Andreas Bezner, CFA

Germany-based venture capital fund Robin Capital closed its Robin Fund One at 13 million euros (about $13.6 million). #venturecapital #veteranventures

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FINMA has introduced new regulatory guidelines that significantly impact the issuance of stablecoins in Switzerland. Here’s a few details that I want to emphasize: 1. Banking License or Guarantee: Stablecoin issuers are now required to either obtain a banking license or secure a guarantee from the bank. This represents a huge barrier for many startups and innovators in the crypto space, potentially stopping new projects in early stages. 2. Mandatory Identification: All stablecoin holders must be identified, which goes against the core principles of decentralized finance (DeFi). This move towards centralization challenges the anonymity and decentralization that are foundational to the crypto industry. 3. Highlighted Risks: FINMA emphasizes the increased risks of money laundering and the potential reputational damage to the financial sector as reasons for these more strict actions. While the intention behind these regulations might be to protect the financial system and ensure transparency, the approach seems to be too restrictive. The crypto industry thrives on innovation and flexibility, and such heavy-handed regulations could drive entrepreneurs and innovators to more crypto-friendly regions like Abu Dhabi or Dubai, which are rapidly becoming new hubs for blockchain growth. Switzerland was perceived as a "crypto paradise," but with these new regulations, it risks becoming a regulatory nightmare. We must strive for balanced regulations that protect without stifling innovation. As a long term believer in crypto industry, I think it’s crucial to find a middle ground that safeguards the financial system while fostering innovation and growth. What are your thoughts on these new regulations? Let's discuss! 💬 #Crypto #FinTech #Blockchain #Regulation #Innovation #Switzerland #FINMA

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Private Equity: Resilience in Times of Crisis – The Facts Speak for Themselves! 💡📊 An impressive 25-year analysis reveals how private equity has consistently proven its strength during global crises. Here are the standout stats from Schroders’ study: 🔹 5 major crises, including the 2008 financial meltdown, the COVID-19 pandemic, and the dot-com bubble, tested markets worldwide – yet private equity held firm. 🌍 🔹 Returns: Despite economic shocks, private equity funds delivered an average annual return of +14%, compared to just +8% in public markets. 📈 🔹 Drawdowns: Public markets saw drawdowns exceeding 45%, while private equity held up far better, with declines of only around 20%. 🔹 Cash distributions: Even in turbulent times, private equity funds returned an average of 70% of committed capital to investors – showcasing the industry’s strong liquidity. 💸 🔹 10 million jobs globally are supported by businesses backed by private equity – a significant driver of economic and social progress. 💡 The takeaway: Private equity demonstrates that long-term vision and active management pay off, even in the toughest times. 👉 Curious for more? Dive into the full study here: https://lnkd.in/dWWsTJAK #PrivateEquity #Innovation #Transformation #Economy #PrivateCapital #CrisisResilience #LongTermGrowth #StrongReturns #Investing #FactsMatter 🚀📊

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Honoured to be featured in the latest Tech Funding News article discussing Germany’s role as a leading tech hub. 🚀 I’m also proud to see standout companies from the Earlybird Venture Capital portfolio—N26, Marvel Fusion, Isar Aerospace, and others—highlighted alongside my alma mater, Technical University of Munich, which is another key driver of innovation in the country. While Germany is often dubbed the ‘Silicon Valley of Europe,’ there’s still much to do, such as overcoming regulatory challenges and channeling more growth funding into promising startups. My advice for those navigating the Central European startup landscape: Leverage government-backed funding, connect with business angels, and build relationships with established companies. Do not wait to build a global network early on. Together we can strengthen this ecosystem so that one day it can truly live up to its nickname. Read more by Sofia Chesnokova here: https://bit.ly/404yyXr Cc: Dr. Hendrik Brandis, Paula Wehmeyer, Mario Kohle, Filip Lukac, Benjamin Berényi, Elisheva Marcus #Innovation #DeepTech #VentureCapital #GermanyTech

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Book Review #25 | 2024: The StorySelling Method: Master The Art Of Storytelling To Build Trust, Stand Out, And Boost Sales by Philipp Humm “There is no greater agony than bearing an untold story inside you” Big picture: Story-telling is an important tool to connect with people and leave a lasting impact on memory The book provides a guide to build skills to tell captivating and lasting stories Review Simplistic book providing useful anecdotes on art of story telling Key learning was that story-telling isn’t a monologue but an exchanging dialogue and listening is actually more important #bookreviews #thepowerofreading #storytelling https://lnkd.in/di-34ktR

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𝗛𝗲𝗿𝗲'𝘀 𝗮 𝘁𝗲𝘅𝘁 𝗜 𝗴𝗼𝘁 𝗳𝗿𝗼𝗺 𝗺𝘆 𝘁𝗲𝗮𝗺𝗺𝗮𝘁𝗲 𝗮𝘀𝗸𝗶𝗻𝗴 𝗮𝗯𝗼𝘂𝘁 #venturecapital 𝘀𝗲𝗰𝗼𝗻𝗱𝗮𝗿𝗶𝗲𝘀 ... ... which led me to explain a bit about my personal history with them, and how they work. Here's what I told him 👇🏻 (which is #notfinancialadvice of course) 👉 I've personally sold common in secondary transactions twice (2 different companies as well) to existing investors who already owned a bunch of preferred + common in said companies. In one case I was approached by an existing investor, and in the other I approached the existing investor. 👉 Our first Creator Science Syndicate deal was a secondary transaction (we created an SPV to invest in a vehicle that had common stock in ConvertKit) 👉 For early stage companies, because there is still so much risk + the common stock is not really tradable, there’s no market for it. Whereas for later stage companies that are performing well, the common stock's inherent value starts to get very close to that of the preferred stock. So you will see the secondary market price for common begin to trend much closer to that of the preferred. 👉 Secondary transactions can be done directly with existing individual shareholders, or with firms/entities (eg SPVs, investment firms). 👉 Some very reputable firms have made venture secondaries the crux of their business model. Industry Ventures comes to mind. Anything else folks should know about secondaries? Leave a comment below!

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Post 1 of 2:"Apocalypse Soon: The End of Easy Money" The stark contrast between 2021's capital abundance and today's reality is undeniable. We're witnessing the end of an era. But there’s still cause for optimism with careful considerations. Tom Loverro of IVP discusses his dire prediction from January 2023 https://lnkd.in/g5uq_sRy with Samir Kaji on the Venture Unlocked podcast.   2021 Flashback: • Entire funds deployed in 6 months • Growth at all costs mentality • Valuations skyrocketing (remember those 50-75x multiples?)   Today's Reality: • Fund deployment stretched to 3 years - a 6x slowdown • Bankruptcies spiking dramatically (Carta's data doesn't lie) • Series C/D valuations down 51% from peak   This isn't just a correction; it's a fundamental restructuring of our ecosystem. The era of easy capital is over, and startups must navigate this period with a renewed emphasis on profitability and operational efficiency. This could be worse than the 2008 financial crisis for startups. Or is it? Stay tuned for an updated optimistic post from Leverro.

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Thank you, ZyCrypto and Krypto News Deutschland, for including us in your recent list of "10 Fast-Rising Crypto VCs Shaping the World of Web3" together with our esteemed VC colleagues from all around the world. And yes, "it does take a village to raise a startup" but nothing beats working with obsessed founders on a mission! Recall, Trever, River Platform Company, OpenQ, KINO https://lnkd.in/en3SvQ5t #blockchainfounderscapital #zycrypto #venturecapital #blockchain #crypto #startups

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45 Newly Raised VC & PE Funds in November 🌱 In November 2024, a staggering $3.03 billion in fresh Venture Capital and $18.82 billion in Private Equity were raised 🚀 ▶Founderful 🇨🇭- €133M for pre-seed startups in Switzerland ▶Faber 🇵🇹- €31M with a focus on deep tech startups ▶Axeleo Capital (AXC) Capital 🇫🇷- $125M green tech fund for EU startups ▶Exit North Ventures 🇨🇦- $20M seed fund for Canadian fintech startups ▶Redacted 🇺🇸- undisclosed funding for Web3 data & entertainment startups ▶4impact capital 🇳🇱- $68M dedicated to software ventures that drive impact ▶Emerge 🇬🇧 – $73M for founders defining the future of work and learning ▶Bek Ventures 🇱🇺 – $250M for early-stage technology startups ▶Intudo 🇮🇩 – €125M to invest exclusively in Indonesian tech startups ▶Maki.vc 🇫🇮 – €100M for deep tech & brand-driven startups in the Nordics ▶Supernova Invest 🇫🇷 – €100M for European deep tech startups ▶Forerunner 🇺🇸 – $500M for early-stage consumer startups ▶Resurge Growth Partners 🇬🇧 – $120M to fund or buy companies between VC & PE ▶Bynd Venture Capital 🇪🇸/🇵🇹- €40M for (pre-)seed startups in Spain/Portugal ▶Portal Ventures 🇺🇸 – $75M for pre-seed crypto deals ▶Initiate Ventures 🇺🇸 – $45M to invest in early-stage health tech startups ▶Nucleus Capital 🇩🇪 – €40M first-check fund investing in synthetic biology ▶Extantia 🇩🇪 – €204M early-stage climate fund ▶BNP Paribas Solar Impulse Venture Fund 🇫🇷 – €150M for ecological transition ▶Blue Bear Capital 🇺🇸 – $160M to back AI founders in climate & energy ▶BSV Ventures 🇱🇹 – €15M to invest in EU early-stage deep tech startups ▶Alstin Capital 🇩🇪 – €175M Alstin III fund with focus on European B2B SaaS  ▶BYL Ventures 🇺🇸 – undisclosed amount for sports & entertainment ▶Starquest 🇫🇷 – €100M fund to prevent and mitigate natural disaster risks ▶Creative Capital Ventures Group 🇬🇧 – $18M for tech, digital media & consumer ▶Cogito Capital Partners 🇵🇱 – $90M for later/early CEE enterprise businesses ▶Skypointer 🇺🇸 – $30M VC fund to invest in the global technology sector ▶Pender Ventures 🇨🇦 – $100M to support Canadian technology companies ▶Illumen Capital 🇺🇸 – $32.75M fund of funds for underrepresented fund managers ▶Airtree 🇦🇺 – $67M first close of their $650M fund seeking Australian tech startups ▶@Ortella Global Capital 🇮🇳 – $35.5M for Indian consumer and enterprise startups PE Funds include: Pelican Energy Partners LP, Saw Mill Capital, Inverness Graham, Godspeed Capital Management, Shamrock Capital, Accel-KKR, NaviMed Capital, Frazier Healthcare Partners, Neos Partners, Enlightenment Capital, Bain Capital, Transom Capital Group, Capital Dynamics and Zürcher Kantonalbank PS: We provide the ultimate monthly fund tracker for founders raising funds or planning exits. We also track +20k investors in our investor CRM to kickstart every fundraising and M&A project. Who am I missing for November? #VentureCapital #PrivateEquity #Fundraising #MergersAndAcquisitions

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Diversity is still not a top consideration for investors assessing emerging fund managers in Private Markets - quite the contrary: it ranks last in the ranking below. 🤔 This is a pity. More diversity in Private Markets could unlock significant innovation and return potential! 🚀 However - the opportunity still seems to be largely overlooked. Increasing pressure from (institutional) investors for a more equal allocation of decision making power in Private Markets would be a very important catalyst for change! And this would benefit everyone! Source: Rede Partners Emerging Manager Survey 2024

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𝗙𝗿𝗮𝗻𝗸𝗳𝘂𝗿𝘁 - 𝗙𝘂𝗻𝗱𝗿𝗮𝗶𝘀𝗶𝗻𝗴 This week I'm back in Frankfurt along with my co-GP Marc. Is there anything more daunting for a fund manager than pitching to a room of Limited Partners (LPs)? Yesterday evening I did just that in a year where LP venture capital allocation in Germany has seen better days. Despite this, our team strongly believes the 𝗯𝗲𝘀𝘁 𝘁𝗲𝗮𝗺𝘀 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝗲𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻 will always get funded regardless of the market environment. Many Venture Capitalists (unless they founded their firms) won't know that feeling of pitching without a well-known/established brand or several long years of performance behind them, especially when capital allocation is scarce - kudos to the 2009/2010 vintage fund managers. Some may be deterred but we could not be more determined. Looking forward to improving this pitch further when the audience increases from 30 to 300 next month. Respect to all the emerging fund managers who have been on the fundraising journey the last year! #fundraising #earlystage #preseed #seed #narrative #progress #growthmindset #willpower #execution cc: Sarah, Noa, Reem, Dr. Gesa, Bettine, Ben, Lucas, Paul, Maximilian, Dr. Isabella, Paulina, Sabine, Joshua, Dr. Carolin, Xavier, Allocator One, COMPANION D GmbH

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For 200 years, our economic growth has been borrowed from Nature. Now, the Nature Bank is empty... 🐼❌ ➡️ 3 reasons why investing in Nature is a strategic business necessity Nature Capital is the backbone of our economic model. Prof. Dr. Martin R. Stuchtey from The Landbanking Group (and previous founder of Systemiq Ltd.) joined me to go deep on the impact of investing in Nature. Watch our episode to understand why nature capital might be the most crucial asset class of the 21st century. Full episode here 👉 https://lnkd.in/difPBfBk #NatureCapital #NatureSwag

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Optimise for the System-Level Win This is well-said Nicole Herzog ... I could tell you stories :) ... It's more than Schadenfreude... It's jealousy and envy. Entrepreneurs don't all become wealthy like a Bezos or Gates. But what people sense about them is the freedom that they have to be the architect of their lives. And that is the only way that you ever 'win' anyway is to create the rules of the game. Machiavelli said that there is nothing more difficult than to bring about a new order of things... I think he understand the dynamic we are describing... :) I myself wear my optimism like a piece of clothing. I put it on every day regardless of how I feel. I literally say the words as I jump out of bed that this is going to be the best day that I've ever lived and am thankful for the opportunity to make a contribution to the world. I know that psychotic optimism drives some people crazy. It's not simplicity or stupidity or unwillingness to analyse or be serious. It's just that the world is so ridiculously unfriendly to entrepreneurs that unless you decide to be psychotically optimistic, you won't make it through. I am the anti-therapy school. I let go any negativity, any hostility, any anger, any hatred immediately. I don't want to talk about anything that went wrong. I analyse why, learn, integrate the lesson and move forward. Actively removing any negativity - even brutally - from one's life is KEY. I see jealousy, envy, scadenfreude everywhere unfortunately. When it is mixed in with misogyny, it becomes most unpleasant. I am so grateful for the wonderful business partners that I have who are gender-neutral, nationality-neutral, positive, constructive, abundance-mentality etc. ... You can make a lot of mistakes with business partners, but if you are smart enough to learn why you made the mistake, there are good ones around the corner. I would love to invite any founders who feel that they have failed to come to KEANAISSANCE from 9 - 12 May; we don't think they have failed at all. They are seriously smart about a lot, and we want to give them platform to talk about what they learned. If you can put me in touch with them, I'm willing to comp them a couple of tickets to get there... #KEANAISSANCE #SystemLevelWin #BeGracious #Entrepreneurship #PsychoticOptimism

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🌟Introducing Koyo Capital Many of you have been asking about my next steps and plans. Over the past decade, as an active member of the Swiss Venture Ecosystem, I participated in over 100 venture transactions, supported many founders on their journey, co-founded Aare Ventures, by now one of the now largest Swiss business angel clubs, and took part in numerous venture initiatives across Switzerland. This experience allowed me to grow as venture capitalist and to become an entrepreneur myself. I am grateful to everyone who has trusted and continues to trust in me and my capabilities. 🚀 Today, I am thrilled to announce the launch of Koyo Capital, alongside my co-founder Max Meister. We gathered an incredible team of individuals around us including Anna H. Roth-Gardlo, Maximilian Boelck and more tba. Leveraging our extensive knowledge of the VC world and our experience of what works and what clearly doesn’t, we developed our unique investment thesis and strategy that we are executing at koyo. 🍁 Koyo represents the discovery of hidden gems. While Japan is internationally renowned for Sakura, its cherry blossom season, for locals, Koyo, which describes the colourfulness of autumn, is an equally significant event. The diversity of colours and the uniqueness of each leaf mirror the landscape of startups. Each company is unique, with distinct strengths, diverse teams, innovative business ideas & products, and specific areas where targeted support can profoundly influence their chances of success. At koyo, we are passionate about uncovering hidden gems and shaping them into successful ventures with an owner-operator approach. VC is not "one size fits all", it is a craft, requiring a tailored value creation playbook for each team. Therefore, we invest in only a few carefully selected companies with highest conviction, allowing us to dedicate the time necessary to best support the companies on their journey to relevance. With our investment thesis “Fortify and Explore”, we focus on ventures predominantely at the post-seed stage in the sectors: 💻 AI as Infrastructure 🛡️ Cyber Security and Resilience 🔗 Web3 🧬 AI in Life Sciences and Diagnostics 🤖 Robotics and Intelligent Systems, 🚀 Space Technologies ⚛️ Quantum Technologies We hit the ground running, with a first syndicated investment in RAAAM™ Memory Technologies, a potential outlier in the semiconductor space. I am looking forward to continuing collaborating with visionary entrepreneurs and investors and to support our ecosystem in growing to maturity over the next decades.

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May 20 2024 - 10 Notable Articles To Read Article: AI hitting labour forces like a "tsunami" - International Monetary Fund Chief Takeaway: Georgieva mentioned at an event in Zurich that AI is expected to affect 60% of jobs in advanced economies and 40% of jobs globally within the next two years. Source: Reuters Link: https://lnkd.in/dTYvXz-Z Article: Australia’s Pension Funds Play Hardball on Asset Management Fees Takeaway: Australia’s thriving A$3.7T ($2.5T) pensions industry is demonstrating strong negotiating power on asset management fees, with data showing that these funds frequently pay considerably less than others. Source: Bloomberg Link: https://lnkd.in/dgP_y5Z6 Article: KKR-Backed OneStream Software Files Confidentially for US IPO Takeaway: The company is seeking to be valued at up to $6B in an IPO and is working with Morgan Stanley, JPMorgan Chase & Co. and Citi Inc. Source: Bloomberg News Link: https://lnkd.in/dEy7iwcp Article: Eye On AI: Huge AI Valuation Jumps Are Here Again Takeaway: When a startup experiences a 10x increase in valuation within a year or a 3x boost in just five months, it can make one quickly check the calendar to see if it's 2020 or 2021. Source: Crunchbase Link: https://lnkd.in/dVQCPuX7 Article: Khosla Ventures, Pear VC triple down on Honey Homes, a smart way to hire a handyman Takeaway: Investors significantly increased their investment in Honey Homes, a company that provides homeowners with a dedicated handyman. Source: TechCrunch Link: https://lnkd.in/dxDX2nCg Article: Arup lost $25M in Hong Kong deepfake video conference scam Takeaway: A UK-based engineering group has been identified as the target of a fraud scheme that used a digitally cloned version of their CFO to deceive staff. Source: Financial Times Link: https://lnkd.in/dH9W83Ch Article: Honda Motor Plans to Invest Over $60B on EV Strategy Takeaway: The automaker announced its plan for electric vehicles to comprise 40% of its global sales by 2030. Source: The Wall Street Journal Link: https://lnkd.in/dvwqRAeu Article: AMC Theatres Seizes on Meme Stock Moves to Cut $164M of Debt Takeaway: A private agreement to exchange approximately $164M of its 10% notes due in 2026 for 23.3M shares of newly issued stock. Source: Bloomberg Link: https://lnkd.in/dZ7YMMGr Article: Private Credit Titans Pack Middle East Flights to Chase Billions Takeaway: State-owned funds in the Gulf have become a major driver of the rapid expansion in the $1.7T private credit market, despite higher interest rates beginning to pressure borrowers who have accumulated significant debt. Source: Bloomberg News Link: https://lnkd.in/dgF2uyUy Article: Abu Dhabi’s $302B Fund Deepens AI and Private Credit Push Takeaway: According to a statement, the wealth fund, the emirate’s second-largest sovereign investor, reported a five-year return rate of 10.3%. Source: Bloomberg Link: https://lnkd.in/d65daeXw #news #research #business

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Crypto Exchange Bitpanda Eyes IPO or Sale Amid Rising Market Demand Bitpanda GmbH, the Vienna-based cryptocurrency and multi-asset platform backed by Peter Thiel’s Valar Ventures, is reportedly exploring an IPO on the Frankfurt Stock Exchange or a potential sale, advised by Citigroup and JPMorgan Chase. This strategic evaluation could value Bitpanda at over $4 billion, signaling growing investor interest in digital assets. With recent U.S. regulatory approval of spot Bitcoin ETFs and a possible pro-crypto shift in U.S. policy, the timing could be ideal for Bitpanda to go public. Founded in 2014, Bitpanda boasts over 4 million users and a current assets under management (AUM) exceeding €1 billion, offering a range of assets from cryptocurrencies to equities derivatives and commodities. Its growth trajectory positions it alongside platforms like eToro, Revolut, and Coinbase in Europe. Bitpanda reported a strong rebound with over €100 million in Q1 2024 revenue following a difficult 2022, which saw losses of €130 million. For 2023, Bitpanda achieved a pre-tax profit of €13.6 million, showcasing solid financial recovery. Features like real-time transfers for German clients via Deutsche Bank IBANs have further boosted the platform’s appeal. The potential IPO would mirror Coinbase’s NASDAQ debut and aligns with recent demand for retail digital asset access via new products like Bitcoin ETFs. Bitpanda’s valuation and user base would make it a prominent contender in a growing crypto market, poised to meet evolving retail and institutional demand. #Bitpanda #CryptoExchange #IPO #BitcoinETF #DigitalAssets #PeterThiel #ValarVentures #RetailInvesting #CryptoMarket #FrankfurtStockExchange #eToro #Coinbase #Revolut #ARKInvest

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💬"ETH Zürich produces some of the best DeepTech companies in the world," says Alexander Fries, a seasoned entrepreneur and business leader, in a recent interview with Authority Magazine. The story of one of Alex's most successful portfolio companies, SVOX AG, backs up this statement: As an ETH spin-off, SVOX AG and its text-to-speech software solution benefited from the regional ecosystem with several companies already selling abroad, cell phone brands like Microsoft Sony, Google, and Apple having their tech scouts in the region, many rich angel investors supporting the company over the years, the relative ease of recruiting #talent, and the support of the Greater Zurich Area. Ultimately, SVOX AG was acquired for over $100M by the US-company Nuance. 📰 Read the full interview here: https://lnkd.in/exeXiMFp 💻 For international start-ups looking to tap into the Swiss innovation and R&D ecosystem: Check out the 3-month InnoQube Switzerland program, led by Alexander: https://lnkd.in/eUE4GWRf #WhySwitzerland #SwissInnovation #SwissTech #DeepTech Switzerland Innovation Swissnex Presence Switzerland swisstech Innosuisse Swissnex in San Francisco Swiss Business Hub USA

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𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 𝗶𝘀 𝗸𝗲𝘆—𝗽𝗲𝗿𝗶𝗼𝗱. Looking back on 2024, we see significant opportunities in private equity and private debt to support Mittelstand’s growth in 2025. Maintaining strong liquidity will be essential to quickly seize market opportunities. Additionally, the rise of AI will continue and help us to increase efficiency in legacy processes. In this series, I’ll share my take on 2025 and how Deutsche Beteiligungs AG is positioning itself as a thought-leader in this evolving landscape. #PrivateEquity #DeutscheBeteiligungsAG

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