{"id":44261,"date":"2017-08-01T04:08:36","date_gmt":"2017-08-01T02:08:36","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/venture-capital-funds-in-germany-the-status-quo-three-questions-and-a-hopefully-not-final-answer\/"},"modified":"2017-08-01T04:08:36","modified_gmt":"2017-08-01T02:08:36","slug":"venture-capital-fonds-in-germany-the-status-quo-three-questions-and-a-hopefully-not-final-answer","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/venture-capital-fonds-in-germany-the-status-quo-three-questions-and-a-hopefully-not-final-answer\/","title":{"rendered":"Venture Capital Funds in Germany \u2014 The Status Quo, Three Questions and a (Hopefully Not Final) Answer"},"content":{"rendered":"

Dr. Thomas A. Jesch, LL.M.<\/strong> \u2014 Coun\u00adsel Kaye Scho\u00adler LLP, Frankfurt\/Main<\/p>\n","protected":false},"excerpt":{"rendered":"

There are also a suffi\u00adci\u00adent number of young tech\u00adno\u00adlogy compa\u00adnies in Germany. But not all of them find an inves\u00adtor. Here, the verbal club of market fail\u00adure is often quickly wiel\u00added and it is forgot\u00adten that German SMEs with their hidden cham\u00adpi\u00adons stand for a high level of marke\u00adta\u00adble inno\u00adva\u00adtions and also successfully bind the succes\u00adsor gene\u00adra\u00adtion to the company. But this rarely affects disrup\u00adtive tech\u00adno\u00adlo\u00adgies in just emer\u00adging indus\u00adtries, and so busi\u00adness angels and venture capi\u00adtal funds are also in demand in Germany to fill this gap.<\/strong><\/p>\n

After an initial jump start\u00ading in 1997, fund\u00adrai\u00adsing by German private equity compa\u00adnies peaked in 2007 and has since fluc\u00adtua\u00adted around an average of appro\u00adxi\u00adm\u00adately EUR 1.5 billion p.a. In the past 10 years, accor\u00adding to the obser\u00adva\u00adtion of remai\u00adning market parti\u00adci\u00adpants, appro\u00adxi\u00adm\u00adately 80 percent of German venture capi\u00adtal compa\u00adnies have disap\u00adpeared from the market. Fund\u00adrai\u00adsing is also a Sisy\u00adphean task for the venture funders that still exist; a lot of crea\u00adti\u00advity and looking far beyond one\u2019s own natio\u00adnal borders are requi\u00adred. Thus, it is ques\u00adtionable who will satisfy the capi\u00adtal needs of young tech\u00adno\u00adlogy compa\u00adnies in the future.<\/p>\n

State Corner\u00adstone Investors<\/strong><\/p>\n

High-Tech Gr\u00fcn\u00adder\u00adfonds<\/em> plays a key role in the area of direct invest\u00adment. After all, SAP, a globally successful soft\u00adware group, recently joined the 13 stra\u00adte\u00adgic inves\u00adtors of High-Tech Gr\u00fcn\u00adder\u00adfonds II alone. Howe\u00adver, High-Tech Gr\u00fcn\u00adder\u00adfonds does not make any fund invest\u00adments. The Kredit\u00adan\u00adstalt f\u00fcr Wieder\u00adauf\u00adbau (\u201cKfW\u201d) is no longer active in the field of fund invest\u00adments, apart from its inves\u00adtor status in the High-Tech Gr\u00fcn\u00adder\u00adfonds. Origi\u00adnally, two limi\u00adted part\u00adner strands conver\u00adged at KfW: In the 1990s, tbg was still support\u00ading 40\u201350 venture capi\u00adtal funds with around 400 million euros of state capi\u00adtal. KfW itself has often supported initia\u00adtors such as Early\u00adbird, eCapi\u00adtal entre\u00adpre\u00adneu\u00adrial Part\u00adners and Neuhaus Part\u00adners as an inves\u00adtor over seve\u00adral fund gene\u00adra\u00adti\u00adons. Now the focus is limi\u00adted to direct invest\u00adments and the suppo\u00adsedly more lucra\u00adtive focus on medium-sized companies.<\/p>\n

This gap is only parti\u00adally filled by the Euro\u00adpean Invest\u00adment Fund<\/em>. In Germany, target funds include Early\u00adbird IV, EMBL Tech\u00adno\u00adlogy Fund II and Welling\u00adton Part\u00adners Life Scien\u00adces IV.<\/p>\n","protected":false},"featured_media":41305,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2604,2620],"product_tag":[1465,2141,2159,2167,2176,2181],"class_list":{"0":"post-44261","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2013-en","8":"product_cat-dr-thomas-a-jesch-ll-m-en","9":"product_tag-venture-capital-fund","10":"product_tag-thomas-a-en","11":"product_tag-jesch-en","12":"product_tag-business-angels-en","13":"product_tag-technology-company","14":"product_tag-hidden-champions-en","15":"pa_sprache-english-3","16":"pa_sprache-german","18":"first","19":"outofstock","20":"taxable","21":"shipping-taxable","22":"purchasable","23":"product-type-variable"},"yoast_head":"\nVenture Capital Funds in Germany - The Status Quo, Three Questions and a (Hopefully Not Final) Answer - 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\/venture-capital-fonds-in-germany-the-status-quo-three-questions-and-a-hopefully-not-final-answer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venture Capital Funds in Germany - The Status Quo, Three Questions and a (Hopefully Not Final) Answer - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"There are also a sufficient number of young technology companies in Germany. But not all of them find an investor. Here, the verbal club of market failure is often quickly wielded and it is forgotten that German SMEs with their hidden champions stand for a high level of marketable innovations and also successfully bind the successor generation to the company. But this rarely affects disruptive technologies in just emerging industries, and so business angels and venture capital funds are also in demand in Germany to fill this gap. After an initial jump starting in 1997, fundraising by German private equity companies peaked in 2007 and has since fluctuated around an average of approximately EUR 1.5 billion p.a. In the past 10 years, according to the observation of remaining market participants, approximately 80 percent of German venture capital companies have disappeared from the market. Fundraising is also a Sisyphean task for the venture funders that still exist; a lot of creativity and looking far beyond one's own national borders are required. Thus, it is questionable who will satisfy the capital needs of young technology companies in the future. State Cornerstone Investors High-Tech Gr\u00fcnderfonds plays a key role in the area of direct investment. After all, SAP, a globally successful software group, recently joined the 13 strategic investors of High-Tech Gr\u00fcnderfonds II alone. However, High-Tech Gr\u00fcnderfonds does not make any fund investments. The Kreditanstalt f\u00fcr Wiederaufbau ("KfW") is no longer active in the field of fund investments, apart from its investor status in the High-Tech Gr\u00fcnderfonds. Originally, two limited partner strands converged at KfW: In the 1990s, tbg was still supporting 40-50 venture capital funds with around 400 million euros of state capital. KfW itself has often supported initiators such as Earlybird, eCapital entrepreneurial Partners and Neuhaus Partners as an investor over several fund generations. Now the focus is limited to direct investments and the supposedly more lucrative focus on medium-sized companies. This gap is only partially filled by the European Investment Fund. In Germany, target funds include Earlybird IV, EMBL Technology Fund II and Wellington Partners Life Sciences IV.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/venture-capital-fonds-in-germany-the-status-quo-three-questions-and-a-hopefully-not-final-answer\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Jesch.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\/venture-capital-fonds-in-germany-the-status-quo-three-questions-and-a-hopefully-not-final-answer\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/venture-capital-fonds-in-germany-the-status-quo-three-questions-and-a-hopefully-not-final-answer\/\",\"name\":\"Venture Capital Funds in Germany - 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