Tag: Private Equity
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Why Value That Depends on Exit Does Not Exist Most investment strategies are built on one assumption: That value will be realized at exit. This assumption is rarely questioned. And that is exactly where the problem begins. Because value that depends on exit is not value. It is dependency. The Exit Illusion For decades, the…
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Why Most Valuations Are Fiction — And Cash Flow Is the Only Truth For years, markets have been driven by one dominant narrative: valuation equals value. Multiples expanded.Discount rates collapsed.Liquidity flooded the system. And suddenly, everything was worth more. At least on paper. The Great Illusion Valuations are often presented as objective truth — built…
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In 2024, the M&A market in the DACH region (Germany, Austria, Switzerland) showed a mix of challenges and opportunities. While the macroeconomic environment was shaped by high interest rates, geopolitical uncertainty, and a fluctuating economic cycle, mergers and acquisitions activity remained notably resilient—albeit below the long-term average. Overall activity and the number of deals…
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The M&A market in the DACH region (Germany, Austria, Switzerland) in 2023 was shaped by a challenging macroeconomic environment. Rising interest rates, tighter financing markets, and valuation resets led to lower overall transaction momentum. At the same time, the market proved resilient: strategic buyers and private equity investors remained active—with a clear focus on quality, cash flows, and robust business models. Deal count and market activity. In…
