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Venture Capital And Private Equity In Germany After Market Consolidation Beteiligungsfinanzierung Nach Der Marktkonsolidierung
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Book Synopsis Venture Capital and Private Equity in Germany After Market Consolidation (Beteiligungsfinanzierung Nach Der Marktkonsolidierung). by : Ann-Kristin Achleitner
Download or read book Venture Capital and Private Equity in Germany After Market Consolidation (Beteiligungsfinanzierung Nach Der Marktkonsolidierung). written by Ann-Kristin Achleitner and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. The first focus of the report lies on structural topics like market structure, portfolio characteristics, employment, age of firms, ownership structure and sources of funds. The second focus lies on the venture capital cycle and covers topics like deal sources, success factors of venture capital firms, investment criteria, value of information, expected returns, deal sizes, investment stages, industries, financial contracts, syndication, monitoring and support, and exits. The last part of the report identifies equity gaps in financing young and innovative companies in Germany and shows the use of public support programs. The report is written in German.
Book Synopsis Private Equity in Germany by : Thorsten Gröne
Download or read book Private Equity in Germany written by Thorsten Gröne and published by ibidem-Verlag / ibidem Press. This book was released on 2012-02-13 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The German Private Equity Market. An Analysis of its Development by : Ayman A.
Download or read book The German Private Equity Market. An Analysis of its Development written by Ayman A. and published by GRIN Verlag. This book was released on 2020-02-21 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Venture Capital in Germany and the U.S.: Differences and the Influence of Culture by : Lars Abraham
Download or read book Venture Capital in Germany and the U.S.: Differences and the Influence of Culture written by Lars Abraham and published by diplom.de. This book was released on 2009-10-30 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Introduction: In today s modern economy a country s or region s competitiveness lies in its capability to innovate. Whilst earlier old and established companies were reliable producers of innovation as well as jobs, that is changing. The big corporations are outsourcing and downsizing, and the new technologies are emerging from companies that did not exist 20 years ago . This quotation taken from the Handbook of Research on Venture Capital points out the increasing relevance of the Schumpeterian growth regime of today s advanced economies which means that growth and wealth is unlikely to be maximized if most new business developments are carried out by old long-existing corporations. While in Europe only few global champions have been created in the past 50 years the United States economy seems to be capable of continuously creating great, leading-edge companies. Why is Europe lagging behind in enabling new ventures to become global champions? Why are successful high growth companies like Amazon, AMD, AOL, Apple, Cisco Systems, eBay, Genentech, Intel, Microsoft, Oracle, Sun Microsystems, Yahoo and recently Google all US based corporations and not of European or Japanese origin? One reason is seen in the outstanding capability of the US economy to put innovative business ideas from individuals, universities and other research institutions into practice and thus create with the help of a well developed venture capital industry new global champions. A strong and sophisticated VC industry is widely recognised for providing a major contribution to turn innovation into (internationally) successful high-growth corporations and therewith foster economic growth. Taking Germany as the largest economy in Europe this thesis will try to work out the main differences of the VC market in Germany - which is still considered as lagging behind - and its correspondent in the United States. While most of the previous comparative studies focus on single aspects of the VC market and the VC investment process this work will try to provide a brief but comprehensive empirical analysis of the entire venture capital investment process (from fundraising to exiting investments). As business in general and the venture capital industry in particular is considered to be increasingly influenced by socio-economic and cultural factors this thesis draws special attention to differences related to the influence of culture on both VC markets. Hence it will be [...]
Book Synopsis Private Equity - Secondary Market by : Dominik Damaschke
Download or read book Private Equity - Secondary Market written by Dominik Damaschke and published by GRIN Verlag. This book was released on 2005-09-06 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Proposals for the Regulation of Venture Capital and Private Equity after the Financial Crisis by : Silvia Weißmacher
Download or read book Proposals for the Regulation of Venture Capital and Private Equity after the Financial Crisis written by Silvia Weißmacher and published by . This book was released on 2012-02 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2010 im Fachbereich BWL - Investition und Finanzierung, Note: 2,0, Technische Universität München, Sprache: Deutsch, Abstract: In this seminar paper, I demonstrate and evaluate proposals for the regulation of VC and PE including HF in Germany, Europe and the United States (US) after the global financial crisis. In the first chapter of the main part, I describe the impacts of the financial crisis on PE and VC. In the second part, a short overview of the present regulatory framework in Germany, Europe and the United States is presented. The core of this seminar paper will be chapter 4, 5 and 6 in which proposals and its assessment for a regulation of PE and VC after the financial crisis are exposed, especially the so-called Alternative Investment Fund ManagerDirective (AIFMD), an European initiative to regulate fund manger's activities. Further, the estimation of the AIFMD by the European PE and VC Association (EVCA), the "Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK)" and the international press will offer an all-embracing appraisal. With an executive summary, I conclude my seminar paper.
