Deutsche Beteiligungs (DBAG) is a well-established player in the German private equity (PE) mid-market. It has been increasing its exposure to new 'growth' sectors, which currently make up 43% of its portfolio and have proved resilient in the COVID-19 crisis. These include broadband/telecom (25%), which are a play on the secular trend of network roll-out in Germany. DBAG's industrial exposure (currently valued at slightly below the average acquisition cost) represents 39% of the portfolio and may appeal to investors seeking exposure to cyclical value companies.Den vollständigen Artikel lesen ...