The Treuhandanstalt and venture capital in the new Lander. In order to revitalize its privatization programme, and to encourage the creation of a network of SME/SMI in the new Lander, the Treuhandanstalt adopted an international privatization formula which had, up till then, been little recognized in Germany, the Management-Buy-Out. However, this arrangement which a priori offered undeniable advantages, did not alleviate the shortage of funds afflicting former State enterprises making the transition to a market economy. The financial instability of these enterprises privatized by MBO was such as to mortgage the success of the recovery, and thus, in due course, of the privatization programme. In an attempt to avoid this pitfall, the Treuhandanstalt, as from 1991, decided to incorporate venture capital in its original programme. Now that the phase of privatization, strictly speaking, is drawing to a close, the first balance sheet to be drawn up for this exercise turns out to be rather disappointing : the investment of venture capital in the new Lânder up till now has shown itself rather meagre. Examination of the half-tone results so far obtained certainly leads one to question the relevance of this privatization technique during the transitional phase. Mainly, it enables one to highlight certain recurrent factors which are specific to the German market, and which explain the low level of investment made by the venture capital companies : the dominance of the banking sector in the raising of funds, the powerful competition for investment from the old Lânder, as well as obstacles of a juridical and cultural nature.