PitchBook-2023年三季度德国市场快照（英）-2023.11-21页_4mb

Germany Market Snapshot Q3 2023 Summary

Q3 2023 market overview for Germany includes key insights on macroeconomic trends, equity markets, venture capital, and private equity. Data is as of September 30, 2023, from PitchBook analysis.

• Macroeconomic Trends: Germany experienced cooling in Q3, with CPI inflation at 4.3% and GDP shrinking slightly. Expected inflation may stabilize but remain above ECB target, leading to a potential "higher-for-longer" interest rate regime. The economy faces slow growth due to high inflation, wage reductions, and weak consumption from the energy crisis.

• Equity Markets: The DAX index rose 10.5% year-to-date, indicating resilience but with depressed valuations compared to 2021 highs. Public listings remained low, with no transactions since Q2.

• Venture Capital (VC): VC deal activity decreased significantly quarter-on-quarter in 2023, with high valuations but limited exits and fundraising continued weak. Key highlights include the AI sector, though overall market sentiment is cautious.

• Private Equity (PE): PE deal activity was more resilient than VC, with deal values slightly higher QoQ in Q3. Exits or acquisitions drove value, and fundraising remained steady despite challenges.

Overall, Germany's markets show ongoing challenges, with PE expected to be more stable than VC amid evolving economic uncertainty.