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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 10 SOURCES

EMERAM Capital Partners

Also known as EMERAM, EMERAM Capital Partners GmbH, EMERAM Business Partners GmbH

Munich mid-market private equity firm founded in 2012; advises EMERAM funds (over €800M) taking significant or majority stakes in DACH growth companies in digitalisation, health and energy transition.

HEADQUARTERS
Munich, Germany
FOUNDED
2012
AUM
€800M (2026)
OUTSIDE CAPITAL
Yes
TEAM LISTED
17 people

Focus

STAGES
GrowthBuyout
SECTORS
Software & SaaSHealthTechClimate & EnergyConsumer & E-commerceEducation
ASSET MIX
Private equity
GEOGRAPHY
GermanyAustriaSwitzerland

Overview

EMERAM was founded in 2012 and describes itself as an independent private equity firm and 'business development partner' for mid-sized growth companies in German-speaking Europe, focusing on digital transformation, health and wellbeing, and the energy transition. The funds it advises total more than €800 million: EMERAM Private Equity Fund I (2013, €400 million including a 2019 top-up, plus continuation funds for Boards & More and ]init[ in 2021–22) and Fund II (2022, over €200 million). Investors are mainly public pension funds, life insurers, family offices, sovereign wealth funds and foundations, and EMERAM's partners also invest. Its funds usually acquire a majority or significant stake in profitable companies with earnings of €3–20 million and pursue add-on acquisitions.

Investment thesis

Targets companies in growth markets with a leading market position (or the potential to reach one, including via acquisitions), current profitability of €3–20M earnings or positive unit economics, and strong, growth-minded management teams.

PORTFOLIO (17)

  • ]init[ AGNOTABLE
    Software & SaaS · Partially exited
  • BOARDS & MORE GroupNOTABLE
    Consumer & E-commerce · Partially exited
  • Matrix42NOTABLE
    Software & SaaS · Exited
  • XovisNOTABLE
    Deep Tech · Exited
  • hello again
    Software & SaaS · since 2026
  • Solar Manager AG
    Climate & Energy · since 2026
  • Hochfrequenz
    Software & SaaS
  • Provital
    Consumer & E-commerce
  • Garderos
    Software & SaaS
  • CoCoNet AG
    Fintech
  • ace
    Climate & Energy
  • sofatutor
    Education
  • Frostkrone Food Group
    Food & Agriculture
  • diva-e
    Software & SaaS · Exited
  • Officium
    Climate & Energy · Exited
  • Meona Group
    HealthTech · Exited
  • Hussel
    Consumer & E-commerce · Exited

People

  • Kai Köppen
    Managing Partner; Geschäftsführer (employed by EMERAM Business Partners GmbH, Kitzbühel) · source
  • Dr. Christian Näther
    Managing Partner; Geschäftsführer (employed by EMERAM Business Partners GmbH, Kitzbühel) · source
  • Dr. Kai Obring
    Managing Partner; Geschäftsführer (employed by EMERAM Business Partners GmbH, Kitzbühel) · source
  • Matthias Obermeyr
    Partner · source
  • Dr. Sven Oleownik
    Partner · source
  • Dr. Ruprecht Puchstein
    Partner · source
  • Felix Hasenmaier
    Principal · source
  • Marco Evers
    CFO · source
  • Matthias Peter
    Senior Investment Manager · source
  • Marlene Walz
    Senior Investment Manager · source
  • Björn Albrechtsen
    Investment Manager · source
  • Jorge Rodriguez Llorens
    Investment Manager · source
  • Lukas Tschofen
    Investment Manager · source
  • Paul von Bechtolsheim
    Investment Manager · source
  • Dr. Michael Gerke
    Investment Associate · source
  • Theresia von Grafenstein
    Director People & Culture · source
  • Ralf Pütmann
    Chairman of the Advisory Board · source

Links

Frequently asked questions

EMERAM Capital Partners is a private equity fund based in Munich, Germany, founded in 2012.

Yes. EMERAM Capital Partners invests its own capital in private companies.

EMERAM Capital Partners invests at Growth and Buyout stages in Software & SaaS, HealthTech, Climate & Energy, Consumer & E-commerce and Education.

Key people at EMERAM Capital Partners include Kai Köppen (Managing Partner; Geschäftsführer (employed by EMERAM Business Partners GmbH, Kitzbühel)), Dr. Christian Näther (Managing Partner; Geschäftsführer (employed by EMERAM Business Partners GmbH, Kitzbühel)), Dr. Kai Obring (Managing Partner; Geschäftsführer (employed by EMERAM Business Partners GmbH, Kitzbühel)) and Matthias Obermeyr (Partner).

EMERAM Capital Partners's investments include ]init[ AG, BOARDS & MORE Group, Matrix42, Xovis, hello again, Solar Manager AG, Hochfrequenz and Provital, among others.

The most recent publicly reported investment by EMERAM Capital Partners is hello again (Growth investment (majority not stated)), announced in Sep 2026.

Yes. EMERAM Capital Partners manages capital from outside investors.