SGT German Private Equity

DB: SGF

Market Cap€84m

Last Close €1.38

SGT German Private Equity, formerly German Startups Group renamed after the merger with SGT Capital, will become a listed private equity asset manager. The company will manage a PE fund, currently in fundraising phase. SGT also manages a VC portfolio of minority stakes in non-listed entities, predominantly technology businesses.

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Investment summary

SGT German Private Equity (SGT) is continuing its transition from a venture capital (VC) investor to an asset manager after the merger with SGT Capital closed in early 2021. The private equity (PE) fund SGT Capital Fund II is raising capital and signed its first investment in H221. On deal closure, the asset manager is aiming to manage at least US$1.0bn (and has so far secured soft and hard commitments at this level) and will start collecting management, transaction and consulting fees and the fund will reach its first close. According to management, these revenues should cover the ongoing costs of this business for FY21. Meanwhile, the legacy VC portfolio (€20.3m at end-H121) is gradually being sold off.

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Share price graph
Price performance
%
1m
3m
12m
Actual (10.4) (22.9) (22.5)
Relative* (6.5) (20.1) (33.0)
52-week high/low €1.8/€1.4
*% relative to local index
Key management
Christoph Gerlinger CEO