LfA Förderbank Bayern
State development bank (Förderbank) of Freistaat Bayern
Also known as LfA, Landesanstalt für Aufbaufinanzierung
Munich-based state development bank of Bavaria (since 1951); LP in VC funds via the LfA-EIF facilities and ScaleUp-Dachfonds, co-investor via its Transformationsfonds, and parent of Bayern Kapital.
State development bank of Bavaria (Munich), parent of Bayern Kapital and largest shareholder of BayBG; not to be confused with BayernLB or with the Bayerische Landesbodenkreditanstalt.
- HEADQUARTERS
- München, Germany
- FOUNDED
- 1951
- AUM
- —
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 5 people
Focus
- STAGES
- SeedSeries ASeries BGrowth
- ASSET MIX
- Funds (as LP)Venture capitalDirect investmentsPrivate equity
- GEOGRAPHY
- Germany
Investment arms & vehicles
- 100% LfA subsidiary providing equity to Bavarian founders and technology companies; under VC4Start-ups it runs a new EUR 100m Innovationsfonds and a EUR 500m Wachstums- und ScaleUp-Fonds (up to EUR 50m per company)
- 100% LfA subsidiary offering equity finance
- Generalist provider of silent and open participations for growth, succession and restructuring; LfA is its largest shareholder
- Fund-of-funds facilities with the European Investment Fund since 2009, managed by the EIF; raised by EUR 120m to about EUR 445m in 2025; around 60 VC funds backed
- Commits up to EUR 10m per fund to VC and venture-debt funds that back Bavarian scale-ups, pari passu with private investors; sister of Bayern Kapital's ScaleUp-Fonds Bayern
- State-funded co-investment fund: EUR 2.5–10m per company or fund, open or mezzanine stakes alongside a private lead investor in Mittelstand firms undergoing digital, climate or mobility transformation
- EUR 150m expansion of LfA's VC fund investments under the VC4Start-ups initiative
Overview
LfA Förderbank Bayern, founded in 1951 as the Landesanstalt für Aufbaufinanzierung, is the Freistaat Bayern's Anstalt des öffentlichen Rechts for promoting the Mittelstand, mostly through promotional loans and risk-sharing via house banks. In equity it acts as an institutional investor in VC and mezzanine funds, largely through fund-of-funds facilities run with the EIF since 2009 (about EUR 445m after a EUR 120m top-up in 2025), and through the ScaleUp-Dachfonds Bayern; it co-invests in transforming Mittelstand companies via the state-funded Transformationsfonds Bayern. Its 100% subsidiaries Bayern Kapital and LfA Gesellschaft für Vermögensverwaltung provide direct equity, and it is the largest shareholder of BayBG. Under the state's VC4Start-ups initiative, new funds totalling EUR 750m are being set up at Bayern Kapital and LfA from 2025.
Investment thesis
Commitments to VC, venture-debt and mezzanine funds with sufficient Bavarian focus, pari passu with private investors, including first-time funds and first closings; co-investments alongside private lead investors in Bavarian Mittelstand companies financing digital, climate or mobility transformation.
People
- Dr. Bernhard SchwabChairman of the Management Board · source
- Stefan HöckDeputy Chairman of the Management Board (from 1 August 2026; board member since May 2023) · source
- Dr. Thomas LangerMember of the Management Board · source
- Franziska RießContact for LfA fund investments (Eigenkapitalfinanzierung) · source
- Hubert AiwangerChairman of the Administrative Board (Bavarian Minister for Economic Affairs) · source
Links
Frequently asked questions
LfA Förderbank Bayern is a government-backed fund based in München, Germany, founded in 1951.
Yes. LfA Förderbank Bayern invests its own capital in private companies. It also commits capital to third-party funds as an LP.
LfA Förderbank Bayern invests at Seed, Series A, Series B and Growth stages in Software & SaaS, Deep Tech, Industrial & Manufacturing, Mobility & Logistics and Climate & Energy.
LfA Förderbank Bayern's stated ticket size is €2.5M–€10M.
Key people at LfA Förderbank Bayern include Dr. Bernhard Schwab (Chairman of the Management Board), Stefan Höck (Deputy Chairman of the Management Board (from 1 August 2026; board member since May 2023)), Dr. Thomas Langer (Member of the Management Board) and Franziska Rieß (Contact for LfA fund investments (Eigenkapitalfinanzierung)).
No. LfA Förderbank Bayern invests its own capital and does not raise money from outside investors.