Germany’s private markets trudge through downturn
Europe’s largest economy, Germany, had a difficult end to 2023. It registered negative GDP growth in the final three months of the year and inflation remained stubbornly high at 3.8%, almost twice the target rate of 2%, according to our Q4 2023 Germany Market Snapshot.
A difficult economy has translated into more challenging times for the private markets. German PE deal value dipped in the last quarter of the year, reaching its lowest figure since Q3 2020. Although deal value ticked upward for VC in the final quarter, the number of rounds continued to fall to pre-pandemic levels.
Table of contents
| Market overview | 2 |
| Commentary | 3 |
| City comparison | 4 |
| Heatmap and scorecard | 5 |
| Macro activity | 6 |
| Equity markets | 7 |
| Private markets | 9 |
| Fund performance | 10 |
| VC deal activity | 11 |
| VC exit activity | 13 |
| VC fundraising activity | 14 |
| PE deal activity | 15 |
| PE exit activity | 17 |
| PE fundraising activity | 18 |
| Corporate acquisition activity | 19 |
| Credit markets | 20 |
