Private Equity FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 8 SOURCES

Afinum

Also known as Afinum Management GmbH, Afinum Private Equity

BaFin-supervised Munich mid-market buyout manager (since 2000; offices in Frankfurt and Zurich) investing closed-end funds in DACH succession and growth deals; current fund Afinum X, EUR 500m.

HEADQUARTERS: München, Germany
FOUNDED: 2000
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 14 people

FOCUS

STAGES: GrowthBuyout
SECTORS: Software & SaaS HealthTech Industrial & Manufacturing Consumer & E-commerce
ASSET MIX: Private equity
GEOGRAPHY: GermanyAustriaSwitzerland

WHAT IT IS

Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.

ABOUT

Afinum Management GmbH is a Munich private equity manager founded in 2000 that invests in Mittelstand companies in Germany, Austria and Switzerland, with offices in Munich, Frankfurt and Zurich. It specialises in succession and growth situations, management buy-outs and buy-ins, buy-and-build and shareholder clean-ups, with verticals in software and tech services, healthcare, industrial technology and consumer and internet. The firm reports about 100 transactions since 2000 and EUR 1.8bn of total capital commitments across its fund generations. Its current fund, Afinum X (2025), has EUR 500m of equity and began investing in September 2025.

INVESTMENT THESIS

Majority stakes (up to 100%) in DACH companies with EUR 20–200m revenue and roughly EUR 5–20m EBITDA, in succession, MBO/MBI, buy-and-build and shareholder-restructuring situations; sector-agnostic with focus verticals in software and tech services, healthcare, industrial technology and consumer and internet.

PORTFOLIO (53)

LedlenserNOTABLE
Consumer & E-commerce
ThreemaNOTABLE
Software & SaaS · Exited
CasekingNOTABLE
Consumer & E-commerce · Exited
d&b AudiotechnikNOTABLE
Industrial & Manufacturing · Exited
sequrio
Software & SaaS · since 2026
Ergon
Software & SaaS
ProJect Pharmaceutics
HealthTech
DPS Engineering
Software & SaaS
MedTech Laser Group
HealthTech
PROLOGA
Software & SaaS
agenic
LIFTKET
Industrial & Manufacturing
mymediset + p36
Software & SaaS
Christian Koenen Gruppe
synaforce
STG Swiss Technology Group
FISHING BASE
Tisso Naturprodukte
SanderStrothmann
Listan
Consumer & E-commerce
Lemco Précision
Ventomaxx
Zeit für Brot
Food & Agriculture
It Works Group
Kappa optronics
Industrial & Manufacturing · Exited
ONSKINERY
Exited
FAST LTA
Exited
ICONIA Group
Exited
evitria
Exited
Garz & Fricke
Exited
COTTA
Exited
Perfect Drive Sports Group
Exited
Sinnex
Exited
Erpo
Exited
Wallenborn
Exited
Tenbrink (TKS)
Exited
TKS Germany
Exited
Pinova
Exited
Arwe
Exited
Schaetti AG
Exited
Bettmer
Exited
Holmer
Exited
Machalke
Exited
Midoco
Exited
Let’s Go Fitness
Exited
Copytrend
Exited
k-uni
Exited
Schlotterer
Exited
Multivision
Exited
SIGG
Consumer & E-commerce · Exited
Riester
Exited
Swisshaus AG
Exited
Kinshofer
Industrial & Manufacturing · Exited

TEAM

Dr. Philipp Schülin
Managing Partner, Managing Director · source
Burkhard Frhr. von Wangenheim
Managing Partner, Managing Director · source
Kai Roolf
Managing Partner, Managing Director · source
Anton Bergmann
Partner, CFO, Managing Director · source
Jochen Martin
Partner · source
Manuel Arnet
Investment Director · source
Viktoria Busley
Investment Director · source
Karsten Fischer
Investment Director · source
Maximilian Fleck
Investment Director · source
Dr. Marcel Maier
Investment Director · source
Kerstin Diebenbusch
Head of Human Capital · source
Dr. Thomas Bühler
Co-Founder, Chairman of the Supervisory Board · source
Dr. Gernot Eisinger
Co-Founder, Supervisory Board member · source
Dr. Jürgen Bauer
Supervisory Board member · source

FAQ

Afinum is a private equity fund based in München, Germany, founded in 2000.

Yes. Afinum invests directly in private companies.

Afinum invests at Growth and Buyout stages in Software & SaaS, HealthTech, Industrial & Manufacturing and Consumer & E-commerce.

Afinum's stated ticket size is €60M–€170M.

Key people at Afinum include Dr. Philipp Schülin (Managing Partner, Managing Director), Burkhard Frhr. von Wangenheim (Managing Partner, Managing Director), Kai Roolf (Managing Partner, Managing Director) and Anton Bergmann (Partner, CFO, Managing Director).

Afinum's investments include Ledlenser, Threema, Caseking, d&b Audiotechnik, sequrio, Ergon, ProJect Pharmaceutics and DPS Engineering, among others.

The most recent publicly reported investment by Afinum is sequrio GmbH (Platform buyout (Afinum X)), announced in Apr 2026.

Yes. Afinum manages capital from outside investors.