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2025年4季度德国市场快照(英)
PitchBook· 2026-02-09 06:40
Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Germany's GDP growth in 2025 was 0.2%, recovering from contractions in 2023 and 2024, with inflation easing to 1.8% in December 2025, suggesting potential for interest rate cuts in 2026 to stimulate growth [8] - Venture capital activity in Germany reached €2.1 billion across 158 transactions in Q4 2025, with a notable increase in deal value but a decrease in deal count compared to the previous quarter [9] - Private equity investment totaled €18.5 billion across 196 deals in Q4 2025, indicating a year-over-year increase in overall activity, with significant deals highlighting the appetite for global private equity investments [10] - The DAX 40 index returned 23% in 2025, outperforming the S&P 500, driven by strong performances in utilities, industrials, and financials [11] - The German government launched a €30 billion Deutschlandfonds to mobilize private capital for higher-risk projects, aiming to boost investment in infrastructure, technology, and defense [12] Market Overview - In Q4 2025, venture capital deal value was €2.1 billion, while private equity deal value was €18.5 billion, with median deal values of €43.8 million for venture capital [6][10] - The number of German unicorns reached a record high of 22, valued at an aggregate €88 billion by the end of 2025 [9] - PE-backed public listings have been rare, with only six fund closures in 2025, down from 14 in 2024, and capital raised in private equity was €3.4 billion, the lowest since 2022 [10] Venture Capital Activity - Major Q4 2025 VC deals included €308 million for Tubulis and €259.4 million for Black Forest Labs, indicating continued funding for mature companies [9] - VC exit activity was flat at €1.2 billion across 27 exits, with the acquisition of Cognigy by NiCE being a notable transaction [9] Private Equity Activity - The standout Q4 deal was the €7.7 billion carveout of BASF's coatings business, reflecting strong interest from US investors, who participated in 42.4% of PE deal value in Germany [10][71] - PE exit value fell to €6.5 billion in Q4, with notable exits including the sale of Xella for €1.9 billion [10][75] Public Equity Markets - The DAX 40's P/E ratio increased to 19.1x in Q4 2025, up from 12x in Q4 2023, indicating rising valuations in the public equity market [11] City Comparison - Berlin led in VC deal value with €36 billion and 4,064 deals, while Munich followed with €14.4 billion across 1,649 deals [17]
X @Mike Benz
Mike Benz· 2026-02-07 03:39
I did 9 hours of streams on Arizona State University's incredible ties to the CIA, from its President being the head of the CIA's venture capital arm to its centers & institutes getting millions in grants for intelligence work. As it turns out, it's the #1 U in the Epstein Files https://t.co/lTgLZV5llpMike Benz (@MikeBenzCyber):As ASU's President is chairman of In-Q-Tel, ASU's Pentagon & State Dept-funded censorship programs create vast databases of pro-Trump speech on social media, as In-Q-Tel (the CIA's v ...
X @Nick Szabo
Nick Szabo· 2026-02-07 02:16
RT Novara Media (@novaramedia)Jeffrey Epstein co-owned a venture capital fund controlled by Peter Thiel, founder of spytech firm Palantir which is now deeply embedded in the British state.The latest Epstein files drop from the US Ministry of Justice shows that billionaire Thiel maintained a business relationship with Epstein from 2014 to the paedophile’s final arrest in 2019.Email exchanges show Thiel repeatedly arranging to meet with Epstein after the latter’s conviction for child sex offences and cultivat ...
America is back from the ‘dead’ thanks to tariffs, Trump says. How to bet on the ‘hottest country’ for big gains
Yahoo Finance· 2026-02-05 14:03
Economic Growth and Tariffs - The U.S. economy experienced a significant growth rate of 4.4% in the third quarter of 2025, marking the fastest pace in two years, driven by consumer spending, exports, government spending, and investment [2] - A narrower trade deficit contributed 1.62 percentage points to overall GDP growth, with imports declining [1][2] - President Trump attributes this economic turnaround to his tariff policies, claiming they have transformed the U.S. from a "DEAD" country to the "HOTTEST" economy in the world [3][5] Stock Market Performance - The stock market has seen a strong bull run, with the S&P 500 up approximately 24% since Trump's tariff announcement in April 2025, and the Dow Jones Industrial Average nearing 49,449 [6][9] - Trump predicts the Dow will soon break 50,000, reflecting his bullish outlook on the stock market's continued growth [6][10] Retirement Accounts and Wealth Creation - The average 401(k) balance rose by 9% year-over-year to an all-time high of $144,400 in Q3 2025, benefiting from the stock market surge [9] - The U.S. stock market is emphasized as a powerful engine of wealth creation, with significant gains flowing into retirement accounts [9] Investment Opportunities - Platforms like Moby provide market research to simplify stock analysis, with their recommendations outperforming the S&P 500 by nearly 12% on average over the past four years [11] - Fundrise has disrupted the venture capital space by allowing retail investors to invest in private tech companies with a minimum investment of $10, aiming to build a portfolio of valuable firms [13][14] Real Estate Investment - Real estate is highlighted as a cornerstone of wealth-building, with properties providing consistent rental income and a hedge against inflation [16] - Crowdfunding platforms like Arrived enable investors to buy shares in rental homes with as little as $100, making real estate investment more accessible [17][18] - Institutional-quality real estate investments are available through platforms like Lightstone DIRECT, which requires a minimum investment of $100,000 and has a strong historical performance [20][21][22]
X @Bloomberg
Bloomberg· 2026-02-05 12:06
General Catalyst — the storied venture capital firm that’s undergoing a transformation into a broader and more ambitious financial company — is making its latest play to use AI to transform a legacy business: This time targeting accounting https://t.co/FwkGbIM5vB ...
X @Cointelegraph
Cointelegraph· 2026-02-05 04:38
RT Cointelegraph Accelerator (@CointelegraphAc)⚡️ RESEARCH: Funding patterns from 2021–2025 map a full cycle, from peak deal activity to contraction, and into a more conservative phase.In 2025, funding rebounded toward $35B but flowed into fewer, higher-conviction deals, reflecting a pullback from speculative plays and a return to revenue-backed models.RWA tokenization emerged as the dominant narrative, attracting strategic capital from banks, asset managers, and exchanges.As venture capital narrows its foc ...
X @TechCrunch
TechCrunch· 2026-02-05 00:05
Mundi Ventures closes on €750M for Kembara, its largest deep tech and climate fund https://t.co/5AXwNW4O8O ...
X @TechCrunch
TechCrunch· 2026-02-04 14:06
SNAK Venture Partners raises $50M fund to back vertical marketplaces https://t.co/eYlEuA62LJ ...
Kleiner Perkins’s Leigh Marie Braswell learned about risk from playing poker: “If the odds are in your favor, you push your chips to the center”
Fortune· 2026-02-04 11:54
Core Insights - Leigh Marie Braswell, a partner at Kleiner Perkins, has emerged as a notable figure in venture capital, particularly in the AI sector, despite her unconventional entry into the field [2][3] - Braswell's investment strategy is influenced by her background in poker, emphasizing the importance of tracking probabilities and making informed decisions in uncertain environments [5] Company and Industry Highlights - Braswell began her venture capital journey by angel investing in 2020, with her first investment in Ambience Healthcare, which is now valued at $1.1 billion [2] - At Kleiner Perkins, Braswell has been instrumental in backing significant AI deals, including Windsurf (an Alphabet acquihire) and Neon (acquired by Databricks), showcasing her impact in the venture capital landscape [3] - The current portfolio at Kleiner Perkins under Braswell includes companies like Nooks, Convoke, Reevo, Avoca, and Forge, indicating her diverse investment interests [3] - The venture capital firm Kleiner Perkins is undergoing a turnaround, led by Mamoon Hamid and Ilya Fushman, with Braswell being recognized as a rising star within the firm [2]
One Man Venture Capitalist: "I only have one rule..."
20VC with Harry Stebbings· 2026-02-02 15:01
I think this notion that only growth matters is a very dangerous one and I've seen this movie many many times. We humans are not [clears throat] truth seekers. We are self- validation machines.Meaning that today we have one of the most prominent solo capitalists in venture or zeve who now manages over a billion dollars. In every one of my funds I'm the biggest LP every single one. By the way, I pay myself zero.I don't see anything which is very unusual. I don't know any VC in the world that has zero income ...