The German market is opening up to private debt but it is not the easiest of markets to operate in. PDI caught up with Daniel Heine of fund manager Patrimonium to find out more about the market’s dynamics – including why partnering with banks is a good way forward.
How would you define the lower midmarket – and what is the significance of that in terms of types of companies targeted?
We narrow it down to the German-speaking markets, with around 90 percent being Germany and the rest Austria and Switzerland. The companies we target typically have EBITDA of between €10 million-€50 million, with revenues of around €100 million-€300 million. Above that – where you have companies with revenues of €500 million or more – we would consider to be the mid-market.
Read the full interview appeared in Private Credit International’s January 2019 edition.