2025年4季度德国市场快照（英）

Contents PitchBook Data, Inc. MMarket overview2 Nizar TarhuniExecutive Vice President of Research and MarketIntelligence Paul CondraGlobal Head of Private Markets Research CCity comparison4 Nalin PatelDirector of Research, EMEA Private Capital HPrivate markets5 MVC deal activity7 Institutional Research Group EVC exit activity Analysis PVC fundraising activity Nalin PatelDirector of Research, EMEA Private Capitalnalin.patel@pitchbook.com VPE deal activity Data VPE exit activity13 Charlie FarberManager, Data Analysis VPE fundraising activity 14 PCorporate acquisition activity Oscar AllawaySenior Data Analyst PEquity markets valuations16 Adi GeorgeAssociate Data Analyst pbinstitutionalresearch@pitchbook.com Published on 26 January 2026 Q3 2025 Germany Market Snapshot Market overview Q4 2025 quarterly comparison Commentary Our Country Snapshot series provides an overview of macroeconomic and microeconomic trends in the region, covering various countries acrossEurope and Asia-Pacific. In this edition, we look at how public and private data points trended for Germany in Q4. Here is what we highlight: Publicequity marketsThe 2025 return for the DAX 40 was 23%—second behind the Macro In 2025, German GDP growth was 0.2%, tipping back to growthafter contractions in 2023 and 2024. Economic growth in Europe’slargest economy has been precarious in recent years, with exportsfacing tariffs, productivity concerns, and stuttering employmentrates. The Consumer Price Index inflation rate in Germany was1.8% in December 2025 and 2.2% on an annual average basis in2025 compared with 2024. With inflation easing towards targetrates, monetary policymakers could be eyeing further interest ratecuts in 2026 to boost spending and growth. resurgent FTSE 100, which generated a 25.8% return. Both the DAX40 and FTSE 100 outpaced the heavily favoured S&P 500 in 2025,which finished the year with a 17.9% return. European indexes haveshown resilience amid a year of global uncertainty, characterised bygeopolitical tensions stemming from US tariffs. Underlying drivers ofthe DAX 40 highs were found in the utilities, industrials, and financialssegments, including Rheinmetall, Siemens Energy, andCommerzbank. The DAX 40 P/E ratio was also tracking higher in Q42025 at 19.1x, marking a steady rise from 12xin Q4 2023. Venture capital Germany VC activity hit €2.1 billion across 158 transactions in Q42025. Data indicates mixed signals in venture markets at themoment, as deal value rose but deal count fell QoQ. As has beenthe case over the past three years, new records for VC deploymentwere not expected. And the Q4 showing was in line withexpectations, given activity levels in recent quarters. Major Q4deals included €308 million for biotech company Tubulis, €259.4million for visual AI startup Black Forest Labs, €200 million fordrone developer Quantum Systems, and €153.4 million forworkflow automation platform n8n. These large rounds highlightthat companies towards the mature end of the VC funnel continueto get funded. Moreover, the number of German unicorns hasincreased since 2024, reaching a record high of 22 and valued atan aggregate €88 billion at the end of 2025. Growth in valuationscould be one factor driving up unicorn figures; the other factorcould be a lack of unicorns exiting the VC ecosystem. In Q4 2025,VC exit activity was largely flat at €1.2 billion across 27 exits. The€815.1 million acquisition of conversational AI business Cognigyby US-based company NiCE underpinned exit activity in Q4. Thereis no question that AI is powering VC investments and exits.VCfundraising was flat YoY, landing at €2.9 billion across 22 funds in 2025. In other news In December 2025, the German government and KfW launched aDeutschlandfonds (“Germany Fund”). €30 billion will come from thegovernment via public funds and guarantees, with a further €130billion earmarked from future private investors.1It aims to mobiliseprivate capital for higher-risk projects and to kick-start growth byincreasing investment in infrastructure, tech, minerals, and defence.The financing provided by the Germany Fund will be used by a widerange of companies, offering an umbrella structure for variousinitiatives across energy, industrial, and startup segments. Thevehicle’s structure has been compared tothe Bpifrance modelin Paris. 1: "Launch of the Germany Fund: German Federal Government andKfW Set Clear Impetus," KfW, 18 December 2025. Private equity In Q4 2025, PE investment totalled €18.5 billion across 196 deals,down from Q3 figures. Overall activitywas up YoY—€74.7 billion in2025 versus €71.6 billion in 2024—suggesting optimism. Thestandout Q4 deal was the €7.7 billion carveout of BASF’s coatingsbusiness by Carlyle and the Qatar Investment Authority. The dealhighlights Germany’s and Europe’s appetite to tap in to global PEcoffers for investment. When evaluating the percentage of dealswith a US investor on board between 2020 and 2025, the UK comesout