What Happened
Defence Spending And AI Drive Private Markets Amid Volatility
Germany’s private markets delivered a mixed performance in Q1 2026, with venture capital deal value surging 67% to €4.1 billion, driven by large AI investments, while private equity deal value fell 48% to €13.1 billion due to geopolitical uncertainty. The country’s defence sector is emerging as a compelling private markets theme, with annual military spending set to reach €162 billion by 2029. This report was first published by PitchBook.