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Notes from the network

Perspectives on private capital markets from the Syndicate+ network

Market notes · 4 September 2026

Who Will Own the Modern Mittelstand?

With capital markets focussed on AI, Andrew McNally reflects on his experience of touring the German Mittelstand after the dotcom crash. Is a similar dynamic shaping up this time around?

Andrew McNally, Co-Founder · Sapius Capital

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