1、GERMANYMarket SnapshotQ12025ContentsM Market overview2CCommentary3C City comparison4HPrivate markets5M VC deal activity7E VC exit activity9P VC fundraising activity10V PE deal activity11V PE exit activity13V PE fundraising activity14P Corporate acquisition activity15P Public equity markets16P C 1GER

2、MANY MARKET SNAPSHOTCONTENTSPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchNalin Patel Director of Research,EMEA Private CapitalInstitutional Research GroupAnalysisNalin PatelDirector of Research,EMEA Pr

3、ivate CDataCharlie FarberManager,Data AnalysisOscar AllawayData A Published on 1 May 2025.Additional country snapshots will be released throughout the year.View the latest snapshots below:Q4 2024 Netherlands Market SnapshotQ4 2024 Germany Market SnapshotQ1 2025 UK Market SnapshotNote:All data in thi

4、s report is as of 31 March 2025,unless noted otherwise.Market overviewQ1 2025 quarterly comparisonNote:Value colour indicates the directional change from the previous quarter.Capital raised represents year-to-date fundraising through 31 March 2025.2GERMANY MARKET SNAPSHOTMARKET OVERVIEWDeal value2.1

5、BExit value0.1BCapital raised0.4BDeal value17.9BExit value11.3BCapital raised0.0BDealvalue 14.2BDeal count298Median deal size23.3MDAX 40 YTD return11.3%DAX 40 PE Ratio17.6xPublic listings3Venture CapitalPrivate EquityStrategicM&APublic EquityChange since lastquarter GeoNames,Microsoft,TomTomPowered

6、by BingCommentaryChart of the quarter:DAX 40 YTD total return by sectorSource:Morningstar Geography:Germany As of 31 March 20253GERMANY MARKET SNAPSHOTCOMMENTARYVenture capitalIn Q1 2025,VC deal value rose to 2.1 billion as deal count fell to 199 from Q4 2024 figures.Both figures align with recent q

7、uarters as a general slowdown in dealmaking has occurred in Europe.With current market conditions making funding tricky,we do not expect new records to be set in the near term.Despite the more challenging climate,decarbonisation platform Reneo secured 600 million in funding in Q1.Another notable dea

8、l involved medical education startup Amboss,which obtained 240 million.Investment opportunities in defensive rather than cyclical industries could prove popular given current market circumstances,as sectors including technology have been facing volatility.Therefore,improved terms,including lower val

9、uations and higher equity stakes for investors with cash to deploy,could promote dealmaking.Dry powder in German VC funds sat at a record high of 9.1 billion as of Q3 2024 and could be used in the coming quarters.Q1 VC exit activity was sparse,with a value of 0.1 billion from 21 exits.Given market v

10、olatility because of US tariff uncertainty,companies eyeing an exit will likely postpone plans.However,the number of unicorns in Germany remains healthy at 21.Q1 2025 VC fundraising reached 0.4 billion,primarily driven by the 386.6 million Hitachi Ventures Fund IV.Private equityAfter the boom in Q4,

11、Germanys PE deal activity dipped to 17.9 billion across 183 deals.Among the largest deals were Bain Capital and Mubadalas 4 billion buyout of property management company Apleona and the 2.8 billion buyout of Motel One by PAI Partners.Q1 PE exit activity started the year strongly and ticked upwards t

12、o 11.3 billion across 38 exits.Major exits included Cinvens 3.8 billion sale of insurance provider Viridium Gruppe to a consortium comprising Allianz,BlackRock,T&D Holdings,Hannover Re,and Generali Financial Holdings.PE fundraising started slowly in Q1 2025 despite 4.9 billion raised in each of the

13、last two years.At least 2 billion has been raised in each of the past five years.Capital is available to be invested,as German PE dry powder sat at a record high of 16 billion as of Q3 2024.Public equity marketsUS tariffs announced in 2025 flipped the public equity landscape.The usual top performer,

14、the S&P 500,returned-4.3%YTD,the lowest among our select indexes.Meanwhile,the DAX 40 returned the highest at 11.3%YTD.The sectors driving this growth were utilities,financial services,and industrials YTD.The 1-year return as of Q1 2025 was 19.9%for the DAX 40,outperforming the FTSE 100,the CAC 40,t

15、he STOXX 600,and S&P 500.The same was true for the trailing 3-year annualised return,with the DAX returning the most at 15.4%.Further signs of positivity were evident as the DAX 40 P/E ratio rose to 17.6x in Q1 2025,the highest level since Q2 2021.It is worth noting that markets reflect significant

16、volatility,and we expect further movements to play out this year.Our Country Snapshot series provides an overview of financing market trends in the region,covering various countries across Europe.We look at how both public and private data points have trended in Q1 for Germany.Highlights include:Mac

17、roThe German economys sluggishness continued in Q1 2025.GDP QoQ growth rates have flipped from positive to negative in recent quarters,and we expect more of the same in 2025.German GDP contracted by 0.3%in 2023 and 0.2%in 2024 as growth in Europes largest economy stalled.Inflation,measured as the Yo

18、Y change in the consumer price index(CPI),was 2.2%in March 2025.It was 2.3%in February and January 2025 and was 2.6%in December 2024.While inflation is marginally closer to target levels,contributing sectors keeping it above target levels include food&services.Overall,we believe macroeconomic indica

19、tors in Germany will point towards uncertainty in 2025.In other newsGerman defence spending has risen by roughly 80%since 2020,reaching more than 90 billion in 2024,according to NATO estimates.1 Germanys rearmament push is expected to increase competition among arms makers for skilled labour.Germany

20、s military,the Bundeswehr,received the green light for increased investment after parliament voted to exempt defence expenditures from strict debt rules.Ongoing conflicts,including the Russia-Ukraine war,have focused attention on defence spending for nations,which could increase financing activity w

21、ithin the sector.1.From trains to tanks:Germanys rearmament marks industrial shift,Patricia Nilsson,April 23 2025 19.9%17.7%17.7%6.9%2.8%2.1%1.1%-6.4%-15%-10%-5%0%5%10%15%20%25%UtilitiesFinancialsIndustrialsBasic materialsTechnologyHealthcareConsumer servicesConsumer goodsCity comparisonGermany priv

22、ate market activity heatmap(2015-2025)Berlin36.33,83228.726.555219.824.791.41,183Munich12.61,5214.614.950814.317.247.7382Hamburg4.07991.730.438811.91.331.1315Cologne1.32960.26.81372.60.821.6102Frankfurt0.92740.25.61305.71.319.7107Stuttgart0.31410.11.4804.01.414.141Dusseldorf0.71260.524.38411.40.360.

23、239Dresden1.01350.10.2481.10.036.645Leipzig0.31120.30.7621.10.69.033Karlsruhe0.5890.21.2780.71.130.816Aachen0.6890.10.7330.60.117.818Mannheim0.1610.34.4583.30.026.117Essen0.1550.04.0566.21.23.927Hannover0.2731.00.1370.00.018.921Source:PitchBook Geography:Germany As of 31 March 2025Europe private mar

24、ket activity heatmap(2015-2025)London109.718,22973.7365.74,026243.0141.812.55,015Paris42.26,7079.4134.42,809107.351.89.01,716Berlin36.33,83228.726.555219.824.791.41,183Stockholm26.02,89723.638.51,14433.012.310.2870Tel Aviv20.72,80321.64.31192.521.847.9871Barcelona8.02,28715.918.352011.93.17.1585Dubl

25、in8.62,1894.344.456126.36.410.1571Madrid6.31,6921.085.285483.39.17.6514Amsterdam10.41,63410.756.357937.416.897.4634Copenhagen6.21,7455.012.23395.64.79.2481Munich12.61,5214.614.950814.317.247.7382Helsinki5.51,5455.08.44208.05.76.0486Milan5.91,1791.354.273851.88.515.8375Oslo4.11,0551.515.356418.92.220

26、.1317Zurich6.41,26013.15.71884.48.615.1242Note:This is a curated list of cities selected for comparison purposes,ranked by PE and VC deal countSource:PitchBook Geography:Europe As of 31 March 20254GERMANY MARKET SNAPSHOTCITY COMPARISONNote:Table ranks cities by total PE and VC deal countCityVC deal

27、value(B)VC deal countVC exit value(B)PE deal value (B)PE deal countPE exit value(B)PE and VC capital raised(B)Median late-stage VC valuation(M)VC first-time financing countPE exit value(B)PE and VC capital raised(B)Median late-stage VC valuation(M)VC first-time financing countPE deal countCityVC dea

28、l value(B)VC deal countVC exit value(B)PE deal value (B)Private marketsPrivate market AUM(B)by asset classSource:PitchBook Geography:Germany As of 30 September 2024PE-backed company count by holding period(years)Source:PitchBook Geography:Germany As of 31 March 2025VC-backed company count by stageSo

29、urce:PitchBook Geography:Germany As of 31 March 20255GERMANY MARKET SNAPSHOTPRIVATE MARKETS02040608010012014016018020020142015201620172018201920202021202220232024Co-investmentFunds of fundsSecondariesReal estateReal assetsDebtVenture capitalPrivate equity02004006008001,0001,2001,4001,6001,8002015201

30、6201720182019202020212022202320242025Less than 3 years4-6 years7-9 years10-12 years13-15 yearsOver 16 yearsTotal05001,0001,5002,0002,5003,0003,5004,0004,5005,00020152016201720182019202020212022202320242025Venture growthLate-stage VCEarly-stage VCPre-seed/seedPrivate marketsGermany top LPsTop 20 limi

31、ted partners by commitments to Germany VC funds(2020-2025)Top 20 limited partners by commitments to Germany PE funds(2020-2025)Commitment countCommitment countHQ locationCommitment countHQ locationHQ locationCommitment countHQ locationEuropean Investment Fund38LuxembourgEuropean Investment Fund12Lux

32、embourgKfW Capital11GermanyNRW.Bank7GermanyNRW.Bank9GermanyPhoenix Financial6IsraelKfW Group5GermanyBMO Private Equity Trust4UKAlaska Permanent Fund4USATP Private Equity Partners3DenmarkAlaska Retirement Management Board4USPatria Capital Partners3UKLandwirtschaftliche Rentenbank4GermanyCircle Eleven

33、3GermanyLennertz&Co.3Germanyabrdn Private Equity Opportunities Trust2UKNevada Public Employees Retirement System3USPatria Private Equity Trust2UKEuropean Regional Development Fund2GermanyEwing Marion Kauffman Foundation2USBertelsmann Capital Ventures2GermanyColumbia Management2USSpeedinvest2AustriaT

34、he ATP Group2DenmarkHapag-Lloyd2GermanyState of Wisconsin Investment Board2USPwC Germany2GermanyHeidelbergCapital Asset Management2GermanyHelaba Landesbank Hessen-Thringen2GermanyWealthCap2GermanyBasler Sachversicherungs2GermanyAdams Street Partners2USAQVC Management2GermanySchsische Aufbaubank2Germ

35、anyIlkka Paananen2FinlandIndustriens Pensionsforsikring2DenmarkNATO Innovation Fund2NetherlandsCommonfund2USBertelsmann Asia Investments1ChinaLandesbank Baden-Wurttemberg1GermanySource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 2025Germany top in

36、vestorsTop 20 investors by VC investment count in Germany(2020-2025)Top 20 investors by PE investment count in Germany(2020-2025)Investment countInvestment countHQ locationInvestment countHQ locationHQ locationInvestment countHQ locationHigh-Tech Grnderfonds294GermanyUfenau Capital Partners137Switze

37、rlandInnovationsstarter178GermanyEQT86SwedenHV Capital136GermanyDeutsche Beteiligungs68GermanyBayern Kapital123GermanyWaterland Private Equity Investments66NetherlandsPlug and Play Tech Center115USAurelius Group63GermanyAxel Springer Porsche103GermanyElvaston Capital Management52GermanyIBB Ventures1

38、02GermanyBregal Unternehmerkapital51SwitzerlandSpeedinvest92AustriaTA Associates Management49USCherry Ventures87GermanyAuctus Capital Partners49GermanyBMH Hessen84GermanyHarbourVest Partners49USAtlantic Labs84GermanyBayBG Bayerische Beteiligungsgesellschaft47GermanyTechnologiegrnderfonds Sachsen77Ge

39、rmanyTriton Partners47UKEarlybird Venture Capital73GermanyArdian45FranceAntler72SingaporeDeutsche Private Equity45Germanyb2venture72SwitzerlandMain Capital Partners44Netherlands468 Capital69GermanyIVC Evidensia44UKPicus Capital61GermanyMubadala Investment Company42UAEProject A Ventures56GermanySjtte

40、 AP-fonden41SwedenUVC Partners55GermanySilver Lake41USNRW.Bank55GermanyBerkshire Partners38USSource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 20256GERMANY MARKET SNAPSHOTPRIVATE MARKETSInvestorInvestorInvestorInvestorLimited partnerLimited partn

41、erLimited partnerLimited partnerVC deal activityVC deal activity by quarterSource:PitchBook Geography:Germany As of 31 March 2025Quarterly share of VC deal value by stageQuarterly share of VC deal value by sectorSource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany

42、 As of 31 March 2025Top five VC deals by deal value in Q1 2025CompanyCompanyDateDeal value(M)Valuation(M)Deal typeIndustry codeDateDeal value(M)Valuation(M)Deal typeIndustry codeReneo20 February600.0N/AEarly-stage VCReal estate services(B2C)Amboss25 March240.0800.0Venture growthOther healthcare tech

43、nology systemsSolaris3 February140.0N/AVenture growthFinancial softwareNEURA Robotics15 January120.0N/ALate-stage VCOther hardwareMarvel Fusion27 March113.0N/ALate-stage VCAlternative energy equipmentSource:PitchBook Geography:Germany As of 31 March 2025Top five VC-backed companies by post-money val

44、uationCompanyCompanyLast deal dateDeal value(M)Valuation(M)Deal typeIndustry codeLast deal dateDeal value(M)Valuation(M)Deal typeIndustry codeCelonis23 August 2022982.412,771.0Late-stage VCBusiness/productivity softwarePersonio21 June 2022442.58,002.7Venture growthBusiness/productivity softwareN2617

45、 October 2021773.57,734.7Venture growthFinancial softwareTrade Republic3 June 20221,088.95,000.0Late-stage VCFinancial softwareHelsing11 July 2024450.04,950.0Late-stage VCBusiness/productivity softwareSource:PitchBook Geography:Germany As of 31 March 20257GERMANY MARKET SNAPSHOTVC DEAL ACTIVITY2.119

46、90501001502002503003504004505000123456Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022202320242025Deal value(B)Deal count0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12022202320242025Pre-seed/seedEarly-stage VCLate-stage VCVenture growth0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q

47、2Q3Q4Q1Q2Q3Q4Q12022202320242025B2BB2CEnergyFinanceHealthcareITMaterialsVC deal activityQuarterly median VC deal value(M)by stageSource:PitchBook Geography:Germany As of 31 March 2025Quarterly VC deal activity with nontraditional investor participation by typeSource:PitchBook Geography:Germany As of

48、31 March 2025Aggregate unicorn value and countFirst-time financing VC deal activity by quarterSource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 20258GERMANY MARKET SNAPSHOTVC DEAL ACTIVITY0.05510204060801001201401601802000.00.10.20.30.4Q1Q2Q3Q4Q1

49、Q2Q3Q4Q1Q2Q3Q4Q12022202320242025Deal value(B)Deal count1.8850501001502002500123456Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022202320242025Deal value(B)Deal count2.77.811.0024681012Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022202320242025Pre-seed/seedEarly-stage VCLate-stage VC6141

50、72121211114520051015202501020304050607080202020212022202320242025Aggregate unicorn value(B)Active unicorn countNew unicorn countVC exit activityVC exit activity by quarterSource:PitchBook Geography:Germany As of 31 March 2025Quarterly share of VC exit count by typeQuarterly share of VC exit count by

51、 sectorSource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 2025Top five VC-backed exits by exit value since 2024CompanyCompanyDateExit value(M)Exit typeIndustry codeDateExit value(M)Exit typeIndustry codeCardior25 March 20241,025.0M&ADrug discovery

52、Invia Group23 December 2024240.0M&AApplication softwareSentronics Metrology3 February 202556.3M&AElectrical equipmentAaron.ai22 May 202440.0M&ABusiness/productivity softwareGQ Bio Therapeutics27 February 202530.7M&ADrug discoverySource:PitchBook Geography:Germany As of 31 March 2025Top five VC-backe

53、d public listings by exit value since 2021CompanyCompanyDateExit value(M)Exit typeIndustry codeDateExit value(M)Exit typeIndustry codeAUTO1 Group4 February 20216,578.5IPOAutomotiveATAI Life Sciences18 June 20211,697.0IPODrug discoverySono Motors17 November 2021766.9IPOAutomotiveMister Spex2 July 202

54、1609.6IPOSpecialty retailMainz Biomed8 November 202141.9IPOBiotechnologySource:PitchBook Geography:Germany As of 31 March 20259GERMANY MARKET SNAPSHOTVC EXIT ACTIVITY0.12101020304050600123456789Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022202320242025Exit value(B)Exit count0%10%20%30%40%50%

55、60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12022202320242025AcquisitionBuyoutPublic listing0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12022202320242025B2BB2CEnergyFinanceHealthcareITMaterialsVC fundraising activityVC fundraising activityShare of VC capital raised by size bucketSource:Pi

56、tchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 2025VC AUM(B)VC dry powder(B)by vintageSource:PitchBook Geography:Germany As of 30 September 2024Source:PitchBook Geography:Germany As of 30 September 2024Top five closed VC funds since 2024FundFundClose d

57、ateCapital raised(M)InvestorFund typeClose dateCapital raised(M)InvestorFund typeHTGF Opportunity Fund12 June 2024660.0High-Tech GrnderfondsVenture-generalHitachi Ventures Fund IV4 February 2025386.6Hitachi VenturesEarly-stage VCWF World Fund I22 March 2024300.0EcosiaVenture-generalUnternehmertum VC

58、 Fonds IV16 August 2024250.0UVC PartnersEarly-stage VCVsquared Ventures II11 June 2024214.0VSquared VenturesEarly-stage VCSource:PitchBook Geography:Germany As of 31 March 2025Top five open VC fundsFundFundOpen dateTarget size(M)InvestorFund typeOpen dateTarget size(M)InvestorFund typeDTCP Venture C

59、apital Investment Fund15 January 2024409.7Deutsche TelekomEarly-stage VCProject A Ventures V13 December 2024299.4Project A VenturesEarly-stage VCrEnergy Ventures Fund14 March 2025189.2BayWa r.e.Energy VenturesVenture-generalGET Fund6 January 2024150.0GET FundVenture-general415 Capital Fund II2 Octob

60、er 2023150.0415 CapitalEarly-stage VCSource:PitchBook Geography:Germany As of 31 March 202510GERMANY MARKET SNAPSHOTVC FUNDRAISING ACTIVITY44455578991212121518213533303005101520253035404520142015201620172018201920202021202220232024Dry powderRemaining value2.53.04.93.72.80.427455923175010203040506070

61、0123456202020212022202320242025Capital raised(B)Fund count0%10%20%30%40%50%60%70%80%90%100%20202021202220232024202550M50M-100M100M-250M250M-500M500M-1B1B+9.10123456789102018201920202021202220232024Total2024202320222021202020192018Pre-2018Drypowderby vintagePE deal activityPE deal activity by quarter

62、Source:PitchBook Geography:Germany As of 31 March 2025Quarterly share of PE deal value by typeQuarterly share of PE deal count by typeSource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 2025Top five PE deals by deal value in Q1 2025CompanyCompanyDa

63、teDeal value(M)Valuation(M)Deal typeIndustry codeDateDeal value(M)Valuation(M)Deal typeIndustry codeApleona14 February4,000.04,000.0Buyout/LBOOther commercial servicesMotel One3 March2,800.03,500.0Buyout/LBOHotels&resortsgreen flexibility16 January1,000.0N/AGrowth/expansionEnergy storageBayWa r.e.17

64、 March409.7N/AGrowth/expansionEnergy productionMPC OSE Offshore18 February70.0N/AGrowth/expansionMarineSource:PitchBook Geography:Germany As of 31 March 2025Top five PE-backed companies by valuationCompanyCompanyLast deal dateDeal value(M)Valuation(M)Deal typeIndustry codeLast deal dateDeal value(M)

65、Valuation(M)Deal typeIndustry codeProSiebenSat.1 Media5 March 200714,690.329,089.7Buyout/LBOMovies,music&entertainmentVantage Towers23 March 202316,300.018,253.0Buyout/LBOConstruction&engineeringTK Elevator31 July 202017,200.017,200.0Buyout/LBOMachinery(B2B)Deutsche Funkturm2 January 20238,598.316,8

66、59.4Buyout/LBOOther communications&networkingAxel Springer6 April 20206,700.06,700.0Buyout/LBOMedia&information services(B2B)Source:PitchBook Geography:Germany As of 31 March 202511GERMANY MARKET SNAPSHOTPE DEAL ACTIVITY17.91830501001502002503000510152025303540Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q

67、4Q1202020212022202320242025Deal value(B)Deal count0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12022202320242025Buyout/LBOGrowth/expansionAdd-on0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12022202320242025Buyout/LBOGrowth/expansionAdd-onPE deal activityPE deal activity wit

68、h US investor participation by quarterSource:PitchBook Geography:Germany As of 31 March 2025Share of PE deal value with US investor participation by countryAverage%of PE deal value with US investor participation by country(2020-2025)Source:PitchBook Geography:Europe *As of 31 March 2025Source:PitchB

69、ook Geography:Germany As of 31 March 2025Quarterly share of PE deal value by sectorMedian PE deal value(M)by strategySource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 202512GERMANY MARKET SNAPSHOTPE DEAL ACTIVITY63.0104.664.0150.068.911.640.020.0

70、31.219.502040608010012014016020202021202220232024Buyout/LBOPE growth/expansion0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12022202320242025B2BB2CEnergyFinanceHealthcareITMaterials6.435010203040506002468101214161820Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022202320242025Deal v

71、alue(B)Deal count10.6%35.6%13.6%29.2%33.2%0%10%20%30%40%50%60%70%202020212022202320242025FranceGermanyItalyNetherlandsUK42.5%37.9%33.0%26.7%23.5%0%5%10%15%20%25%30%35%40%45%UKGermanyItalyNetherlandsFrancePE exit activityPE exit activity by quarterSource:PitchBook Geography:Germany As of 31 March 202

72、5Quarterly share of PE exit value by typeQuarterly share of PE exit value by sectorSource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 2025Top five PE-backed exits by exit value in Q1 2025CompanyCompanyDateExit value(M)Exit typeIndustry codeDateExi

73、t value(M)Exit typeIndustry codeApleona14 February4,000.0Buyout/LBOOther commercial servicesViridium Gruppe19 March3,782.0M&AAsset managementPflegen&Wohnen Hamburg14 January380.0M&AHospitals/inpatient servicesContentserv25 February220.0M&ABusiness/productivity softwareStarface14 January198.5M&ACommu

74、nication softwareSource:PitchBook Geography:Germany As of 31 March 2025Top five PE-backed public listings by exit value since 2021CompanyCompanyDateExit value(M)Exit typeIndustry codeDateExit value(M)Exit typeIndustry codeBirkenstock11 October 20237,673.6IPOFootwearSpringer Nature4 October 20244,274

75、.9IPOPublishingSYNLAB International30 April 20213,600.4IPOLaboratory servicesAtotech Deutschland4 February 20212,811.7IPOMetals,minerals&miningParfmerie Douglas21 March 20241,950.0IPOInternet retailSource:PitchBook Geography:Germany As of 31 March 202513GERMANY MARKET SNAPSHOTPE EXIT ACTIVITY11.3380

76、1020304050607080900510152025Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022202320242025Exit value(B)Exit count0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12022202320242025B2BB2CEnergyFinanceHealthcareITMaterials0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202220232

77、0242025AcquisitionBuyoutPublic listingPE fundraising activityPE fundraising activityShare of PE capital raised by size bucketSource:PitchBook Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 2025PE AUM(B)PE dry powder(B)by vintageSource:PitchBook Geography:Germa

78、ny As of 30 September 2024Source:PitchBook Geography:Germany As of 30 September 2024Top five closed PE funds since 2024FundFundClose dateFund value(M)InvestorFund typeClose dateFund value(M)InvestorFund typeEuropean Private Investment Club Fund III9 September 20242,000.0Castik CapitalBuyoutMaxburg F

79、und IV8 April 2024450.0Maxburg Capital PartnersBuyoutVidia Climate Fund I16 January 2024415.0Vidia EquityBuyoutDTCP Growth Equity III Fund31 March 2024413.8DTCPGrowth/expansion Maguar Capital II29 February 2024306.1Maguar Capital ManagementBuyoutSource:PitchBook Geography:Germany As of 31 March 2025

80、Top five open PE fundsFundFundOpen dateTarget size(M)InvestorFund typeOpen dateTarget size(M)InvestorFund type468 Scale Fund IN/A1,000.0468 CapitalGrowth/expansion Elvaston Capital Fund VIN/A824.7Elvaston Capital ManagementBuyoutAurelius US Expansion Fund17 April 2023800.0Aurelius GroupGrowth/expans

81、ion Armira III15 March 2024691.2Armira BeteiligungenBuyoutNORD DMH III1 September 2024634.6NORD HoldingBuyoutSource:PitchBook Geography:Germany As of 31 March 202514GERMANY MARKET SNAPSHOTPE FUNDRAISING ACTIVITY5.52.62.04.94.90.02317151611105101520250123456202020212022202320242025Capital raised(B)Fu

82、nd count0%10%20%30%40%50%60%70%80%90%100%202020212022202320242025100M100M-250M250M-500M500M-1B1B-5B478889119910169101212141720283032340510152025303540455020142015201620172018201920202021202220232024Dry powderRemaining value160246810121416182018201920202021202220232024Total202420232022202120202019201

83、8Pre-2018Drypowderby vintageCorporate acquisition activityCorporate acquisition activity by quarterSource:PitchBook Geography:Germany As of 31 March 2025Median corporate acquisition value(M)by countryQuarterly share of corporate acquisition value by sectorSource:PitchBook Geography:Germany As of 31

84、March 2025Source:PitchBook Geography:Germany As of 31 March 2025Top five corporate acquisitions by deal value in Q1 2025CompanyCompanyDateDeal value(M)Deal typeIndustry codeDateDeal value(M)Deal typeIndustry codeViridium Gruppe19 March3,782.0M&AAsset managementProSiebenSat.1 Media26 March770.1M&AMov

85、ies,music&entertainmentPflegen&Wohnen Hamburg14 January380.0M&AHospitals/inpatient servicesLife Molecular Imaging13 January337.1M&AOther pharmaceuticals&biotechnologyBorsig27 February270.0M&AMachinery(B2B)Source:PitchBook Geography:Germany As of 31 March 2025Top five investors in corporate acquisiti

86、on deals since 2020CompanyCompanyM&A countMedian deal value(M)Investor typeInvestor cityM&A countMedian deal value(M)Investor typeInvestor cityAtlas Copco201,095.1CorporationStockholmAccenture18849.5CorporationDublinVINCI Energies17N/ACorporationNanterreLifco13N/ACorporationEnkopingThe Platform Grou

87、p1355.0CorporationDusseldorfSource:PitchBook Geography:Germany As of 31 March 202515GERMANY MARKET SNAPSHOTCORPORATE ACQUISITION ACTIVITY14.22980501001502002503003504004500102030405060Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022202320242025Deal value(B)Deal count0%10%20%30%40%50%60%70%80%9

88、0%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12022202320242025B2BB2CEnergyFinanceHealthcareITMaterials23.343.03.020.926.405101520253035404550202020212022202320242025FranceGermanyItalyNetherlandsUKPublic equity marketsSelect major indexes total returnSelect major indexes two-year total return Note:Three-year retur

89、ns are annualized.Source:Morningstar Geography:Global As of 31 March 2025DAX 40 YTD total return by sectorDAX 40 price/earnings ratio by quarterSource:Morningstar Geography:Germany As of 31 March 2025Source:Morningstar Geography:Germany As of 31 March 2025DAX 40 price return by sector(rebased in 202

90、2)Source:Morningstar Geography:Germany As of 31 March 202516GERMANY MARKET SNAPSHOTEQUITY MARKETS VALUATIONSEuronext Paris CAC 40Euronext Paris CAC 40YTD:+5.7%|1-year:-2.8%|3-year:+7.8%STOXX Europe 600STOXX Europe 600YTD:+5.2%|1-year:+4.1%|3-year:+5.4%DAX 40DAX 40YTD:+11.3%|1-year:+19.9%|3-year:+15.

91、4%FTSE 100FTSE 100YTD:+6.1%|1-year:+11.9%|3-year:+8.5%S&P 500S&P 500YTD:-4.3%|1-year:+8.3%|3-year:+9.1%41.8%21.3%11.5%16.6%40.6%-10%0%10%20%30%40%50%60%Mar-23Jun-23Sep-23Dec-23 Mar-24 Jun-24Sep-24Dec-24 Mar-25DAX 40FTSE 100Euronext Paris CAC 40STOXX Europe 600S&P 50019.9%17.7%17.7%6.9%2.8%2.1%1.1%-6

92、.4%-15%-10%-5%0%5%10%15%20%25%UtilitiesFinancialsIndustrialsBasic materialsTechnologyHealthcareConsumer servicesConsumer goods22.9x18.9x16.0 x14.7x14.7x11.7x11.8x13.7x 13.6x13.8x13.0 x12.0 x13.8x15.2x15.6x16.9x17.6x0 x5x10 x15x20 x25xQ1Q2 Q3 Q4Q1Q2 Q3 Q4Q1Q2 Q3 Q4Q1Q2 Q3 Q4Q120212022202320242025-5.6

93、%-12.1%12.8%90.4%-13.1%37.0%12.9%40.7%5.1%19.8%-20%0%20%40%60%80%100%Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Jan-25Mar-25Basic materialsConsumer goodsConsumer servicesFinancialsHealthcareIndustrialsOil&gasTechnologyTelecomUtilitiesPublic equity marketsDAX 40 versus M&A EV/E

94、BITDA multiplesSources:PitchBook,Morningstar Geography:Germany As of 31 March 2025DAX 40 EV/EBITDA multiple by sectorQuarterly public listing count by backing statusSource:Morningstar Geography:Germany As of 31 March 2025Source:PitchBook Geography:Germany As of 31 March 2025Largest public listings s

95、ince 2021CompanyCompanyDateBackingValuation(M)Exchange:TickerIndustryIndustry codeDateBackingValuation(M)Exchange:TickerIndustryIndustry codePorsche29 September 2022Nonbacked65,762.8ETR:P911TransportationAutomotiveDaimler Truck10 December 2021Nonbacked25,124.7ETR:DTGTransportationAutomotiveVantage T

96、owers19 March 2021Nonbacked9,800.0HAM:VTWRBusiness prod.&serv.Construction&engineeringBirkenstock11 October 2023PE-backed7,673.6NYS:BIRKConsumer prod.&serv.FootwearAUTO1 Group4 February 2021VC-backed6,578.5FRA:AG1TransportationAutomotiveSpringer Nature4 October 2024PE-backed4,274.9FRA:SPGMediaPublis

97、hingSchott Pharma28 September 2023Nonbacked4,066.6ETR:1SXPPharma&biotechPharmaceuticalsSYNLAB International30 April 2021PE-backed3,600.4BER:SYABHC Services&SystemsLaboratory servicesAtotech Deutschland4 February 2021PE-backed2,811.7NYS:ATCBusiness prod.&serv.Specialty chemicalsIonos8 February 2023PE

98、-backed2,590.0BER:IOSBusiness prod.&serv.Systems&information managementSource:PitchBook Geography:Germany As of 31 March 202517GERMANY MARKET SNAPSHOTEQUITY MARKETS VALUATIONS9.1x10.5x11.5x10.7x14.2x12.3x11.0 x13.4x9.3x12.7x9.0 x9.6x8.4x9.5x11.0 x10.0 x8.2x9.0 x8.1x8.5x0 x2x4x6x8x10 x12x14x16x201620

99、1720182019202020212022202320242025M&ADAX 401.3x2.9x5.1x5.6x8.5x9.7x10.0 x15.0 x20.8x28.3x0 x5x10 x15x20 x25x30 xBasic materialsCommunication servicesConsumer cyclicalUtilitiesFinancial servicesConsumer defensiveHealthcareIndustrialsTechnologyReal estate012345678Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202220232024

100、2025VC-backedPE-backedNonbackedAdditional researchCOPYRIGHT 2025 by PitchBook Data,Inc.All rights reserved.No part of this publication may be reproduced in any form or by any meansgraphic,electronic,or mechanical,including photocopying,recording,taping,and information storage and retrieval systemswi

101、thout the express written permission of PitchBook Data,Inc.Contents are based on information from sources believed to be reliable,but accuracy and completeness cannot be guaranteed.Nothing herein should be construed as investment advice,a past,current or future recommendation to buy or sell any secu

102、rity or an offer to sell,or a solicitation of an offer to buy any security.This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.H2 2024 M

103、ENA Private Capital BreakdownDownload the report here2025 Nordic Private Capital Breakdown Download the report hereQ1 2025 European PE BreakdownDownload the report hereMore research available at 2025 European Venture ReportDownload the report hereTariffs and European VC:IPO Window Threatened FirstDownload the report hereThe Impact of Tariffs on European PEDownload the report here