Deutsche Beteiligungs - Fall in public multiples reduced portfolio value
Deutsche Beteiligungs (DBAG) reported a net loss of €78.3m in 9M22 (ending June 2022), which translated into an 11.7% NAV decline (in total return terms), less than the 28% fall in the SDAX during the period. The contraction of public multiples used to value its portfolio outweighed positive earnings contributions. The fund services segment generated €9.4m profit in 9M22 from managing €2.5bn assets, and DBAG confirmed its segment guidance of €14–16m profit in FY22. DBAG also continued its high acquisition activity with €127m spent on seven new investments so far in FY22 (of which four are in IT services and software) and 23 add-ons by portfolio companies (with a €12m equity support from DBAG).Deutsche Beteiligungs is an investment company. Co. raises closed-end private equity funds (DBAG funds) for investments in equity or equity-like financial instruments primarily in non-quoted companies. Co. invests as a co-investor in companies alongside DBAG funds by way of majority takeovers or minority investments. Co. basically structures majority takeovers as so-called management buyouts. Expansion capital financings are made by way of a minority investment, for example, via a capital increase. Geographically, Co. concentrates its investments primarily on companies domiciled in German-speaking regions.
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