With three months of the year left, European private equity deal activity has already hit a new annual record, according to PitchBook’s Q3 2021 European PE Breakdown. The report found that the first three quarters of 2021 saw the best environment for private equity dealmaking ever—characterized by strong leveraged lending markets, willing sellers, heightened dry powder and massive stimulus. More specifically, in this post we examine the PE ecosystem in Germany—home to more than 83 million people and a dynamic slice of the larger DACH region in terms of capital market activity.
In the lists below, we highlight the top three private equity firms headquartered in four of Germany’s largest cities—Berlin, Frankfurt, Hamburg and München (or Munich for our readers from English-speaking countries). For the purposes of this article, we use the number of investments a firm has made between January 1, 2020 and today, October 12, 2021, to define “top” firms. Where there were ties within the top three, we used firms’ total number investments as a secondary metric.
Top 3 PE firms in Berlin by investment activity *According to PitchBook data as of October 12, 2021; data is subject to change frequently
Capiton
- Investments 2020–present: 19
- Total investments: 98
- AUM: €1.30B
Founded in 1999, Capiton is a private equity firm that helps small- and medium-sized business in the DACH region achieve their ambitious goals. With an active portfolio of 16 companies, the firm most recently invested in Austria’s Trigal Pharma, which specializes in clinical research, development and marketing of medical cannabinoids.
Elvaston Capital Management
- Investments 2020–present: 16
- Total investments: 59
- Dry powder: €144M
Berlin-based Elvaston Capital Management is a PE firm that acquires majority stakes in medium-sized business across Austria, Germany and Switzerland. Through a leveraged buyout in August 2021, the firm acquired Bamberg startup Docufy, the developer of a multi-level technical documentation and risk management software.
CPM Capital Management-Partners
- Investments 2020–present: 4
- Total investments: 28
- AUM: €425M
Founded in 2000, CPM Capital Management-Partners is a PE firm that invests in mid-sized manufacturing, service and retail startups across DACH. With nine companies in its active portfolio, the firm most recently served as the financial sponsor of GETI WILBA in a definitive agreement to acquire Apetito Convenience, a German provider of mass catering services.
Top 3 PE firms in Frankfurt by investment activity *According to PitchBook data as of October 12, 2021; data is subject to change frequently
Deutsche Beteiligungs
- Investments 2020–present: 34
- Total investments: 164
- AUM: €2.6B
Deutsche Beteiligungs is a PE firm founded in 1965 that invests primarily in manufacturing, plant engineering, broadband communication, software, healthcare and other sectors. In October 2021, Deutsche Beteiligungs was the financial sponsor for Silbitz Group in a definitive agreement to acquire Eisengiesserei Torgelow, a German manufacturer of cast iron for the onshore and offshore wind power industry, via an LBO.
Quadriga Capital
- Investments 2020–present: 13
- Total investments: 91
- AUM: €1.78B
Around since 1995, Quadriga Capital makes majority investments through buyouts, management buyouts and buy-ins and public-to-private partnerships. The firm primarily invests in commercial services, consumer services and healthcare across DACH. Most recently, Quadriga Capital was the financial sponsor of GBA Group in the acquiring of Labroc, a laboratory services group based in Finland, through a leveraged buyout.
VR Equitypartner
- Investments 2020–present: 5
- Total investments: 105
- AUM: €400M
VR Equitypartner is a PE firm that invests in medium-sized family companies operating in the industrial products, transportation, manufacturing and retail sectors in German-speaking regions. Founded in 1960, the firm has an active portfolio of 24 companies and most recently invested in German startup Glas Strack, a distributor of customized glass products.
Top 3 PE firms in Hamburg by investment activity *According to PitchBook data as of October 12, 2021; data is subject to change frequently
DTCP
- Investments 2020–present: 25
- Total investments: 168
- AUM: €1.45B
Hamburg-based DTCP is a growth private equity firm founded in 2015 and with offices in Menlo Park, Tel Aviv and Seoul. DTCP seeks to invest through growth equity in digital infrastructure, enterprise application and infrastructure software companies. In June 2021, the firm participated in a $120 million Series D venture funding round of New York’s Aircall, a cloud-based call center and phone system that facilitates remote communication.
JPKE
- Investments 2020–present: 9
- Total investments: 57
- Media round amount: €6.5M
Founded in 2004, JPKE is a PE firm that makes seed, early-stage and growth investments across the real estate, business and commercial services sectors. JPKE and other firms served as financial sponsors for Usercentrics in September 2021, when it entered into a definitive agreement to acquire Copenhagen-based consent management platform Cookiebot.
Genui Partners
- Investments 2020–present: 8
- Total investments: 23
- Dry powder: €103.27M
Genui Partners is a PE firm that invests in medium-sized companies (“Mittelstand”) in the German-speaking countries. Founded in 2014, the firm prefers to invest in healthcare, information technology, retail, media and fintech. Most recently, Genui Partners acquired Argentus—a Düsseldorf-based consulting firm focuses on the real estate sector—through an LBO.
Top 3 PE firms in München by investment activity *According to PitchBook data as of October 12, 2021; data is subject to change frequently
Bayerische Beteiligungsgesellschaft
- Investments 2020–present: 35
- Total investments: 282
- Median round amount: €3M
Bayerische Beteiligungsgesellschaft is a PE firm that seeks to invest in companies operating in the industrial and service sectors. The firm specializes in growth, expansion, buyouts, management buy-outs and buy-ins, turnarounds, company succession and VC investments. Most recently, it provided an undisclosed amount of mezzanine financing to München’s Mantro, provider of IT consulting and outsourcing services that automate management of IT systems.
Auctus Capital Partners
- Investments 2020–present: 35
- Total investments: 154
- AUM: €700M
Founded in 2001, Actus Capital Partners is a PE firm that prefers to invest in the growth stage through buyouts. The firm seeks to invest in financial services, healthcare, information technology, consumer products and services and other sectors in the DACH region. In July 2021, the firm was a financial sponsor for Profiltubi, as it acquired OMV Ventura—an Italian distributor of pipes for cars, household appliances, furniture and other industries—through a leveraged buyout.
Castik Capital
- Investments 2020–present: 27
- Total investments: 72
- AUM: €2.35B
Headquartered in München and with a regional office in Luxembourg, Castik Capital was founded in 2014. The firm seeks to invest in European companies and most recently served as financial sponsor to Customs Support as it acquired France’s Tournebize—a provider of customs formalities, advice and training services—through an LBO.
More on the private capital markets across Germany and Europe
See how European PE fared in the third quarter
Download PitchBook’s Q3 2021 European PE Breakdown report
Curious about venture valuations in France?
See our list of French startups with the highest venture valuations
Take a closer look at middle market PE in France
Read our blog post about the top French PE investors by AUM
Explore the VC landscape in the Netherlands
Read our blog post about the top Dutch VC firms by AUM
Check out top-performing Dutch VC funds
Read our blog post about top venture capital funds by IRR in the Netherlands
Exploring VC across Europe’s big three
Check out our news coverage on the venture capital landscape in France, the UK and Germany
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