Deutsche Beteiligungs - Targeting a high volume of new investments
Deutsche Beteiligungs (DBAG) reported a 17.3% NAV total return in H121, which includes an €0.80 dividend paid in the period (implying a 2.4% yield). NAV growth was primarily driven by the improved earnings prospects of portfolio companies and gains on the disposals of Rheinhold & Mahla and DNS:NET. DBAG recently significantly increased its available cash resources through a €106m equity issue and is now well positioned to embark on its extensive investment agenda. Its funds in the investment phase (DBAG Fund VII and DBAG Fund VIII) are currently 79% and 14% invested respectively. DBAG will also make long-term investments entirely from its own balance sheet, with its second such deal closed in H121.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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