Deutsche Beteiligungs - Distinct approach to DACH private equity

Deutsche Beteiligungs (DBAG) posted a 5.3% NAV total return (TR) in euro terms in FY25, which brought its five-year return to c 7.4% per year, ahead of German listed small- and mid-cap companies. While this result is likely below the through-the-cycle return investors expect from private equity (PE), it needs to be put in the context of multiple headwinds, such as the weak German economy, global interest rate normalisation and geopolitical uncertainty. In this environment, DBAG identified multiple PE and private debt opportunities, with a record-high investment level in FY25 (fully deploying proceeds from its convertible bond issue in 2024). Its balance sheet remains sound, supporting a €1.00 annual dividend per share (now implying a healthy 3.9% yield) and share buybacks (c €14.5m in FY25).

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