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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 14 SOURCES

Deutsche Beteiligungs AG

Also known as DBAG, Deutsche Beteiligungsgesellschaft mbH (DBG), DBG Managing Partner GmbH & Co. KG

Listed Frankfurt private equity firm (founded 1965 as DBG) investing its balance sheet alongside the DBAG funds it advises in DACH and northern Italian Mittelstand; ~€2.8bn AUM or advisory.

HEADQUARTERS
Frankfurt am Main, Germany
FOUNDED
1965
AUM
€2.8B (2026)
OUTSIDE CAPITAL
Yes
TEAM LISTED
24 people

Focus

STAGES
GrowthBuyout
SECTORS
Industrial & ManufacturingSoftware & SaaSHealthTechClimate & Energy
ASSET MIX
Private equityDirect investmentsPrivate credit
GEOGRAPHY
GermanyAustriaSwitzerlandItaly

Investment arms & vehicles

Overview

Deutsche Beteiligungs AG traces back to Deutsche Beteiligungsgesellschaft mbH, founded in 1965 by Deutsche Bank and other private banks to provide equity to medium-sized family firms, and has been listed since 1985. It invests its own balance sheet and advises closed-end DBAG funds that pool money from more than 60 German and international institutions such as pension funds, funds of funds, banks, foundations, insurers and family offices; it reports around €2.8 billion of assets under management or advisory. It targets companies with an enterprise value of €50–250 million (up to €400 million via the funds), mainly MBOs, corporate spin-offs, secondary buyouts and growth financings in industrial technology, IT services and software, healthcare, and environment, energy and infrastructure, chiefly in the DACH region and selectively in northern Italy. Since 2020 it has also made balance-sheet Long-Term Investments, and in 2023 it took a majority stake in private debt manager ELF Capital.

Investment thesis

Invests in companies with a proven, scalable business model, entrepreneurial management, a leading position in a (possibly small) market and future-proof products, using add-on acquisitions and strategic repositioning to drive development.

PORTFOLIO (84)

  • CloudflightNOTABLE
    Software & SaaS · since 2019
  • congatecNOTABLE
    Industrial & Manufacturing · since 2020
  • ItelyumNOTABLE
    Industrial & Manufacturing · since 2021
  • Polytech Health & AestheticsNOTABLE
    HealthTech · since 2016
  • Coperion GmbHNOTABLE
    Industrial & Manufacturing · since 2007 · Exited (2012); MBO
  • GMM PfaudlerNOTABLE
    Industrial & Manufacturing · since 2014 · Exited (2023); MBO
  • Homag Group AGNOTABLE
    Industrial & Manufacturing · since 2007 · Exited (2014); MBO
  • inexioNOTABLE
    Industrial & Manufacturing · since 2013 · Exited (2019); Expansion capital investment
  • Preh GmbHNOTABLE
    Industrial & Manufacturing · since 2003 · Exited (2011); MBO
  • ZGS Bildungs-GmbH (“Schülerhilfe”)NOTABLE
    since 2013 · Exited (2017); MBO
  • Vected
    Deep Tech · since 2026
  • akquinet
    Software & SaaS · since 2022
  • AOE
    Software & SaaS · since 2023
  • Avrio Energie
    Industrial & Manufacturing · since 2023
  • Cartonplast
    since 2019
  • Dantherm
    Industrial & Manufacturing · since 2021
  • evidia
    HealthTech · since 2019
  • FinMatch
    since 2025
  • Firian
    since 2020
  • Fischer TireTech
    Industrial & Manufacturing · since 2018
  • freiheit.com
    Software & SaaS · since 2022
  • Great Lengths
    since 2024
  • Green Datahub
    Software & SaaS · since 2022
  • Hausheld
    Industrial & Manufacturing · since 2020
  • Hipp Technology
    HealthTech · since 2026
  • JCK
    since 1992
  • MAIT
    Software & SaaS · since 2025
  • MTWH
    Industrial & Manufacturing · since 2022
  • Netzkontor
    Industrial & Manufacturing · since 2018
  • NOKERA
    Industrial & Manufacturing · since 2023
  • Oechsler
    Industrial & Manufacturing · since 2015
  • operasan
    HealthTech · since 2021
  • ProMik
    Industrial & Manufacturing · since 2023
  • Sero
    since 2018
  • SignalFisher
    Software & SaaS · since 2026
  • Solvares
    Software & SaaS · since 2018
  • TBD Technische Bau Dienstleistungen
    Industrial & Manufacturing · since 2023
  • Telio
    since 2016
  • TNL
    Industrial & Manufacturing · since 2026
  • UNITY
    Software & SaaS · since 2024
  • vhf
    HealthTech · since 2022
  • von Poll Immobilien
    since 2018
  • Aksys GmbH
    Industrial & Manufacturing · since 2001 · Exited (2008); MBO
  • Babcock Borsig Service GmbH
    since 2003 · Exited (2005); MBO
  • Braun Connectivity Solutions
    Industrial & Manufacturing · since 2017 · Exited (2026); MBO
  • Broetje-Automation GmbH
    Industrial & Manufacturing · since 2012 · Exited (2016); MBO
  • BTV Multimedia
    Industrial & Manufacturing · since 2018 · Exited (2023); MBO
  • Cleanpart Group GmbH
    since 2015 · Exited (2018); MBO
  • Clyde-Bergemann-Gruppe
    Industrial & Manufacturing · since 2005 · Exited (2016); MBO
  • Coveright Surfaces GmbH
    Industrial & Manufacturing · since 2003 · Exited (2013); MBO
  • Deutsche Giga Access
    Industrial & Manufacturing · since 2020 · Exited (2024); MBO
  • DNS:Net Internet Service GmbH
    Industrial & Manufacturing · since 2013 · Exited (2021); Expansion capital investment
  • duagon
    Industrial & Manufacturing · since 2017 · Exited (2026); MBO
  • Edscha AG
    Industrial & Manufacturing · since 2000 · Exited (2002); MBO
  • FDG-Gruppe
    since 2010 · Exited (2017); MBO
  • Formel D GmbH
    Industrial & Manufacturing · since 2013 · Exited (2017); MBO
  • Frimo
    Industrial & Manufacturing · since 2016 · Exited (2023); MBO
  • GAH AG
    since 1998 · Exited (2000); MBO
  • Gienanth
    Industrial & Manufacturing · since 2015 · Exited (2023); MBO
  • Heim & Haus GmbH
    since 2006 · Exited (2011); MBO
  • Heytex
    Industrial & Manufacturing · since 2012 · Exited (2023); MBO
  • HT Engineering GmbH
    Industrial & Manufacturing · since 2002 · Exited (2006); MBO
  • ICTS Europe B.V.
    since 2008 · Exited (2013); MBO
  • in-tech
    Software & SaaS · since 2022 · Exited (2024); MBO
  • Infiana Group GmbH
    Industrial & Manufacturing · since 2014 · Exited (2019); MBO
  • Kraft & Bauer
    Industrial & Manufacturing · since 2018 · Exited (2026); MBO
  • Lewa GmbH
    Industrial & Manufacturing · since 2005 · Exited (2009); MBO
  • mageba
    Industrial & Manufacturing · since 2016 · Exited (2026); Expansion capital investment
  • MCE AG
    since 2007 · Exited (2009); MBO
  • More than Meals
    since 2017 · Exited (2024); MBO
  • Novopress KG
    Industrial & Manufacturing · since 2015 · Exited (2019); Expansion capital investment
  • Otto Sauer Achsenfabrik GmbH
    Industrial & Manufacturing · since 2004 · Exited (2006); MBO
  • Plant Systems & Services PSS GmbH
    since 2012 · Exited (2019); Expansion capital investment
  • Pmflex
    Industrial & Manufacturing · since 2020 · Exited (2023); MBO
  • ProXES GmbH
    Industrial & Manufacturing · since 2013 · Exited (2017); MBO
  • R+S
    since 2021 · Exited (2023); Long-Term Investment
  • Rheinhold & Mahla GmbH
    since 2016 · Exited (2021); Expansion capital investment
  • Romaco GmbH
    Industrial & Manufacturing · since 2011 · Exited (2017); MBO
  • Sebaldus GmbH
    Industrial & Manufacturing · since 1997 · Exited (1999); MBO
  • Silbitz
    Industrial & Manufacturing · since 2015 · Exited (2026); MBO
  • Sjølund
    Industrial & Manufacturing · since 2018 · Exited (2022); MBO
  • Spheros GmbH
    Industrial & Manufacturing · since 2012 · Exited (2016); MBO
  • Unser Heimatbäcker GmbH
    since 2014 · Exited (2018); MBO
  • vitronet
    Industrial & Manufacturing · since 2017 · Exited (2025); MBO

People

  • Tom Alzin
    Spokesman of the Board of Management · source
  • Jannick Hunecke
    Member of the Board of Management · source
  • Christoph Gebhardt
    Managing Director · source
  • Maximilian Hegel
    Managing Director · source
  • Lucas Herbert
    Managing Director · source
  • Julian Nahm
    Managing Director · source
  • Giovanni Revoltella
    Managing Director · source
  • Kai Wiesenbach
    Managing Director · source
  • Erik Yankulin
    Managing Director · source
  • Ragnar Geerdts
    Managing Director · source
  • Christoph Grossekämper
    Managing Director · source
  • Andreas Krämer
    Managing Director · source
  • Jochen Baumann
    Managing Director · source
  • Bernd Sexauer
    Managing Director · source
  • Linda Hoegener Schinwald
    Managing Director · source
  • Thomas Weber
    Managing Director · source
  • Florian Döring
    Managing Director · source
  • Yasmin Behboudi
    Managing Director · source
  • Oliver Bohlen
    Managing Director · source
  • Marcus Bröcker
    Managing Director · source
  • Lukas Noll
    Managing Director · source
  • Sigrid Rosemeyer
    Managing Director · source
  • Eamonn McDonald
    Managing Director · source
  • Sam Henkes
    Managing Director · source

Links

Frequently asked questions

Deutsche Beteiligungs AG is a private equity fund based in Frankfurt am Main, Germany, founded in 1965.

Yes. Deutsche Beteiligungs AG invests its own capital in private companies. It also commits capital to third-party funds as an LP.

Deutsche Beteiligungs AG invests at Growth and Buyout stages in Industrial & Manufacturing, Software & SaaS, HealthTech and Climate & Energy.

Key people at Deutsche Beteiligungs AG include Tom Alzin (Spokesman of the Board of Management), Jannick Hunecke (Member of the Board of Management), Christoph Gebhardt (Managing Director) and Maximilian Hegel (Managing Director).

Deutsche Beteiligungs AG's investments include Cloudflight, congatec, Itelyum, Polytech Health & Aesthetics, Coperion GmbH, GMM Pfaudler, Homag Group AG and inexio, among others.

The most recent publicly reported investment by Deutsche Beteiligungs AG is Vected (Balance-sheet Long-Term Investment), announced in Sep 2026.

Yes. Deutsche Beteiligungs AG manages capital from outside investors.