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Germany: KPMG Leveraged Finance Study 200416/05/2005. Source: KPMG. Dr Martina Ecker, Moritz Freiherr Schenck zu Schweinsberg and Dr Carsten Heckemüller
 In this study, KPMG analyses the German leveraged finance market and relationships between equity and debt providers. Their conclusion? These are interesting times for private equity houses in Germany.
Investment activity has risen over the last year consistently and Private Equity transactions now account for nearly 20 per cent of all M&A transactions in Germany, with buyouts being the strongest segment.
In line with an increasing liquidity in the private equity marketplace, four major trends can be seen in the German PE landscape: (1) increasing number of secondary buyouts, (2) record levels of recapitalisations, (3) focus on value creation and performance management as well as (4) rising debt levels, which are a major driver for buyout valuations.
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