{"id":44152,"date":"2017-09-01T10:13:53","date_gmt":"2017-09-01T08:13:53","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/editorial-2015-the-economic-significance-of-growth-capital-and-private-equity\/"},"modified":"2017-09-01T10:13:53","modified_gmt":"2017-09-01T08:13:53","slug":"editorial-the-economic-importance-of-growth-capital-and-private-equity","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/","title":{"rendered":"Editorial 2015: The economic significance of growth capital and private equity"},"content":{"rendered":"<p><strong>Dr. Alex\u00adan\u00adder Dibe\u00adl\u00adius<\/strong> \u2014 CEO, Gold\u00adman Sachs AG Germany<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alter\u00adna\u00adtive forms of finan\u00adcing, inclu\u00adding private equity, i.e. equity invest\u00adments in unlis\u00adted compa\u00adnies, are beco\u00adming incre\u00adasingly rele\u00advant. Private equity is not a passing fad. The invest\u00adment indus\u00adtry origi\u00adna\u00adted in the USA almost 70 years ago: in 1946, the Ameri\u00adcan Rese\u00adarch and Deve\u00adlo\u00adp\u00adment Corpo\u00adra\u00adtion, the worl\u00add\u2019s first venture capi\u00adtal company, was foun\u00added there. The Ameri\u00adcans alre\u00adady reco\u00adgni\u00adzed the econo\u00admic importance of start-up and growth finan\u00adcing for young compa\u00adnies at that time and ther\u00ade\u00adfore promo\u00adted the emer\u00adgence of a venture capi\u00adtal indus\u00adtry by law in the 1950s and 1960s. In Germany, howe\u00adver, private equity is regrett\u00adably still unde\u00adre\u00adsti\u00adma\u00adted as a source of financing.<\/p>\n<p>This is despite the fact that Germany is one of the most attrac\u00adtive growth regi\u00adons for private equity in Europe. The Fede\u00adral Repu\u00adblic of Germany is conside\u00adred by inter\u00adna\u00adtio\u00adnal funds to be one of the top four emer\u00adging private equity nati\u00adons in Western Europe, and one in four German private equity funds sees its own coun\u00adtry in first place in Europe. Another clear sign of the attrac\u00adti\u00adve\u00adness of the German market is that inter\u00adna\u00adtio\u00adnal funds that alre\u00adady hold port\u00adfo\u00adlio compa\u00adnies in Germany are plan\u00adning to further increase their invest\u00adment volume in Germany. Many are even plan\u00adning to open new offices. First and fore\u00admost, it is the stron\u00adgest and most stable economy within the euro\u00adzone that makes Germany so attrac\u00adtive for private equity. Produc\u00adti\u00advity is high, unem\u00adploy\u00adment is low, and export strength is high. Medium- and long-term macroe\u00adco\u00adno\u00admic earth\u00adqua\u00adkes are rather unli\u00adkely in this coun\u00adtry, and nega\u00adtive influen\u00adces from other count\u00adries tend to have only limi\u00adted conse\u00adquen\u00adces for Germany. In addi\u00adtion, from a private equity perspec\u00adtive, the many tech\u00adno\u00adlo\u00adgi\u00adcally advan\u00adced German SMEs that are export-orien\u00adted and serve niche markets are a clear loca\u00adtio\u00adnal advantage.<\/p>\n<p>Nevert\u00adhel\u00adess, there is a great deal of reluc\u00adtance on the part of compa\u00adnies to invest in private equity in Germany. But it is often misgui\u00added, because for three reasons, such equity invest\u00adments are not only the best alter\u00adna\u00adtive in certain situa\u00adtions, but also offer signi\u00adfi\u00adcant added value compared to other finan\u00adcing opti\u00adons and can even bring compe\u00adti\u00adtive advantages:<\/p>\n<p>First, private equity sees itself as an active share\u00adhol\u00adder and spar\u00adring part\u00adner for the manage\u00adment of the compa\u00adnies in which they invest. The port\u00adfo\u00adlio compa\u00adnies support the Execu\u00adtive Board in stra\u00adte\u00adgic and opera\u00adtio\u00adnal decis\u00adi\u00adons \u2014 with exten\u00adsive indus\u00adtry and finan\u00adcial know-how as well as with addi\u00adtio\u00adnal capi\u00adtal, if neces\u00adsary. This can be a great advan\u00adtage, espe\u00adci\u00adally for medium-sized businesses.<\/p>\n","protected":false},"featured_media":41187,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2468,2550,2586],"product_tag":[1963,1970,1971,1974,1980,1982],"class_list":{"0":"post-44152","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-free-of-charge-en","8":"product_cat-fyb-2015","9":"product_cat-dr-alexander-dibelius-en","10":"product_tag-alexander-en","11":"product_tag-dibelius-en","12":"product_tag-equity-investment","13":"product_tag-alternative-forms-of-financing","14":"product_tag-investment-volume","15":"product_tag-growth-capital","16":"pa_sprache-english-3","17":"pa_sprache-german","19":"first","20":"instock","21":"taxable","22":"shipping-taxable","23":"purchasable","24":"product-type-variable"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Editorial 2015: The economic significance of growth capital and private equity - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Editorial 2015: The economic significance of growth capital and private equity - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Alternative forms of financing, including private equity, i.e. equity investments in unlisted companies, are becoming increasingly relevant. Private equity is not a passing fad. The investment industry originated in the USA almost 70 years ago: in 1946, the American Research and Development Corporation, the world&#039;s first venture capital company, was founded there. The Americans already recognized the economic importance of start-up and growth financing for young companies at that time and therefore promoted the emergence of a venture capital industry by law in the 1950s and 1960s. In Germany, however, private equity is regrettably still underestimated as a source of financing. This is despite the fact that Germany is one of the most attractive growth regions for private equity in Europe. The Federal Republic of Germany is considered by international funds to be one of the top four emerging private equity nations in Western Europe, and one in four German private equity funds sees its own country in first place in Europe. Another clear sign of the attractiveness of the German market is that international funds that already hold portfolio companies in Germany are planning to further increase their investment volume in Germany. Many are even planning to open new offices. First and foremost, it is the strongest and most stable economy within the eurozone that makes Germany so attractive for private equity. Productivity is high, unemployment is low, and export strength is high. Medium- and long-term macroeconomic earthquakes are rather unlikely in this country, and negative influences from other countries tend to have only limited consequences for Germany. In addition, from a private equity perspective, the many technologically advanced German SMEs that are export-oriented and serve niche markets are a clear locational advantage. Nevertheless, there is a great deal of reluctance on the part of companies to invest in private equity in Germany. But it is often misguided, because for three reasons, such equity investments are not only the best alternative in certain situations, but also offer significant added value compared to other financing options and can even bring competitive advantages: First, private equity sees itself as an active shareholder and sparring partner for the management of the companies in which they invest. The portfolio companies support the Executive Board in strategic and operational decisions - with extensive industry and financial know-how as well as with additional capital, if necessary. This can be a great advantage, especially for medium-sized businesses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/08\/Dibelius-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"334\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/\",\"name\":\"Editorial 2015: The economic significance of growth capital and private equity - FYB Financial Yearbook\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/08\/Dibelius-1.png\",\"datePublished\":\"2017-09-01T08:13:53+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/#primaryimage\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/08\/Dibelius-1.png\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/08\/Dibelius-1.png\",\"width\":334,\"height\":298},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.fyb.de\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FYB Shop\",\"item\":\"https:\/\/www.fyb.de\/en\/shop\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Editorial 2015: The economic significance of growth capital and private equity\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.fyb.de\/en\/#website\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"name\":\"FYB Financial Yearbook\",\"description\":\"For Your Business\",\"publisher\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.fyb.de\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\",\"name\":\"FYB Financial Yearbook\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"caption\":\"FYB Financial Yearbook\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Editorial 2015: The economic significance of growth capital and private equity - FYB Financial Yearbook","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fyb.de\/en\/produkt\/editorial-the-economic-importance-of-growth-capital-and-private-equity\/","og_locale":"en_US","og_type":"article","og_title":"Editorial 2015: The economic significance of growth capital and private equity - FYB Financial Yearbook","og_description":"Alternative forms of financing, including private equity, i.e. equity investments in unlisted companies, are becoming increasingly relevant. 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