German Private Equity Barometer Q2 2026 (German Private Equity and Venture Capital Association (BVK))

Summary

• The indicator for the current business situation fell by 13.4 points to -27.8 points.p.1
• The indicator for business expectations fell by 21.4 points to -36.6 points.p.1
• Investor sentiment has now been in negative territory for four and a half years, with sporadic moves toward the long-term average.p.1
• The business climate has ranged between a low of -80.5 and a high of +40.1.p.1

Key insights

1. Macroeconomic uncertainty remains high, while indicators point to rising company valuations.p.1
2. Investment readiness is picking up, with the indicator just below its best value.p.1
3. The business climate is calculated as the average of the assessment of the current business situation and the business situation over the next six months.p.1
4. KfW's chief economist says investor sentiment has now been clearly depressed for four and a half years, but that investors' high willingness to invest keeps financing options open for established companies.p.2
5. The BVK says economic and interest rate developments weigh on the climate macroeconomically, while fundraising and exits are the main brakes within the market.p.2
6. A sustained revival of the climate requires geopolitical calm, an economic upturn and reliable economic policy conditions for long-term investment.p.2