German Private Equity Barometer / German Venture Capital Barometer

Business climate indexes for the German venture capital market

The data for the business climate indexes of the German Private Equity Barometer and the German Venture Capital Barometer are taken from a quarterly survey of the approx. 200 members of the German Private Equity and Venture Capital Association (Bundesverband Deutscher Kapitalbeteiligungsgesellschaften – BVK) and further German private equity companies. On the one side, the market climate in the later-stage segment is reported and on the other the market climate in the venture capital segment of the German equity capital market. The climate data are based on estimates from investment companies, with the focus being on established SMEs for the German Private Equity Barometer and on investment in start-ups and new technology companies for the German Venture Capital Barometer. All climate indicators show the average of the situation assessment (share "good" minus share "bad") and the balance of the expectations for the coming six months, which are determined in an analogous manner and adjusted for the relevant historical average.

Forwarding to KfW Research

GVCB, 3rd Quarter 2023	German VC market: Business sentiment continues to recover(PDF, 210 KB, accessible)
GPEB, 3rd Quarter 2023	Private equity sentiment stabilised after setback(PDF, 245 KB, accessible)
GVCB, 2nd Quarter 2023	VC sentiment rises again, high optimism is fraught with potential for setbacks(PDF, 205 KB, accessible)
GPEB, 2nd Quarter 2023	Recovery has stalled: great setback for private equity sentiment(PDF, 246 KB, accessible)
GVCB, 1st Quarter 2023	VC sentiment improved slightly but remains very low(PDF, 225 KB, accessible)
GPEB, 1st Quarter 2023	Private equity sentiment on the path to recovery(PDF, 250 KB, accessible)
GVCB, 4th Quarter 2022	VC sentiment in Germany cooled considerably at the end of the year(PDF, 179 KB, accessible)
GPEB, 4th Quarter 2022	Private equity sentiment stabilised towards the end of the year(PDF, 231 KB, accessible)
GPEB, 3rd Quarter 2022	Private equity sentiment drops to crisis level(PDF, 201 KB, accessible)
GVCB, 3rd Quarter 2022	Sentiment in the German VC market is stabilising(PDF, 240 KB, accessible)
GVCB, 2nd Quarter 2022	Mood on German VC market turns frostier – sentiment signal turned red(PDF, 180 KB, accessible)
GPEB, 2nd Quarter 2022	Private equity market sentiment continues to cool – investors are much more pessimistic(PDF, 154 KB, accessible)
GVCB, 1st Quarter 2022	VC sentiment plunges – interest rate reversal and war create high uncertainty(PDF, 152 KB, accessible)
GPEB, 1st Quarter 2022	Private equity sentiment turns negative at start of year(PDF, 171 KB, accessible)
GVCB, 4th Quarter 2021	VC sentiment maintained previous record level at the end of the year(PDF, 196 KB, non-accessible)
GPEB, 4th Quarter 2021	Private equity sentiment is improving(PDF, 193 KB, non-accessible)
GVCB, 3rd Quarter 2021	VC market sentiment climbs to new record high, but increases are minimal(PDF, 219 KB, non-accessible)
GPEB, 3rd Quarter 2021	Private equity sentiment remains positive, almost unchanged(PDF, 193 KB, non-accessible)
GVCB, 2nd Quarter 2021	VC market reaches new high: new top scores for confidence indicators(PDF, 227 KB, non-accessible)
GPEB, 2nd Quarter 2021	Private equity sentiment positive again for first time since coronavirus shock(PDF, 209 KB, non-accessible)
GVCB, 1st Quarter 2021	VC market off to a good start in 2021 – Sentiment continues to rise(PDF, 146 KB, non-accessible)
GPEB, 1st Quarter 2021	Private equity sentiment brightened at the start of the year(PDF, 144 KB, non-accessible)
GVCB, 4th Quarter 2020	VC sentiment indicator is back in the green, offsetting coronavirus losses(PDF, 125 KB, non-accessible)
GPEB, 4th Quarter 2020	Private equity environment is improving only slowly(PDF, 125 KB, non-accessible)
GVCB, 3rd Quarter 2020	VC market sentiment continues to inch out of the coronavirus slump(PDF, 98 KB, non-accessible)
GPEB, 3rd Quarter 2020	Private equity market sentiment stabilised in late summer(PDF, 97 KB, non-accessible)
GVCB, 2nd Quarter 2020	VC business confidence returns after the coronavirus shock(PDF, 147 KB, non-accessible)
GPEB, 2nd Quarter 2020	Confidence returns to private equity market, reversing half of coronavirus slump(PDF, 147 KB, non-accessible)
GVCB, 1st Quarter 2020	Coronavirus shock: VC sentiment crashes(PDF, 131 KB, non-accessible)
GPEB, 1st Quarter 2020	Coronavirus crisis pushes private equity sentiment to near rock bottom(PDF, 129 KB, non-accessible)
GVCB, 4th Quarter 2019	VC business climate continues to slide but remains in the green(PDF, 145 KB, non-accessible)
GPEB, 4th Quarter 2019	Sentiment in the private equity market ends the year on average level(PDF, 146 KB, non-accessible)
GVCB, 3rd Quarter 2019	VC business sentiment drops although situation has improved again(PDF, 136 KB, non-accessible)
GPEB, 3rd Quarter 2019	Private equity market sentiment continues to fall(PDF, 132 KB, non-accessible)
GVCB, 2nd Quarter 2019	Business climate in the VC industry recovers in weak market environment(PDF, 200 KB, non-accessible)
GPEB, 2nd Quarter 2019	Sentiment in the German private equity market continues to decline(PDF, 200 KB, non-accessible)
From Q2 2019 GPEB and GVCB
1st Quarter 2019	Year started off on a subdued note(PDF, 207 KB, non-accessible)
4th Quarter 2018	Divided sentiment at the end of the year(PDF, 204 KB, non-accessible)
3rd Quarter 2018	German private equity market: Business climate index remains very strong(PDF, 210 KB, non-accessible)
2nd Quarter 2018	Sentiment in private equity market reaches new heights(PDF, 85 KB, non-accessible)
1st Quarter 2018	German private equity market starts the year on a positive note(PDF, 85 KB, non-accessible)
4th Quarter 2017	Sentiment on private equity market still very good(PDF, 105 KB, non-accessible)
3rd Quarter 2017	Business confidence continues to break records(PDF, 105 KB, non-accessible)
2nd Quarter 2017	Business climate continues to improve(PDF, 65 KB, non-accessible)
1st Quarter 2017	Successful start for equity investors(PDF, 76 KB, non-accessible)
4th Quarter 2016	Sentiment remained bullish in the final quarter(PDF, 105 KB, non-accessible)
3rd Quarter 2016	Sentiment on the German Private Equity Market revived(PDF, 102 KB, non-accessible)
2nd Quarter 2016	Business sentiment is stabilising again(PDF, 86 KB, non-accessible)
1st Quarter 2016	Market sentiment drops sharply(PDF, 102 KB, non-accessible)
4th Quarter 2015	Business climate remains very positive(PDF, 153 KB, non-accessible)
3rd Quarter 2015	Business climate on VC market soars to new heights(PDF, 33 KB, non-accessible)
2nd Quarter 2015	Upward trend stabilised in the early summer months(PDF, 33 KB, non-accessible)
1st Quarter 2015	Tentative start to the year(PDF, 37 KB, non-accessible)
4th Quarter 2014	Business climate increases as the year draws to a close(PDF, 169 KB, non-accessible)
3rd Quarter 2014	Business climate still strong despite slowdown(PDF, 128 KB, non-accessible)
2nd Quarter 2014	New-found optimism after restrained start into year(PDF, 145 KB, non-accessible)
1th Quarter 2014	Subdued start to the new year(PDF, 46 KB, non-accessible)
4th Quarter 2013	Year-end rally(PDF, 117 KB, non-accessible)
3rd Quarter 2013	English(PDF, 199 KB, non-accessible)
2nd Quarter 2013	English(PDF, 200 KB, non-accessible)
1st Quarter 2013	Relatively optimistic economic forecasts(PDF, 263 KB, non-accessible)