Reports
A Guide for Raising in Germany
Germany has gone further than a favourable market.
A dedicated facility from KfW holds €200 million for emerging fund teams and remains open until 2030. It operates without a cohort structure and without a fixed application window, so there is no deadline to wait for and no queue to join. Equally, nothing obliges a manager to be ready, and readiness is where most first funds fall short.
This report addresses what readiness requires. It sets out the current direction of European private markets, the practical implications of the regulation for a first-time team, and how two managers at top-performing VCs approached the elements of a first fund that cannot be planned for in advance.
It is intended for managers raising into that window, whether establishing, operating or scaling, and for those assessing Germany against the alternatives.
You can now download the report!
What's inside
- Germany's route to anchor capital: what it funds, who it is built for, and until when
- The eligibility tests, ticket sizing and domicile conditions that decide whether an application is worth submitting
- Six European domiciles compared on regulation, tax, market access and operations
- LP qualification, GP commit, and the hidden cost of strategic advisors
- What LPs will ask in the next cycle that they did not ask in the last one