bm|t and our Investee-Part\u00adners, who are the true dri\u00advers of our suc\u00adcess, pro\u00adgressed sig\u00adnif\u00adi\u00adcantly over the last ten years. At the turn of the last decade, just after the finan\u00adcial cri\u00adsis, we had more insol\u00adven\u00adcies than evi\u00addence that our model and efforts were bear\u00ading fruit. For\u00adtu\u00adnately, over the last ten years, cul\u00admi\u00adnat\u00ading in an excep\u00adtion\u00adally strong last three years, many sig\u00adnif\u00adi\u00adcant pos\u00adi\u00adtive events occurred, reward\u00ading the hard work our Investee-Part\u00adners and bm|t had put in and giv\u00ading us con\u00adfi\u00addence that we are ful\u00adfill\u00ading our impor\u00adtant mis\u00adsion: To strengthen Th\u00fcringen\u00b4s econ\u00adomy through tar\u00adgeted invest\u00adments<\/strong> in inno\u00adv\u00ada\u00adtive com\u00adpa\u00adnies with high growth potential.<\/p>\n We have gained great con\u00adfi\u00addence that we are ful\u00adfill\u00ading our mission.<\/p><\/blockquote>\n Note\u00adwor\u00adthy high\u00adlights from the past decade were being the lead investor in Facebook\u2019s first acqui\u00adsi\u00adtion in Ger\u00admany (fayteq) and InflaRx, which had a suc\u00adcess\u00adful Nas\u00addaq IPO and raised more than 200 Mio. USD over the last four years. Addi\u00adtion\u00adally, we had a par\u00adtial exit of PDV Sys\u00adtems, real\u00adiz\u00ading a triple-digit IRR over three years on a size\u00adable invest\u00adment. In 2019, we also led two trade sales (HASEC sold to a pub\u00adlicly-traded com\u00adpany in Fin\u00adland, Scan\u00adfil, and we sold our stake in Lyna\u00adtox to Dier\u00adsch & Schr\u00f6der, a large fam\u00adily-owned busi\u00adness in Bre\u00admen) to ideal strate\u00adgic part\u00adners that will invest sig\u00adnif\u00adi\u00adcantly in the acquired com\u00adpa\u00adnies here in Th\u00fcringen.<\/p>\n Per\u00adhaps sur\u00adpris\u00adingly for a ven\u00adture and pri\u00advate equity investor in Th\u00fcrin\u00adgen, invest\u00adments in pub\u00adlicly-traded com\u00adpa\u00adnies were also key to our suc\u00adcess<\/strong> over the past decade. In addi\u00adtion to InflaRx, Ana\u00adlytik Jena and Carl Zeiss Meditec are high-per\u00adform\u00ading com\u00adpa\u00adnies that pro\u00advided excel\u00adlent stock returns for our funds<\/strong>. And cer\u00adtainly the most sig\u00adnif\u00adi\u00adcant event of the past decade was that in 2011 bm|t made its largest ever sin\u00adgle invest\u00adment, in Jenop\u00adtik. We are cur\u00adrently the largest sin\u00adgle share\u00adholder of the com\u00adpany, and have gen\u00ader\u00adated a total return (stock appre\u00adci\u00ada\u00adtion + div\u00adi\u00addends) for Th\u00fcrin\u00adgen of 235%<\/strong> on our very size\u00adable investment.<\/p>\n Th\u00fcrin\u00adgen and bm|t are on the invest\u00adment map in Ger\u00admany and abroad.<\/p><\/blockquote>\n All of these events and devel\u00adop\u00adments of the last decade have put Th\u00fcrin\u00adgen and bm|t on the invest\u00adment map in Ger\u00admany and abroad. bm|t and our Investee-Part\u00adners have pow\u00ader\u00adful momen\u00adtum head\u00ading into the next decade<\/strong>, and we firmly believe we can build on that momen\u00adtum in the years ahead. The cumu\u00adla\u00adtive advan\u00adtages of our expe\u00adri\u00adenced and well-net\u00adworked team, our cur\u00adrent strong port\u00adfo\u00adlio of 59 Investee-Part\u00adners, and an excel\u00adlent cadre of co-investors that have been built over the last two decades posi\u00adtion us well for the 2020s.<\/p>\n We are enter\u00ading the new decade with high con\u00adfi\u00addence but also acknowl\u00adedg\u00ading that we and our Investee-Part\u00adners have a tremen\u00addous amount of work ahead to con\u00adtinue to pro\u00adduce strong results for Th\u00fcrin\u00adgen, espe\u00adcially in light of the chal\u00adlenges that we and com\u00adpa\u00adnies in Th\u00fcrin\u00adgen will have to over\u00adcome. As in all regions of the world, we face the chal\u00adlenges of increas\u00ading inter\u00adna\u00adtional com\u00adpe\u00adti\u00adtion, keep\u00ading pace with the accel\u00ader\u00adat\u00ading rate of change, dig\u00adi\u00adtal dis\u00adrup\u00adtion, etc. How\u00adever, those fac\u00adtors also offer great oppor\u00adtu\u00adni\u00adties if approached boldly and with cre\u00adativ\u00adity. We feel that our Investee-Part\u00adners, given the high level of inno\u00adva\u00adtion in their prod\u00aducts and ser\u00advices and their increas\u00ading abil\u00adity to cap\u00adi\u00adtal\u00adize on global mar\u00adkets, trends, and oppor\u00adtu\u00adni\u00adties, will pre\u00addom\u00adi\u00adnantly ben\u00ade\u00adfit from these factors.<\/p>\n We see great oppor\u00adtu\u00adni\u00adties if we and our Investee-Part\u00adners approach chal\u00adlenges boldly and with creativity.<\/p><\/blockquote>\n The most sig\u00adnif\u00adi\u00adcant chal\u00adlenge we presently see \u2013 where it is a bit more dif\u00adfi\u00adcult to see an equal or greater oppor\u00adtu\u00adnity on the other side of the coin \u2013 is the scarcity of local skilled labor (Fachkr\u00e4fte\u00adman\u00adgel<\/em>) across Ger\u00admany. This chal\u00adlenge is def\u00adi\u00adnitely height\u00adened in the new fed\u00aderal states due to the migra\u00adtion of young, moti\u00advated work\u00aders to the West since reuni\u00adfi\u00adca\u00adtion. With a sig\u00adnif\u00adi\u00adcantly higher aver\u00adage age in the new fed\u00aderal states com\u00adpared to the old fed\u00aderal states*<\/a> it is clear to see the accen\u00adtu\u00adated per\u00adson\u00adnel chal\u00adlenge we in Th\u00fcrin\u00adgen are fac\u00ading. In fact, the major\u00adity of our Investee-Part\u00adners view the dif\u00adfi\u00adculty of find\u00ading appro\u00adpri\u00adate tal\u00adent as one of the major chal\u00adlenges in grow\u00ading their companies.<\/p>\n Neces\u00adsity is the mother of inven\u00adtion, and founders have responded to this real\u00adity cre\u00adatively in the design of their busi\u00adness mod\u00adels. We undoubt\u00adedly will have many more suc\u00adcess sto\u00adries of com\u00adpelling tech exits; how\u00adever, since we also want to see the cre\u00adation of new Th\u00fcrin\u00adgen Cham\u00adpi\u00adons \u2013 part of our vision at bm|t \u2013 we and our Investee-Part\u00adners need to be inno\u00adv\u00ada\u00adtive in over\u00adcom\u00ading the hur\u00addles cre\u00adated by the scarcity of qual\u00adi\u00adfied local labor<\/strong>. Think\u00ading and act\u00ading more glob\u00adally, set\u00adting up satel\u00adlite loca\u00adtions in other geo\u00adgra\u00adphies, dig\u00adi\u00adtal work\u00adspaces, cre\u00adative recruit\u00ading tac\u00adtics, being bold and push\u00ading bound\u00adaries, etc. will need to be part of our col\u00adlec\u00adtive reper\u00adtoire in the years ahead.<\/p>\n bm|t has the will\u00ading\u00adness and abil\u00adity to sup\u00adport Investee-Part\u00adners who think cre\u00adatively and act boldly<\/strong> to sur\u00admount the var\u00adi\u00adous chal\u00adlenges ahead. We have great momen\u00adtum after a strong last decade and have well-founded opti\u00admism for the future. We look for\u00adward to work\u00ading with our val\u00adued part\u00adners to pro\u00adduce many more suc\u00adcess sto\u00adries made in Th\u00fcrin\u00adgen in the 2020s and beyond.<\/p>\nTHE 2020S AND BEYOND<\/h3>\n