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

Summary

• The indicator for the current business situation fell by 18.6 points to -41.2 points.p.1
• The indicator for business expectations moved sideways, down 1.8 points to -30.4 points.p.1
• The fundraising climate indicator lost 36.2 points to -33.8 points.p.2
• The exit climate fell by 15.0 points to -56.3 points, a three-year low.p.2
• The indicator for entry valuations for new investments lost a further 4.9 points to -6.8 points.p.2

Key insights

1. The cooling is due to a worse assessment of the current situation by early-stage investors, while business expectations hardly changed.p.1
2. Fundraising sentiment has been extremely volatile in recent quarters, and the reasons for the swings remain unclear.p.2
3. Rising valuations are building headwinds for increased investment activity.p.2
4. The BVK unites about 300 members, including around 200 investment firms and investors and around 100 advisory firms and service providers.p.3