Corporate News

Private Debt: Finanzierungslösung in der Corona-Krise

23.04.20

Umsatzeinbrüche, Lieferengpässe und sinkende Profite – die wirtschaftlichen Folgen der COVID-19 Pandemie haben unlängst zu einer Wirtschaftskrise geführt, die vor allem in Deutschland mittelständische Unternehmen direkt ins Mark trifft. Es kommt zu akuten Liquiditätsengpässen, die oftmals nur mithilfe externer Finanzierungsquellen zu bewältigen sind. Was bleibt, ist eine rasant steigende Kreditnachfrage bei nahezu gleichbleibendem Angebot. Abhilfe schaffen soll das grösste staatliche Hilfspaket der Geschichte. Dessen praktische Umsetzung zeigt jedoch Lücken auf, die insbesondere für mittelständische Unternehmen existenzbedrohende Ausmasse annehmen können.

Private Debt Finanzierungen können diese Lücken schliessen.
Insbesondere in Zeiten der Corona-Krise stellen sie daher sowohl zur kurzfristigen Liquiditätssicherung als auch zur langfristigen Unternehmensfinanzierung eine echte Alternative zu herkömmlichen Finanzierungen dar.

Vorteile von Private Debt in der Corona-Krise

Ratingunabhängigkeit. Eine Vielzahl der Private Debt Funds agieren ratingunabhängig. Vor allem in Krisenzeiten, in denen Normalverteilungen sowie historische Vergleiche obsolet werden, ergeben sich dadurch sowohl auf Kreditnehmer- als auch auf Kreditgeberseite entscheidende Vorteile. Schliesslich ermöglicht es Private Debt Funds Finanzierungsanfragen individuell, qualitativ und unter Einbeziehung exogener Faktoren zu beurteilen. Herkömmlichen Finanzierern ist dies aufgrund deutlich quantitativer getriebenen, internen Ratingsysteme oftmals nicht oder nur eingeschränkt möglich.

Individualität. Der individuelle Investitionsansatz der Private Debt Funds spiegelt sich insbesondere in den massgeschneiderten Finanzierungsstrukturen wider und kann aus Kreditnehmersicht vor allem in Zeiten der Corona-Krise von Vorteil sein. Private Debt Funds unterliegen typischerweise keinen internen Standards zur Kreditvergabe wie bspw. herkömmliche Finanzierer. Dies ermöglicht es Ihnen vollumfänglich auf die Situation des Kreditnehmers einzugehen und eine entsprechend individuelle Finanzierungslösung zu strukturieren. Eine tilgungsfreie Zeit oder die Möglichkeit zur anteiligen Kapitalisierung von Zinsen seien an dieser Stelle nur beispielhaft als wertvolle Strukturierungskomponenten für Finanzierungslösungen in Krisenzeiten genannt.

Flexibilität. Eine differenzierte regulatorische Betrachtung von Private Debt Funds im Vergleich zu herkömmlichen Finanzierern ermöglicht Private Debt Funds einen umfangreicheren Handlungsspielraum. In Zeiten der Corona-Krise spiegelt sich dies bspw. in Bezug auf die Voraussetzungen von Fresh-Money-Finanzierungen wider. So ist es Private Debt Funds aufgrund kürzlich umgesetzter gesetzlicher Regelungen möglich, Finanzierungen in einer Corona-bedingten Krisensituation ohne Sanierungsgutachten/IDW S6 Gutachten umzusetzen, während dies bei herkömmlichen Finanzierern u. a. von der Beteiligung einer Förderbank des Bundes oder der Länder abhängig sein kann.

Umsetzungsschnelligkeit. Eine hohe Ressourcenverfügbarkeit, flache Hierarchien und kurze Entscheidungswege verleihen Private Debt Funds im Vergleich zu den meisten herkömmlichen Finanzierern eine Agilität, die für mittelständische Unternehmen in Krisenzeiten existenzentscheidend sein kann. Schliesslich ermöglicht dies eine vergleichsweise schnelle Strukturierung und Umsetzung von Finanzierungsanfragen.

Profitieren Sie von diesen Vorteilen

Als Investment Manager von Debt Funds, die auf die Finanzierung von mittelständischen Unternehmen ausgerichtet sind, stehen wir Ihnen mit all den genannten Vorteilen auch in Zeiten der Corona-Krise gerne als Finanzierer zur Verfügung. Dabei bieten wir auf die Unternehmensbedürfnisse zugeschnittene, individuelle und flexible Finanzierungslösungen. Typische Finanzierungsanlässe sind beispielsweise:

  • Expansion
  • Akquisition
  • Working Capital
  • Refinanzierung und Restrukturierung
  • Überbrückung temporärer Liquiditätsengpässe
  • Insolvenzplanfinanzierung oder Massedarlehen

Wir suchen etablierte mittelständische Unternehmen in Deutschland, der Schweiz, Österreich sowie den angrenzenden Nachbarländern, die

  • einen Jahresumsatz zwischen EUR 20 Mio. und EUR 500 Mio. erzielen,  
  • einen Fremdkapitalbedarf zwischen EUR 5 Mio. und EUR 50 Mio. haben und
  • eine Finanzierungslaufzeit zwischen 6 Monaten und 7 Jahren suchen.

Weiterführende Informationen

Übriges aus dem PATRIMONIUM-Universum: Erfolgreiches erstes Closing des Patrimonium Private Equity Fund

Seit diesem Jahr verfügt PATRIMONIUM über einen EUR 100 Mio. umfassenden Private Equity Fund, der gänzlich unabhängig von den bekannten Debt Funds agiert. Der Mission «making small companies relevant» folgend, investiert das separate Team um Werner Schnorf in etablierte, mittelständische Unternehmen der DACH-Region mit einem Jahresumsatz zwischen EUR 20 Mio. und EUR 200 Mio. sowie positiven Cashflows. Fokussiert werden Mehrheits- oder qualifizierte Minderheitsbeteiligungen mit einem Transaktionsvolumen zwischen EUR 10 Mio. und EUR 80 Mio.

Private Equity: Weiterführende Informationen

Eine gleichzeitige Finanzierung von Patrimonium Private Equity und Patrimonium Private Debt ist ausgeschlossen.

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  • Corporate - Private debt

  • Corporate Bank Lending - Mid-Market Direct Lending - Special Situations Lending

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