Golding Capital Partners

📈 Private-Equity-Secondaries: Rekordjahr 2024 – Wachstum setzt sich fort Mit einem Transaktionsvolumen von bis zu 165 Mrd. USD hat der Private-Equity-Secondaries-Markt 2024 einen neuen Höchststand erreicht – ein Plus von 40 – 45 % gegenüber dem Vorjahr. Getrieben wurde das Wachstum durch eine hohe Liquiditätsnachfrage durch #InstitutionelleInvestoren, Marktstabilität und eine Annäherung der Preisvorstellungen. LP- und GP-geführte Transaktionen trugen gleichermaßen zum Anstieg bei. LP-Portfolios im Buyout-Segment wurden zuletzt zu 89 – 94 % des Nettoinventarwerts gehandelt – ein Zeichen für die Erholung des Marktes. Für 2025 wird ein weiteres Wachstum auf 175–185 Mrd. USD erwartet. Steigende Liquiditätsbedarfe, die wachsende Akzeptanz von GP-geführten Lösungen und zunehmende Diversifikation werden die Marktdynamik weiter antreiben. Einen ausführlicheren Überblick über die Marktberichte finden Sie hier: https://lnkd.in/degmJAXm #PrivateEquity #Secondaries 

📢 Recap: 0100 DACH 2025 Conference At Zero One Hundred Conferences’ 0100 DACH 2025 event in Vienna, our Managing Director Secondaries Thomas Hallinger joined a panel to discuss latest trends shaping #Secondaries in 2025 – looking back at a record-breaking 2024 and ahead at what’s next. Key Takeaways: 📌 Record Secondary Market Growth: 2024 was a record-breaking year, with global secondary market volumes estimated to surpass $170B+ across LP- and GP-led transactions - highlighting secondaries' resilience as a preferred liquidity tool. 📌 Attractive Pricing & Increased Competition: Buyout LP-led pricing rebounded to peak levels last seen in 2021, with discounts tightening amid a growing buyer universe, including evergreen funds and institutional investors. This has led to increased competition among portfolio buyers bidding on large transactions. 📌 GP-led Market Growth, Especially Single-Asset Deals: Single-asset continuation vehicles (CVs) have surged, accounting for nearly half of GP-led transactions in 2024, primarily for trophy assets. 📌 Stronger Value Proposition in Small & Midmarket Buyouts: While mega-cap transactions dominate headlines and drive overall volume, the lower end of the market offers more attractive entry valuations (from reduced competition on transactions), lower gearing, numerous avenues for growth, and ultimately more reliable exit options and no reliance on market conditions for a latter IPO. Pricing for small and midmarket buyout funds and exposures remains compelling, resulting in an exciting set of attractive risk-adjusted opportunities for specialized buyers. 📌 Private Credit & Infrastructure Secondaries Gaining Traction: Beyond buyout funds, private credit and infrastructure secondaries have seen double-digit annual growth, reflecting the further evolution and specialization of the secondaries’ market and strong investor appetite to back credible platforms. #PrivateEquity #PrivateMarkets

Golding beim Luxembourg Meeting for Private Markets Investments   Investoren, Fondsmanager und Experten aus dem DACH-Raum diskutierten auf dem LUMPI — Luxembourg Meeting for Private Markets Investments über aktuelle Trends in #PrivateEquity, #PrivateDebt, #Infrastruktur, Immobilien und Venture Capital. Im Fokus standen unter anderem folgende Themen: 🔵 Keynote von Pav Gill: « Cover Your Ass 2.0 » Der Wirecard-Whistleblower Pav Gill gab exklusive Einblicke in seine Erfahrungen mit einem der größten Finanzskandale Europas und sprach über Risikomanagement und ethisches Handeln in der Finanzwelt. 🔵 Interview mit jean-paul olinger, Leiter der Luxemburger Steuerverwaltung Welche steuerlichen Entwicklungen sind für Investoren aktuell relevant? Jean-Paul Olinger beleuchtete regulatorische Trends und deren Auswirkungen auf Private Markets. 🔵 Live-Verhandlung eines Side-Letters Wie laufen Verhandlungen zwischen Investoren und Fonds in der Praxis? Die Live-Demonstration zeigte zentrale Vertragsklauseln – ein spannender Blick hinter die Kulissen institutioneller Investments. 🔵 Keynote von Philipp Klöckner: « Die Rolle von Künstlicher Intelligenz in Private Markets » Wie verändert #KI das Investmentgeschäft? Philipp Klöckner gab spannende Impulse zu den neuesten Entwicklungen in Technologie und Datenanalyse und sprach über die rasante Weiterentwicklung von KI im geschäftlichen sowie privaten Kontext. 💡 Danke an Avega Capital Management S.A. - Nic Müller, Stephan Grimm, LL.M, Viktoria Holzhäuser (Heyer) und Jens Holzhäuser für die tolle Veranstaltung. Lukas Eckhardt, Christian Schnabel, CFA Dustin Jungmann

📢 Recap: Private Capital Summit At Private Equity Wire's Private Capital Summit Europe 2025 in London, our Managing Director Private Credit Florian Hofer joined a panel of leading industry allocators to discuss key trends shaping #PrivateMarkets in 2025. The conversation covered the macroeconomic outlook, liquidity strategies, and the evolving role of #PrivateCredit. Key Insights: 📌 Private Credit & Interest Rates – The "higher-for-longer" environment continues to support private credit, with elevated base rates driving attractive risk-adjusted returns. However, macro uncertainty reinforces the need for robust downside protection. Uncertainties create particularly favourable conditions for opportunistic credit funds. 📌 Liquidity & Exits – With IPOs and other traditional exit markets remaining unpredictable, secondaries and flexible fund structures are now essential tools for GPs to manage liquidity. This creates both opportunities and risks for LPs. Well-structured GP-led transactions are often viewed as strategic portfolio management rather than distress signals. 📌 Diverging ESG Expectations – The gap between US and European investors is widening. While ESG remains a priority in Europe, some US managers must balance varying stakeholder demands and evolving regulations. 📌 Manager Selection Matters – As return dispersion increases, careful due diligence, diversification, and a strong focus on risk-adjusted performance are more critical than ever. Looking Ahead: Private credit remains a compelling asset class, offering strong relative value in an uncertain environment. However, selectivity and proactive risk management will be key to navigating 2025 successfully. Many thanks also to Aftab Bose, Ed Richardson, and Andrea Pompili, CFA, CAIA for the engaging discussion and valuable insights! #PEWPrivateCapital

Deglobalisierung als Chance für alternative Investments Die Weltwirtschaft im Wandel: Die «4Ds» – #Deglobalisierung, #Dekarbonisierung, #Digitalisierung und #Demografie – prägen die langfristigen Makrotrends. Während die Themen Dekarbonisierung, Digitalisierung und Demografie regelmäßig Aufmerksamkeit bekommen, eröffnet auch die Deglobalisierung Chancen für #AlternativeInvestments. Akteure, die sich frühzeitig anpassen, können Marktanteile gewinnen und Wachstumspotenziale nutzen. Besonders im #PrivateEquity ergeben sich spannende Entwicklungen: 🔵 Lokale Produktionsstätten sichern Lieferketten & reduzieren Abhängigkeiten 🔵 Nearshoring & Onshoring stärken Kundennähe & Resilienz 🔵 Investitionen in Technologie & Infrastruktur schaffen Wettbewerbsvorteile «Unternehmen, die schneller als ihre Wettbewerber auf die neuen Rahmenbedingungen reagieren, können überdurchschnittlich wachsen.» – Dr. Matthias Reicherter Mehr dazu im aktuellen Marktkommentar von Dr. Matthias Reicherter in der IPE D.A.CH: https://lnkd.in/dKqisvQ4

How can we build a more inclusive workplace ❓ To answer this question, we were delighted to host Hayley Barnard, a leading expert in #Diversity & #Inclusion, for her virtual workshop «Invitation to Unconscious Bias – Building a More Inclusive Workplace». With a large number of colleagues participating, the session provided plenty of opportunities for interactive exercises, helping us gain a deeper understanding of how unconscious bias shapes our daily interactions and decisions. One key takeaway was learning how to actively identify and reduce bias using practical inclusion tools: 🔍 Spy on your thinking – Are you stereotyping? 💡 Input new data – Remove the blinkers and challenge assumptions. 🧠 Brain Brakes – Take time to engage in “system 2 thinking” (more deliberate thinking). 👥 Diversity Thinking – Ensure diverse decision-making. 🔄 Spin-it to Test-it – Substitute one person for another in your mind’s eye. 🗣 Leaders Speak Last – Allow full access to the diversity of thought in your team. 🚩 At the core of this approach is the goal of making the unconscious, conscious. A sincere thank you to Hayley for her expertise and to our colleagues for actively contributing to the discussion. Your engagement made this workshop a great success! At Golding, we are committed to fostering an inclusive culture where diverse perspectives are valued and unconscious biases are challenged.  

How Private Equity Strengthens Europe’s Competitiveness Our Head of Buyout, Daniel Boege, joined IPEM TV at this year’s IPEM in Cannes to discuss the role of #PrivateEquity in strengthening European companies and economies. His insights shed light on how PE firms can enhance competitiveness, boost global relevance, and drive sustainable growth in challenging times. 👉 The key takeaways from his interview: 🔵 Private Equity: A Catalyst for European Competitiveness When asked how PE firms can enhance portfolio companies and, in turn, Europe’s competitiveness, Daniel emphasized three factors: ▪️ Strategic Expansion – Encouraging companies to be bold, enter new markets, and expand their product offerings. ▪️ Leadership Development – Bringing in top talent and strengthening teams to drive sustainable success. ▪️ Operational Excellence – Improving innovation, infrastructure, and overall business functionality.   🔵 Strengthening European Capital Markets European capital markets have faced challenges in recent years, raising concerns about global relevance. According to Daniel, PE can play a crucial role by: ▪️Building European Champions: Scaling local market leaders into pan-European powerhouses to enhance global relevance. ▪️Attracting International Investors: Positioning European companies more effectively on the global stage to highlight their quality and long-term potential.   🔵 Addressing Europe’s Negative Perception Despite global concerns about Europe’s economic outlook, Private Equity operates on a micro level, focusing on niche market leaders. Daniel pointed out that: ▪️PE is not responsible for solving macroeconomic challenges but plays a vital role in fostering innovation and resilience. ▪️The European economy has strong, future-oriented sectors that will shape the region’s growth trajectory.   📌To summarize, in an increasingly complex global environment, Private Equity remains a powerful force for innovation, value creation, and long-term stability. As European firms navigate evolving market dynamics, the role of PE in fostering resilience and global competitiveness has never been more critical. If you want to learn more about Daniel´s view on the future of Private Equity in Europe, watch the full interview here 👇 https://lnkd.in/gqhB9bHH #EuropeanEconomy #InvestmentTrends

Golding at IPEM Cannes 2025 IPEM 2025 in Cannes once again proved to be an excellent platform for insightful discussions and valuable connections with new prospects and long-standing partners. A particular highlight was hosting our pre-IPEM dinner, where we had the pleasure of welcoming guests from Belgium, Finland, Italy, Luxembourg, Malta, Spain and the United Kingdom. 🌍 A special thank you to our colleagues Daniel Boege and Jakob Schramm for sharing their expertise as panelists, and to Dr. Matthias Reicherter, Thorsten Birke, CAIA, Ana Lucía Gottret, Laura Tardino, and Richard Wilmes for representing Golding on-site. It was a pleasure exchanging ideas and perspectives with industry peers. We look forward to continuing these discussions and shaping the future of private markets together! #PrivateMarkets #AlternativeInvestments #IPEM2025

📢 Recap: Exploring the appetite for direct lending What’s driving demand in the direct lending space, and how are LPs shaping their strategies in this evolving market? Our Managing Director Private Credit Investments, Florian Hofer, shared key insights during the panel « The Allocators’ Roundtable: Who’s Hungry for More? The Direct Lending Appetite » at the European Private Credit Conference: 📌 Shifting private credit allocations: Most investors are viewing private credit not just as a fixed-income replacement but as a strategic asset class to enhance diversification. Many of our clients have significantly increased their private credit allocations to meet rising targets. 📌 Balancing strategies: There’s no one-size-fits-all approach when it comes to private credit. New investors often start with senior direct lending, while more experienced LPs look to fill gaps in their portfolios, using lower-mid market lending, junior debt, asset-based finance, or opportunistic strategies. These approaches help diversify and can stabilize portfolios. 📌 Differentiating factors: As the market matures, new entrants can add value through specialization and innovative offerings. Yet, institutional quality, track record, and alignment of interests remain critical criteria for LPs. Other entrants look to differentiate with low fees or co-investment opportunities. 📌 Partnerships with banks: Numerous strategic partnerships have been formed in recent years between banks and direct lending managers. These aim to leverage banks' client networks for sourcing. Notably, set-ups vary as to whether the direct lending manager or the bank does the underwriting. 📌 Retail Capital: With increased competition for traditional capital sources, several direct lenders are looking to tap retail investors. A big thank you to the other panelists as well as to DealCatalyst for hosting this engaging discussion.

We are delighted to participate in IPEM Cannes 2025 – the ideal platform for investors, fundraisers, dealmakers, and advisors to network and make impactful deals. The three-day event will take place from January 28 to 30 at the 📍 Palais des Festivals et des Congrès de Cannes. You can find us at booth no. B017! Our experts will contribute to the discussion as panelists on these two topics: 🔵 Daniel Boege: Reassessing the role of private capital in the European economy 🔵 Jakob Schramm: Opportunistic credit strategies Dr. Matthias Reicherter, Thorsten Birke, CAIA, Ana Lucía Gottret, Laura Tardino, and Richard Wilmes will also be on-site and look forward to meeting you! #PrivateMarkets #AlternativeInvestments #IPEM2025