Deutsche Beteiligungs Mops Up Buy-Out Capital
Byline: William Hutchings
Deutsche Beteiligungs absorbed half the domestic capital available for German buy-out funds when it closed its fund on [euro]228m ($256m), according to Wilken von Hodenberg of the private equity firm's management board. The firm, established 38 years ago and Germany's oldest, closed its fourth fund last week [euro]22m short of target.Von Hodenberg says: "We were constrained to close the fund within one year of making the first closing. It has been a difficult environment over the past 12 months, following the outcome of last year's election, Germany's economic environment and the depressed stock market. Germany's insurance sector was unable to make the major contributions we might have expected. Although the climate brightened towards the end and we would have loved another [euro]10m or [euro]20m, the deadline fell before we reached target."
Deutsche Beteiligungs took 20 investors into its fund. It was the first time it had opened a fund to investors outside its shareholders and 18 of them were new. …