Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 8 SOURCES

Paragon Partners

Also known as Paragon Partners GmbH, Paragon

Owner-managed Munich private equity firm founded in 2004 with €2.4bn of equity under management from insurers, pension funds and university endowments; buys DACH Mittelstand firms with €5–75M EBITDA.

Munich Mittelstand private equity firm founded in 2004 (paragon.de).

HEADQUARTERS: Munich, Germany
FOUNDED: 2004
AUM: €2.4B (2026)
OUTSIDE CAPITAL: Yes
TEAM LISTED: 16 people

Focus

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

Overview

Paragon Partners is an owner-managed Munich investment firm founded in 2004 that invests in established Mittelstand companies in Germany, Austria, Switzerland and neighbouring countries with roughly €5–75M EBITDA. It manages €2.4bn of equity from institutional investors such as life insurers, pension funds and university endowments, alongside the Paragon team; Paragon Fund IV closed at €1.2bn in September 2023 after Fund III's €783M in 2019. It invests in successions, management buy-outs, carve-outs, buy-and-build, growth and restructuring situations, supports companies from a board (Beirat) position and can hold for up to 12 years, typically 5–7. It counts 40+ investments since founding and 14 current portfolio companies on its site.

Investment thesis

Established mid-sized companies with sustainable business models in stable or growing markets and clearly identified strategic and operational development potential, including complex situations; enterprise values up to about €500M.

PORTFOLIO (41)

BALDUR-Garten
Consumer & E-commerce · since 2026
SCHELL
Industrial & Manufacturing · since 2025
Dymatrix
Software & SaaS · since 2025
TP FOOD GROUP
Industrial & Manufacturing · since 2024
Primed
HealthTech · since 2023
Questel
Software & SaaS · since 2021
Sovendus
Software & SaaS · since 2021
7days
Consumer & E-commerce · since 2020
WEKA Group
Media & Entertainment · since 2020
Castolin Eutectic
Industrial & Manufacturing · since 2020
pro optik
Consumer & E-commerce · since 2019
DUO PLAST
Industrial & Manufacturing · since 2019
Asic Robotics
Industrial & Manufacturing
Babtec
Software & SaaS · since 2026 · Signed, closing pending
cunova (formerly KME SPECIAL)
Industrial & Manufacturing · since 2021 · Exited 2026
APONTIS PHARMA
HealthTech · Exited
Goodlive
Media & Entertainment · Exited
inprotec AG
Industrial & Manufacturing · Exited
UNICEPTA
Software & SaaS · Exited
WEMAS
Industrial & Manufacturing · Exited
Condecta
Industrial & Manufacturing · Exited
chicco di caffè
Consumer & E-commerce · Exited
NovumIP
Software & SaaS · Exited
Anti-Germ & Medentech
HealthTech · Exited
dtms
Software & SaaS · Exited
KADI
Food & Agriculture · Exited
Wer liefert was
Software & SaaS · Exited
Europart
Mobility & Logistics · Exited
AWG
Industrial & Manufacturing · Exited
POLO Motorrad
Consumer & E-commerce · Exited
Schülerhilfe
Education · Exited
elero
Industrial & Manufacturing · Exited
EOS Saunatechnik
Consumer & E-commerce · Exited
Stumpp+Schüle
Industrial & Manufacturing · Exited
Swisshaus
Real Estate & PropTech · Exited
MG
Industrial & Manufacturing · Exited
ABL-TECHNIC
Industrial & Manufacturing · Exited
KINSHOFER
Industrial & Manufacturing · Exited
Rudolf Riester
HealthTech · Exited
PAKI Logistics
Mobility & Logistics · Exited
DICTUM
Consumer & E-commerce · Exited

People

Marco Attolini
Senior Partner · source
Dr. Edin Hadzic
Senior Partner · source
Dr. Krischan von Moeller
Senior Partner · source
Christian Bettinger
Partner · source
Max Moser von Filseck
Partner · source
Christine Eagles
Partner, CFO · source
Massimo Massari
Senior Managing Director · source
Nico Kranzfelder
Managing Director, Head of M&A · source
Björn Borrmann
Managing Director Capital Markets · source
Philippa Bensel
Investment Director · source
Henrik Engelkamp
Investment Director · source
Mark Feiler
Investment Director · source
Christian Rodemer
Investment Director · source
Samuel Wackenhut
Investment Director · source
Daniel Kuhagen
Principal · source
Christoph Lotz
Principal · source

Frequently asked questions

Paragon Partners is a private equity fund based in Munich, Germany, founded in 2004.

Yes. Paragon Partners invests its own capital in private companies.

Paragon Partners invests at Growth and Buyout stages in Industrial & Manufacturing, Software & SaaS, Consumer & E-commerce, HealthTech and Media & Entertainment.

Key people at Paragon Partners include Marco Attolini (Senior Partner), Dr. Edin Hadzic (Senior Partner), Dr. Krischan von Moeller (Senior Partner) and Christian Bettinger (Partner).

Paragon Partners's investments include BALDUR-Garten, SCHELL, Dymatrix, TP FOOD GROUP, Primed, Questel, Sovendus and 7days, among others.

The most recent publicly reported investment by Paragon Partners is Babtec Informationssysteme (Growth / majority investment (signed 8 Aug 2026, subject to merger control)), announced in Aug 2026.

Yes. Paragon Partners manages capital from outside investors.