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Deutschland 2018 > Private Equity > Marktüberblick

Redaktionelle Abschnitte

Seit Jahren prägt eine hohe Liquidität verbunden mit hohen Kaufpreisen den Private Equity-Markt, während attraktive Zielunternehmen rar sind (“Asset Scarcity”). Auch um dem zu entgehen kann das vermehrte Aufkommen langlaufender Fonds als Trend beobachtet werden.

Generell stiegen seit Mitte 2016 sowohl die Anzahl als auch der Wert der Zukäufe durch Finanzinvestoren deutlich an. Auf einem hart umkämpften Markt wird der Wettbewerb außerdem noch durch die Zunahme an ausländischen, besonders chinesischen, Investoren am Markt verstärkt, die häufig bereit sind, hohe Preise zu zahlen.

Auch auf dem Kanzleienmarkt gab es einiges an Bewegung unter den Private Equity-Praxen: Im Zuge der Insolvenz löste King & Wood Mallesons das Münchener Büro auf, wodurch auch die dort angesiedelte Fondsstrukturierungs-Expertise gestreut wurde. Profitieren konnten davon McDermott Will & Emery Rechtsanwälte Steuerberater LLP, Orrick, Herrington & Sutcliffe LLP und Clifford Chance; zu letztgenannter Kanzlei stieß Sonya Pauls im Oktober 2016, während Patricia Volhard, ebenfalls eine Fondsstrukturierungsexpertin, im März 2017 von P+P Pöllath + Partners zu Debevoise & Plimpton LLP ging. Ein neuer Player ist auch Gibson Dunn: Die Kanzlei eröffnete ein Büro in Frankfurt, das nun vom ehemaligen Latham & Watkins LLP-Partner Dirk Oberbracht geleitet wird.

Auf dem Venture Capital-Markt spielen strategische Investoren sowohl durch Zukäufe als auch durch Unterhaltung eigener Acceleratoren eine bedeutende Rolle. Einige Marktbeobachter sehen in Deutschland jedoch eine anhaltende strukturelle Finanzierungslücke im Bereich kleiner Finanzierungsrunden. Die Reife des Marktes, auf dem bereits einige Börsengänge beobachtet werden konnten, stimmt dennoch positiv. Während in Berlin weiterhin häufig E-Commerce-Unternehmen gegründet werden, liegt München im Technologiebereich, besonders in Sachen Biotech, vorne. Den Kanzleienmarkt im VC-Bereich prägen nun schon langjährig sowohl international vertretene Kanzleien wie CMS und Osborne Clarke als auch kleinere Boutiquen, allen voran die Berliner Sozietät Vogel Heerma Waitz.

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