PitchBook：2025年第三季度德国私募与风投市场更新报告（英文版）

Germany’s private markets hit pause in Q3 as VC investment cooled after several quarters of renewed optimism. The slowdown marked a reset for the country’s startup ecosystem, though deals from wefox and Sdui Group showed that innovative companies can attract capital. PE activity remained steady, with investors focusing on sectors closely tied to the AI infrastructure boom. Public markets continued to shine—the DAX 40 delivered impressive gains, led by industrials and utilities. On the macroec