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External publication | 2022 Private Equity in the Mittelstand - Analysis of the Development of Private Equity Financed Companies

The aim of the study is to analyze the development of equity-financed companies in comparision to companies without private equity financing. Overall, the equity-financed companies developed very positively and outperformed the randomly selected peer group of companies without equity financing. The portfolio companies recorded significant growth in sales and the number of employees. Accordingly, the present results do not confirm the widespread assumption that investment companies increase the returns of their portfolio companies by cutting jobs. Growth was accompanied by rising cash flows and increased investment activity.

Löher, J.; Nielen, J.; Schröder, C. (2021): Beteiligungskapital im Mittelstand - Analyse der Entwicklung beteiligungsfinanzierter Unternehmen, Studie im Auftrag des Bundesverbands Deutscher Kapitalbeteiligungsgesellschaften –German Private Equity and Venture Capital Association e.V. (BVK), Berlin.


Dr. Jonas Löher
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Dr. Sebastian Nielen
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Christian Schröder
Tel. +49 228 7299743

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