Golding Capital Partners

Private Equity Buyouts: Full Speed Ahead? After navigating a challenging period, the #buyout market was showing signs of a rebound! 📈 According to the latest Global Private Equity Report 2025 from Bain & Company, deal value surged by 37% in 2024, fueled by stabilizing interest rates and a more optimistic macroeconomic outlook. Key takeaways from the report: ✅ Deal momentum is back – More transactions, bigger deal sizes, and renewed appetite for large-scale buyouts. ✅ Fund-raising headwinds – Only top-performing funds with a clear strategy are thriving in the capital-raising game. ✅ Creative liquidity solutions – With exits still lagging, GPs are leveraging minority sales, NAV financing, and continuation funds to return capital to investors. 2025 is shaping up to be a defining year for #PrivateEquity. With massive dry powder waiting to be deployed, market conditions improving, and investors looking for high-quality opportunities, the stage is set for sustained growth. While the report was clearly written before the current spike in geopolitical and macroeconomic uncertainties which appear to dampen deal momentum, the broad themes remain intact. You can find more info here: https://lnkd.in/d7qp-kr

📢 Continuation Vehicles: A Key Driver in the Evolution of the Secondaries Market At this year’s SuperReturn Secondaries in London, our Managing Director Secondaries, Thomas Hallinger, had the pleasure of joining a thought-provoking panel discussion on the evolving role of #ContinuationVehicles (CVs) in the secondary market. With record-breaking transaction volumes and increasing institutional adoption, CVs have become an essential liquidity tool for both GPs and LPs. We would like to share the key takeaways from the discussion: 🔵 Addressing the liquidity bottleneck: The private equity industry continues to face significant liquidity constraints. According to Bain’s Global PE Report 2025, distributions as a percentage of NAV dropped to just 11% – the lowest level in over a decade. This underscores the importance of creative solutions like CVs to generate liquidity in a capital-constrained environment. 🔵 A compelling alternative for GPs and management teams: CV transactions are more than just a liquidity tool for LPs – they offer management teams a less disruptive alternative to a standard M&A process. While they can take longer to execute, growing specialization and efficiency are expected to shorten timelines. 🔵 Private Equity’s shift to operational value creation fuels further adoption: With private equity value generation now being much more operationally driven, holding periods are naturally extending. GPs may not want to exit businesses in year four, but instead hold them for longer to fully realize their value potential. This creates the need for interim liquidity solutions – where CVs provide essential optionality. 🔵 Market evolution and buyer stratification: The increasing participation of new entrants –including direct investors and sector specialists – is reshaping the secondary market. While competition will intensify, these players are crucial to unlocking further growth in a market that remains highly undercapitalized across all segments. 🔵 Looking ahead: The consensus? The first $5bn+ continuation vehicles are only a matter of time. Given the current trajectory, we’re likely to see larger and more sophisticated structures emerge, further cementing CVs as a core component of the private equity landscape. Thanks to all panelists and everyone who contributed to this engaging discussion. Exciting times ahead for the secondaries market! #PrivateEquity #Secondaries #LiquiditySolutions

«Private Markets bleiben essenziell – gerade in einem komplexen Umfeld» Vor 25 Jahren legte Golding den Grundstein für die heutige Position als angesehener Spezialist für Private Markets. Unser Geschäftsführer Hubertus Theile-Ochel spricht in einem exklusiven Interview mit dem stellvertretenden Chefredakteur Serge Debrebant von Citywire Deutschland über die Entwicklung von Golding und die aktuellen Trends der Branche: 📌 Wie sich das Verständnis für Private Markets in Deutschland entwickelt hat 📌 Warum der Markt weiterhin Wachstumspotenzial bietet 📌 Wie wir uns im wachsenden Wettbewerb positionieren 📌 Warum Impact Investing zunehmend relevanter wird Diese und weitere interessante Einblicke gibt es im vollständigen Interview 👇 https://lnkd.in/d5iWgP6V #PrivateMarkets #Alternatives

«Private Markets bleiben essenziell – gerade in einem komplexen Umfeld» Vor 25 Jahren legte Golding den Grundstein für die heutige Position als angesehener Spezialist für Private Markets. Unser Geschäftsführer Hubertus Theile-Ochel spricht in einem exklusiven Interview mit dem stellvertretenden Chefredakteur Serge Debrebant von Citywire Deutschland über die Entwicklung von Golding und die aktuellen Trends der Branche: 📌 Wie sich das Verständnis für Private Markets in Deutschland entwickelt hat 📌 Warum der Markt weiterhin Wachstumspotenzial bietet 📌 Wie wir uns im wachsenden Wettbewerb positionieren 📌 Warum Impact Investing zunehmend relevanter wird Diese und weitere interessante Einblicke gibt es im vollständigen Interview 👇 https://lnkd.in/d5iWgP6V #PrivateMarkets #Alternatives

Insights from the US: Private Credit Navigating the New Administration Our colleagues Florian Hofer and Fabio Biasion recently traveled to New York and Connecticut, meeting with leading private credit managers. Their key takeaways highlight both resilience and key challenges ahead. 🔵 New deal activity: 2024 ended on a high note, particularly in Q4, but 2025 has started more cautiously as uncertainty around new administration policies weighs on investor sentiment. 🔵 New deal structures: A growing gap between traditional direct lending and more complex deals continues, with the lower mid-market proving most resilient against pricing pressure. Covenant-lite is clearly a theme of the upper mid-market. 🔵 Portfolio performance: While overall portfolio health remains strong, there is a visible increase in watchlist names. The use of PIK toggles for interest relief varies widely among managers, highlighting differences in portfolio resilience and risk management approaches. 🔵 Policy impact: Upcoming tariff and migration policy changes could impact certain sectors, but managers expect companies to pass on price increases where possible. Inflation concerns persist, yet private credit portfolios are expected to remain relatively insulated from global supply chain disruptions. 🔵 ESG in focus: Despite macroeconomic challenges, ESG integration remains a priority. Managers continue to embed ESG considerations into due diligence and risk assessments. A big thank you to all the managers for their valuable insights! We look forward to navigating the evolving private credit landscape.

#CreditOpportunities: Neue Chancen im #PrivateCredit Private Credit ist längst eine feste Größe in institutionellen Portfolios. Während der Fokus bisher oft auf risikoärmeren Senior-Direct-Lending-Strategien lag, rücken nun opportunistische Kreditstrategien verstärkt in den Mittelpunkt. Credit-Opportunities-Strategien nutzen Marktineffizienzen und bieten attraktive Diversifikations- und Renditechancen. Zentrale Vorteile sind: 🔵 Flexibilität für Unternehmen – Opportunistisches Kapital ermöglicht es Unternehmen, Übergangsphasen zu finanzieren. 🔵 Attraktive Einstiegsmöglichkeiten – Investoren können Kredite mit Abschlag erwerben und von potenziellen Wertsteigerungen profitieren. 🔵 Portfoliodiversifikation –Credit-Opportunities-Strategien zeigen geringe bis negative Korrelation mit anderen Assetklassen wie Senior Loans und stabilisieren so das Portfolio, besonders in schwierigen Marktphasen. 🔵 Marktumfeld als Treiber – Steigende Zinsen, wirtschaftliche Unsicherheiten und strengere Bankregulierungen schaffen neue Investmentgelegenheiten. Warum sind diese Strategien gerade jetzt so gefragt? Florian Hofer, Managing Director Private Credit, gibt in seinem aktuellen Beitrag im Bundesverband Alternative Investments e.V. (BAI)-Newsletter spannende Einblicke. Hier mehr erfahren👇

📈 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