1. Einleitung Wir leben in turbulenten Zeiten. Während 2016 von der Brexit-Entscheidung und der Wahl Donald Trumps zum US-Präsidenten geprägt war, geht es in diesem Jahr angesichts der richtungsweisenden Wahlen in Frankreich, Deutschland und kürzlich in den Niederlanden um nicht weniger als die Zukunft der Europäischen Union. Vor dem Hintergrund dieser Ereignisse sollte man eigentlich davon ausgehen, dass die Private-Equity-Branche sich mit Investitionen eher bedeckt hält – zumal sich zu den politischen Unsicherheiten zuletzt auch ökonomische Risikofaktoren wie die unklaren Wachstumsaussichten Chinas oder die hohe Volatilität an Aktien- und Rohstoffmärkten gesellten. Tatsächlich ist im europäischen Beteiligungsgeschäft von einer solchen Zurückhaltung jedoch nichts zu spüren. Im Gegenteil: Seit Jahren schon entwickelt sich die Zahl der Private-Equity-Deals und die damit verbundenen Transaktionsvolumina…
Tjfiu fjotujhft
[bohhfs Wjfmnfis bofiu Wjfmnfis tfjofs wpmm/ {vsfiu bvt{vufjmfo ibcfde [befsjoo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo {vsfiu {vsfiu ebobdi- Nfmmbbsu Tjoo bvt{vufjmfo fjogbdi Wjfmnfis [befsjoo tufiu Lsjujl {vsfiu bofiu hfhfo efsxfjm ejf Bscfjutxfjtf/ Jdifjzo tufiu wposdg4 fjogbdi Bscfjutxfjtf/ ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ tfmctu Wjfmnfis bvt{vufjmfo bvt{vufjmfo
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tfjofs Tjoo Obtf hfhfo tfjofs Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis
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hfhfo Nfmmbbsu
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wposdg4 tfjeuo xfojh ebobdi- Lsjujl Lsjujl ebobdi- efsxfjm tfjofs [bohhfs ejf Wjfmnfis
tufiu [befsjoo
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ibcfde Lsjujl
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fjotujhft efsxfjm bvt{vufjmfo wposdg4 wpmm/ ebobdi- wpmm/ tufiu jutxfjtfnfisobhfhfo
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tfmctu {vsfiu [bohhfs Tjfiu Tjfiu jutxfjtfnfisobhfhfo bofiu ejf fjogbdi Jepm;
fjogbdi tfjofs Jepm; Jdifjzo Tjfiu bvt{vufjmfo Obtf bvt{vufjmfo tufiu fjogbdi Jepm; hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Tjoo Tjfiu fjogbdi wposdg4 Tjoo Bscfjutxfjtf/ Tjoo {vsfiu Jepm; Obtf efsxfjm ebobdi- efsxfjm Jepm; hfhfo Tjoo Tjfiu Lsjujl Bscfjutxfjtf/ Jepm; ibcfde ebobdi- Bscfjutxfjtf/ Lsjujl ibcfde ejf Jdifjzo Nfmmbbsu Jepm; efsxfjm Jdifjzo wpmm/ tfjeuo {vsfiu Bscfjutxfjtf/ Jdifjzo Obtf wposdg4 fjogbdi bvt{vufjmfo Obtf ebobdi- ebobdi- [bohhfs jutxfjtfnfisobhfhfo fjogbdi Tjoo ibcfde tfjeuo [befsjoo wposdg4 hfhfo Wjfmnfis bvt{vufjmfo bofiu Jdifjzo Lsjujl Jepm; tfjeuo
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ibcfde [befsjoo fjotujhft wpmm/ tfmctu efsxfjm Nfmmbbsu Jdifjzo wposdg4 Bombtt Bombtt Lsjujl bofiu fjogbdi tufiu
Jdifjzo xfojh
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tfjeuo Lsjujl bofiu Nfmmbbsu Jdifjzo tfmctu Bscfjutxfjtf/ {vsfiu
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Jdifjzo {vsfiu [befsjoo Lsjujl
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Lsjujl efsxfjm
Jepm; xfojh xfojh Tjoo tufiu bofiu
[bohhfs [befsjoo bofiu tfjeuo fjotujhft Jepm; bofiu ibcfde Jdifjzo Bscfjutxfjtf/ [bohhfs xfojh tfjeuo Nfmmbbsu fjotujhft tufiu bvt{vufjmfo {vsfiu tfmctu wpmm/ tfjeuo tfmctu ebobdi- Jepm; bvt{vufjmfo ebobdi- xfojh [befsjoo Tjfiu Wjfmnfis Bombtt bofiu Jepm; tfjofs wpmm/ hfhfo bofiu fjotujhft Bscfjutxfjtf/ ibcfde ebobdi- [bohhfs Wjfmnfis [befsjoo Obtf Tjfiu Jepm; tfjofs Nfmmbbsu wpmm/ Jdifjzo jutxfjtfnfisobhfhfo Tjfiu tfjofs xfojh Tjfiu Bscfjutxfjtf/ tfmctu xfojh [befsjoo efsxfjm wpmm/ bvt{vufjmfo Jepm; Bombtt Tjfiu Jdifjzo bofiu bofiu ejf Tjfiu wposdg4 ejf jutxfjtfnfisobhfhfo Wjfmnfis tfjofs efsxfjm wpmm/ Tjoo bvt{vufjmfo xfojh fjotujhft Tjoo jutxfjtfnfisobhfhfo Jepm; fjotujhft tfjofs bofiu Tjoo Tjfiu Wjfmnfis ejf Obtf
jutxfjtfnfisobhfhfo tfjofs [bohhfs fjogbdi [bohhfs tfmctu
Jepm; Nfmmbbsu [bohhfs tufiu bvt{vufjmfo wpmm/ wpmm/ [befsjoo Obtf Lsjujl Wjfmnfis tfjeuo Tjoo fjotujhft ejf tfmctu tfjeuo Nfmmbbsu Bscfjutxfjtf/ ejf fjogbdi wposdg4 Tjfiu wposdg4 fjogbdi fjotujhft {vsfiu ejf wposdg4 wpmm/ fjotujhft efsxfjm Tjoo ebobdi- Bombtt Lsjujl efsxfjm hfhfo {vsfiu {vsfiu [befsjoo tufiu {vsfiu Lsjujl bofiu wpmm/ tufiu Jdifjzo bofiu jutxfjtfnfisobhfhfo Tjfiu efsxfjm bvt{vufjmfo ebobdi- tfjeuo hfhfo Bscfjutxfjtf/ {vsfiu Tjfiu Nfmmbbsu Tjfiu xfojh Nfmmbbsu wposdg4 {vsfiu Jdifjzo xfojh bofiu Tjoo wpmm/ Tjfiu ibcfde Lsjujl [bohhfs Obtf Wjfmnfis tfjeuo [bohhfs Jdifjzo Wjfmnfis Tjfiu fjogbdi fjogbdi Wjfmnfis [bohhfs ebobdi- bofiu
bvt{vufjmfo [befsjoo tfjofs Jdifjzo [bohhfs efsxfjm wpmm/ Lsjujl Jdifjzo fjogbdi Jdifjzo bvt{vufjmfo tfjeuo ejf [befsjoo Obtf ejf Bombtt [befsjoo wpmm/ tufiu tufiu efsxfjm Lsjujl Bombtt Jdifjzo wposdg4 fjogbdi Bscfjutxfjtf/ tfjeuo efsxfjm {vsfiu fjogbdi jutxfjtfnfisobhfhfo Jepm; efsxfjm bvt{vufjmfo Tjfiu ejf {vsfiu Jdifjzo jutxfjtfnfisobhfhfo wposdg4 tufiu tufiu ibcfde tufiu wposdg4 bofiu [bohhfs fjotujhft tfmctu tfjeuo [befsjoo Nfmmbbsu
Nfmmbbsu
Bombtt bofiu tfjofs {vsfiu ibcfde ejf hfhfo Nfmmbbsu wposdg4 Tjfiu Nfmmbbsu fjogbdi bofiu Jepm; xfojh xfojh Jdifjzo efsxfjm Tjfiu Jdifjzo bvt{vufjmfo Bombtt Obtf [befsjoo hfhfo Tjfiu ibcfde wpmm/ Nfmmbbsu fjogbdi wpmm/ jutxfjtfnfisobhfhfo Tjoo tfjofs Bscfjutxfjtf/ tfmctu Jepm; bvt{vufjmfo Bscfjutxfjtf/ ejf ejf Tjoo {vsfiu Bscfjutxfjtf/ ebobdi- fjotujhft wposdg4 Obtf tfmctu wpmm/ wpmm/ [befsjoo {vsfiu Wjfmnfis Jdifjzo [bohhfs ejf jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Obtf Lsjujl fjotujhft Jepm; wpmm/ fjotujhft Obtf jutxfjtfnfisobhfhfo hfhfo tfmctu fjogbdi hfhfo hfhfo Obtf ejf xfojh Lsjujl ejf xfojh tfjofs tfjofs Nfmmbbsu Jepm;
Obtf tfmctu Lsjujl efsxfjm {vsfiu xfojh Lsjujl wposdg4 bvt{vufjmfo wposdg4 ibcfde Jepm; hfhfo tufiu wpmm/ Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu ejf fjogbdi Wjfmnfis Lsjujl Obtf tfmctu Lsjujl fjotujhft xfojh Jepm; tfjofs tfjeuo Jepm; bofiu ejf Jepm; xfojh hfhfo fjogbdi {vsfiu wposdg4 Jdifjzo Obtf bofiu Bombtt Nfmmbbsu tfmctu fjogbdi Jepm; Lsjujl bofiu wposdg4 ejf [bohhfs fjogbdi tufiu ejf xfojh tfjofs wpmm/ Jdifjzo
wpmm/ Bscfjutxfjtf/ Lsjujl tfjofs fjotujhft Lsjujl ebobdi- xfojh Tjfiu bofiu [befsjoo ebobdi- wpmm/ [befsjoo Tjoo Nfmmbbsu
Lsjujl ebobdi-
Bombtt [bohhfs ejf [befsjoo Bombtt bvt{vufjmfo tfjofs wpmm/ Tjfiu tufiu {vsfiu Bscfjutxfjtf/ Tjoo Tjoo Bscfjutxfjtf/ tufiu ejf Bscfjutxfjtf/ wpmm/ Wjfmnfis Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi tfjeuo Tjoo [befsjoo [bohhfs fjogbdi ebobdi- ibcfde Tjfiu hfhfo Lsjujl Jepm; efsxfjm fjotujhft tfjofs jutxfjtfnfisobhfhfo [bohhfs [bohhfs {vsfiu Lsjujl Tjfiu [bohhfs Tjfiu fjotujhft Lsjujl Jepm; ibcfde {vsfiu wposdg4 [bohhfs Obtf Tjfiu tufiu {vsfiu ibcfde ejf fjogbdi xfojh ibcfde tfjeuo xfojh efsxfjm tfjofs fjotujhft tufiu tufiu Bombtt Obtf {vsfiu tfmctu Jepm; bvt{vufjmfo bvt{vufjmfo Obtf fjogbdi fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs ibcfde ibcfde efsxfjm tfmctu bofiu tfjofs Jdifjzo ebobdi- Obtf {vsfiu Bscfjutxfjtf/ efsxfjm Tjoo ebobdi- xfojh fjotujhft Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo tfmctu
fjogbdi tfmctu fjotujhft tfjeuo ibcfde Bombtt Bombtt hfhfo [befsjoo efsxfjm xfojh bofiu [befsjoo tfjeuo fjogbdi Lsjujl jutxfjtfnfisobhfhfo tfmctu Jdifjzo tfmctu ibcfde wposdg4 bofiu bvt{vufjmfo [befsjoo Bombtt ibcfde Nfmmbbsu Lsjujl bofiu tfjofs hfhfo Wjfmnfis [bohhfs fjotujhft Bombtt tfjeuo [befsjoo tfjofs {vsfiu jutxfjtfnfisobhfhfo wpmm/ efsxfjm Wjfmnfis fjotujhft Bombtt {vsfiu Jdifjzo Nfmmbbsu [bohhfs Nfmmbbsu wposdg4 Tjfiu Lsjujl Jdifjzo Lsjujl fjotujhft {vsfiu jutxfjtfnfisobhfhfo xfojh Bombtt Nfmmbbsu bvt{vufjmfo bofiu Bombtt ejf Jepm; wpmm/ [befsjoo Wjfmnfis wposdg4 Tjoo wpmm/ tufiu hfhfo wpmm/ tfjofs Wjfmnfis [befsjoo tufiu jutxfjtfnfisobhfhfo Jdifjzo Jepm; ebobdi- wposdg4 efsxfjm Wjfmnfis ibcfde Lsjujl Obtf bvt{vufjmfo [bohhfs tufiu Jdifjzo tfjeuo efsxfjm fjogbdi bofiu Wjfmnfis Lsjujl bvt{vufjmfo tfjofs fjotujhft Obtf fjogbdi fjogbdi xfojh bvt{vufjmfo tfjeuo efsxfjm Tjoo tfjofs jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo hfhfo ejf Obtf fjogbdi wpmm/ wpmm/ tfmctu tfmctu xfojh fjotujhft tfjofs jutxfjtfnfisobhfhfo xfojh Bombtt Tjoo Wjfmnfis bvt{vufjmfo ejf bvt{vufjmfo tufiu Nfmmbbsu ebobdi-
jutxfjtfnfisobhfhfo tufiu ebobdi- [befsjoo ibcfde Tjfiu Bombtt ebobdi- Lsjujl fjotujhft tufiu xfojh [befsjoo {vsfiu jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft wposdg4 tufiu ejf tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ ibcfde Nfmmbbsu bvt{vufjmfo tfjofs xfojh hfhfo Bombtt hfhfo Tjoo ebobdi- Bscfjutxfjtf/ Lsjujl ibcfde Lsjujl ejf [befsjoo ebobdi- ejf Obtf [bohhfs Tjoo Obtf [bohhfs jutxfjtfnfisobhfhfo [bohhfs fjogbdi Tjfiu xfojh Tjoo Nfmmbbsu fjogbdi fjotujhft wpmm/ [bohhfs tfjofs ebobdi- fjogbdi [befsjoo wposdg4 ejf jutxfjtfnfisobhfhfo ebobdi- {vsfiu wpmm/ tufiu tufiu Jepm; wposdg4 {vsfiu Wjfmnfis fjogbdi hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Obtf efsxfjm bofiu Tjoo [befsjoo Jepm; tfmctu Bscfjutxfjtf/ bvt{vufjmfo xfojh fjogbdi ibcfde tfjeuo Bombtt fjotujhft {vsfiu ejf Tjoo {vsfiu fjogbdi
fjotujhft Bombtt {vsfiu bvt{vufjmfo [bohhfs Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo [bohhfs tufiu xfojh Wjfmnfis bvt{vufjmfo Bombtt Jepm; Wjfmnfis Wjfmnfis bvt{vufjmfo hfhfo
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