that theoretical approaches might work differently in reality.
Private Equity Investment A Theoretical Analysis Of Process Parties And Requirements
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Author : Sean Miller
language : de
Publisher: GRIN Verlag
Release Date : 2011-10-04
Private Equity Investment A Theoretical Analysis Of Process Parties And Requirements written by Sean Miller and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-04 with Business & Economics categories.
Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule (-), Veranstaltung: Investment & Controlling, Sprache: Deutsch, Abstract: The majority of companies are in need of investment capital to pursue their growth strategies. Also, a large number of companies only display a low equity ratio and as a result possess bad credit worthiness. In this regard, Private Equity represents a good alternative solution providing investment capital. It allows companies to make investments to solidify or improve their position among the competitors on the market. In times where banks and credit institutions exercise restraints, the interest of companies in Private Equity even increases. Nevertheless, particularly in Germany the growing importance of Private Equity is accompanied by great controversy. One group argues that often the Private Equity investors in their function as majority shareholders neglect the sustainable development of their portfolio companies in favor of their temporary value increase. On the other hand numerous studies indicate that companies benefit from Private Equity investments. According to these studies, companies, which have entered cooperation with Private Equity investors, comparatively, display stronger revenue growth and productivity and also generate more jobs.1 In this respect, the quality of the partnership between the portfolio company and the Private Equity investment association is a decisive success factor and must not be underestimated. Private Equity deals only generate win-win-situations if both parties are professionally engaged. Lack of preparation can either lead to a one-sided relationship – leaving one party at a disadvantage –, or even to a bad overall business, in which both sides incur losses. This paper takes the perspective of each party and points out which specific aspects they have to consider in order having good chances of benefiting from a Private Equity deal. This leads to the analysis of several critical stages within the investment process: investment stages in general, transaction process, due diligence, business valuation and exit. Prior the meaning, history and significance of Private Equity are described.
Private Equity Secondary Market
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Author : Dominik Damaschke
language : de
Publisher: GRIN Verlag
Release Date : 2005-09-06
Private Equity Secondary Market written by Dominik Damaschke and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-06 with Business & Economics categories.
Diplomarbeit aus dem Jahr 2005 im Fachbereich BWL - Investition und Finanzierung, Note: 1,7, Technische Universität Dortmund, Sprache: Deutsch, Abstract: Die Entwicklung eines Sekundärmarktes, also der Mechanismus über den auf dem Primärmarkt platzierte Anteile gehandelt werden, ist ein Zeichen für die Reife und Größe des entsprechenden Primärmarktes. Das bekannteste Beispiel hierfür sind Aktienbörsen, die den Handel von Unternehmensanteilen ermöglichen, welche zuvor auf dem Primärmarkt emittiert wurden. Für Investitionen in Private Equity galt lange Zeit, dass als Gegenleistung für die erwartete hohe Rendite, der Investor bereit sein musste sein Kapital, ohne eine zwischenzeitliche Ausstiegsoption, über Jahre zu binden. Auf der anderen Seite war es nicht möglich Anteile an bereits bestehenden Private Equity-Fonds zu erwerben. In den letzten Jahren hat sich auch ein Sekundärmarkt für Private Equity entwickelt, der es Investoren ermöglicht ihre Private Equity-Beteiligungen vorzeitig zu veräußern und auf der anderen Seite die Möglichkeit schafft bereits existierende Beteiligungen zu erwerben. Vor allem in Zeiten, in denen Börsengänge von Private Equity-finanzierten Unternehmen fast unmöglich geworden sind und industrielle Käufer Zurückhaltung üben, scheinen Sekundärtransaktionen einige Chancen zu bieten. Diese Chancen, aber auch die Risiken, die mit dem Secondary Market verbunden sind, sollen in dieser Arbeit untersucht werden. Dabei soll primär analysiert werden, welchen Nutzen der Secondary Market für den Primärmarkt hat und welche Funktionen er für diesen ausüben kann. Auch der Zukunft des Secondary Market soll in dieser Arbeit ein hoher Stellenwert eingeräumt werden. Es werden die Ansätze und die Möglichkeiten eines institutionalisierten Sekundärmarktes überprüft, sowie eine Prognose für die weitere Entwicklung des Secondary Market erarbeitet.
Public Policy For Venture Capital
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Author : Arnd Plagge
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-09-24
Public Policy For Venture Capital written by Arnd Plagge and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-09-24 with Business & Economics categories.
Arnd Plagge evaluates public policy for venture capital in the USA and Germany and presents a comprehensive study of the American and the German market for venture capital. He shows that current German public policies aimed at fostering venture capital activity are severely flawed and that only a reversal of priorities, away from supply-side policies towards a demand-oriented stance, will yield real payoffs.
Private Equity Investments Fondsperformance Und Benchmarks
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Author : Thomas Börger
language : de
Publisher: GRIN Verlag
Release Date : 2010
Private Equity Investments Fondsperformance Und Benchmarks written by Thomas Börger and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Diplomarbeit aus dem Jahr 2009 im Fachbereich BWL - Investition und Finanzierung, Note: 2,0, Universität zu Köln, Sprache: Deutsch, Abstract: Im Zusammenhang mit der Finanzmarktkrise hat die Private Equity-Branche in den zurückliegenden Monaten einen rasanten Imagewechsel vollzogen. Wurden Private Equity-Fonds noch vor zwei Jahren als Heuschrecken bezeichnet, werden sie heute als finanzstarke Investoren wahrgenommen, die in die Krise geratene Unternehmen vor der drohenden Insolvenz bewahren können. Seit den ersten nennenswerten Finanzierungen mit privatem Beteiligungskapital in den 1970er-Jahren in den USA hat sich Private Equity zu einer etablierten Asset-Klasse entwickelt. Allein in Deutschland, dem zweitgrößten europäischen Markt für Private Equity, haben entsprechende Fonds Ende 2008 Beteiligungen an über 6.000 Unternehmen mit insgesamt 212 Milliarden Euro Umsatz und 1,2 Millionen Beschäftigten gehalten. Die zunehmende Attraktivität verdankt der Private Equity-Markt der verbreiteten Erwartung von überdurchschnittlichen Renditen und einer geringen Korrelation zu anderen Anlageformen, insbesondere zum Aktienmarkt. Diese kann zumindest bezüglich der hohen Rendite von Private Equity-Investitionen durch zahlreiche Studien bestätigt werden. Bei näherer Betrachtung der Studien lässt sich jedoch eine starke Heterogenität der Ergebnisse erkennen, die auf unterschiedlichen Datenquellen, uneinheitlichen Methoden zur Performancebestimmung und die Berücksichtigung von wechselnden Risiken zurückzuführen ist. Für den börsennotierten Kapitalmarkt wurden bereits in den 1950er- und 1960er-Jahren vor allem von Markowitz (1952) und Sharpe (1964) allgemein anerkannte Methoden entwickelt, um den Erfolg sowie das Risiko von Investitionen zu bestimmen und zu bewerten. Die spezifischen Anforderungen einer adäquaten Performancemessung sowie -analyse in der Private Equity-Branche werden allerdings erst seit wenigen Jahren berücksichtigt. Im Gegensatz zum Kapitalmarkt ist der Markt für
Venture Capital And Private Equity In Germany
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Author : Ann-Kristin Achleitner
language : en
Publisher:
Release Date : 2008
Venture Capital And Private Equity In Germany written by Ann-Kristin Achleitner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
In 2002 a comprehensive survey of German venture capital and private equity firms was conducted. Based on a follow-up survey in 2005, the development of the German venture capital and private equity market can be shown. This paper summarizes major findings concerning market structure, ownership structure, sources of funds, portfolio structure, employment, and equity gaps. The document was made available by courtesy of the publisher Fachverlag der Verlagsgruppe Handelsblatt.
