Editor’s Foreword 2020

The number of private equity funds has increased significantly worldwide. The successful General Partners are all oversubscribed. Competition among private equity funds for potential portfolio companies has become fiercer, and higher valuations are the result. Industry experts estimate that it will be possible to earn about 5% per year with shares over the next ten years. For private equity, expect 9% to 10% per year - net, after all costs.

This makes private equity and venture capital more attractive than ever in zero interest rate times. Not only for institutional investors. It is wealthy families who are increasingly investing in entrepreneurial ventures directly or through funds. Some of them have built up professional organizations, are increasingly providing venture financing and are sought-after co-investors. Their motivation is multifaceted - an attractive return on investment, access to new technologies or investment in equity capital in the sense of remaining entrepreneurial.