Mr. Pauli, are you satisfied with the results of the 2023/24 financial year?

Peter Pauli: “With our result of €9.4 million, I am certainly satisfied. Thanks to several successful exits, we achieved a significant increase compared to the previous year. Given the current economic conditions, our investments of around €45 million represent a solid result.”

That doesn’t sound entirely satisfied…

Peter Pauli: “We had set more ambitious targets, that’s true. But the structural crisis Germany is currently facing is making medium-sized companies very cautious. Due to the economic situation and uncertain outlook, they are finding it increasingly difficult to make investment decisions.”

Peter Herreiner: “In general, the current economic environment does not suggest that we should expect above-average investment activity. With a range of economic uncertainties now converging, long-term projections for investment decisions are becoming increasingly less reliable. However, there are still many opportunities that can be pursued in good conscience. For the time being, though, this can only be done to a somewhat lesser extent—without taking on disproportionate risks.”