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  • 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

    alternative assets. intelligent data.

  • 2 2016 Preqin Ltd. / www.preqin.com

    Preqin Special Report: Private Equity in GermanyDownload the data pack:www.preqin.com/PEGER16

    All rights reserved. The entire contents of Preqin Special Report: Private Equity in Germany, November 2016 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any

    electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special

    Report: Private Equity in Germany, November 2016 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage

    in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law

    or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report: Private Equity in Germany, November 2016. While reasonable efforts have been made to obtain information

    from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Special Report:

    Private Equity in Germany, November 2016 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors

    or omissions within Preqin Special Report: Private Equity in Germany, November 2016 or for any expense or other loss alleged to have arisen in any way with a readers use of this publication.

    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 Preqins

    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:

    Preqins 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

    2.70.9 0.3

    1.3 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

    Research Center Premium

    All of the free research reports, newsletters, statistics and tools Preqin offers can be found in one place: Preqins Research

    Center Premium.

    This free service provides access to analysis of the latest trends in alternative assets, as well as benchmarking tools, useful

    presentation slide decks from recent conferences and much more.

    For more information, please visit: www.preqin.com/rcp

  • Preqin Special Report: Private Equity in GermanyDownload the data pack:

    www.preqin.com/PEGER16

    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:

    Preqins 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 Preqins detailed investor data, Investor Analyst allows you to generate custom visual reports comparing an investors allocations, preferences and investment plans against a tailor-made peer group:

    www.preqin.com/investoranalyst

    alternative assets. intelligent data.

    ...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

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    15

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    0

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    120

    140

    200

    7

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    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%

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    40%

    50%

    60%

    70%

    80%

    90%

    100%

    200

    7

    200

    8

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    201

    0

    201

    1

    201

    2

    201

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    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

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    201

    0

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    1

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    2

    201

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    4

    201

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    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

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    201

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    201

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    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

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    200

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    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

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    201

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    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

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    De

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    De

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    De

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    -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:

    Preqins Private Equity Online is the industrys 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

    Preqin Private Equity Online

    With global coverage and detailed information on all aspects of the private equity asset

    class, Preqins industry-leading Private Equity Online services keep you up-to-date on all

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    Analyze the latest private equity fundraising activity

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    See the latest buyout and venture capital deals and exits

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