Deutsche Beteiligungs AG (DBAG) operates in two segments. Private Equity Investments are made through investment entity subsidiaries (DBAG funds). DBAG co-invests in portfolio companies alongside these funds, on the same terms and using the same instruments. Co-investments are governed by agreements that define a fixed investment ratio over the lifetime of each fund. In addition, DBAG pursues select investment opportunities outside the scope of the funds it advises. The Fund Investment Services segment provides advisory services to DBAG funds in exchange for a relatively predictable stream of management fees.