Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 12 SOURCES

Perusa

Also known as Perusa GmbH, Perusa Partners, Perusa Management Limited, Perusa AB

Munich private equity adviser (founded 2007) to the Guernsey-managed Perusa funds (Fund II: €207M), buying DACH, Nordic and Benelux Mittelstand firms in transition; €5–30M equity tickets.

HEADQUARTERS: Munich, Germany
FOUNDED: 2007
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 6 people

Focus

STAGES: Buyout
SECTORS: Industrial & Manufacturing Consumer & E-commerce Software & SaaS
ASSET MIX: Private equity
GEOGRAPHY: GermanyAustriaSwitzerlandSwedenDenmarkNorwayNetherlandsBelgiumLuxembourg

Overview

Perusa comprises Perusa Management Limited, a Guernsey-regulated AIFM, the Munich-based Perusa GmbH (founded 2007 as an advisory company, where the founding partners sit) and Stockholm-based Perusa AB, which advise the AIFM on buying, developing and selling the Perusa funds' portfolio. It invests across sectors in Mittelstand companies and corporate carve-outs in German-speaking countries, Scandinavia and the Benelux, often in succession, carve-out, consolidation or secondary situations, with 14-year fund terms. The current fund, Perusa Partners II L.P., has €207M of equity from a small group of institutional investors, including insurers, banks and pension funds from Scandinavia, the Netherlands, the US and Australia, and the investment team invests significant own money in each deal. Recent releases describe Perusa GmbH as an independent adviser to family offices and private equity funds.

Investment thesis

Growing Mittelstand companies with a good market position in a healthy market and recurring, non-project revenue (€20–150M revenue, €2–6M EBIT, positive cash flow), developed through an active, operational value-creation approach and buy-and-build over a long holding period.

PORTFOLIO (33)

TF Daytrading (TradingFreaks)
Education · since 2026
Portfolio of three residential partial-ownership (Teilkauf) companies (170+ homes)
Real Estate & PropTech · since 2024
Uni-Bright
Climate & Energy
MBN-PROLED
Industrial & Manufacturing
MÜPRO Group
Industrial & Manufacturing · since 2018 · Exited
SCHROTH Safety Products
Industrial & Manufacturing · since 2018 · Exited
Maredo
Consumer & E-commerce · Exited
Teca 25
Consumer & E-commerce · Exited
Schuberth
Industrial & Manufacturing · Exited
trovicor
Software & SaaS · Exited
datafusion Systems
Software & SaaS · Exited
ADC (Project BEZ biomass plant)
Climate & Energy · Exited
Dialect
Software & SaaS · Exited
Xindao
Consumer & E-commerce · Exited
Karlie Heimtierbedarf
Consumer & E-commerce · Exited
Flamingo
Consumer & E-commerce · Exited
Sharples 'N' Grant
Consumer & E-commerce · Exited
Coresec (formerly AddPro)
Software & SaaS · Exited
SEM
Industrial & Manufacturing · Exited
gb Implantat-Technologie
HealthTech · Exited
TLT Automotive Solutions
Mobility & Logistics · Exited
HKW
Industrial & Manufacturing · Exited
Feldmuehle Uetersen
Industrial & Manufacturing · Exited
KÄMMERER
Industrial & Manufacturing · Exited
Guss Komponenten
Industrial & Manufacturing · Exited
Buderus Kanalguss
Industrial & Manufacturing · Exited
Buderus Feinguss
Industrial & Manufacturing · Exited
Kammann Maschinenbau
Industrial & Manufacturing · Exited
MineTech International
Industrial & Manufacturing · Exited
GRV LUTHE Kampfmittelbeseitigung
Industrial & Manufacturing · Exited
BACTEC International
Industrial & Manufacturing · Exited
Dynasafe International
Industrial & Manufacturing · Exited
SENATOR
Consumer & E-commerce · Exited

People

Dr. Christian Hollenberg
Founding Partner, Managing Director · source
Dr. Hanno Schmidt-Gothan
Founding Partner, Managing Director · source
Dr. Stephan Beller
Partner · source
Karl Mutter
Investment Director · source
John Whittle
Director, Perusa Fund (Guernsey) · source
Michael Geary
Director, Perusa Fund (Guernsey) · source

Frequently asked questions

Perusa is a private equity fund based in Munich, Germany, founded in 2007.

Yes. Perusa invests its own capital in private companies.

Perusa invests at Buyout stage in Industrial & Manufacturing, Consumer & E-commerce and Software & SaaS.

Perusa's stated ticket size is €5M–€30M.

Key people at Perusa include Dr. Christian Hollenberg (Founding Partner, Managing Director), Dr. Hanno Schmidt-Gothan (Founding Partner, Managing Director), Dr. Stephan Beller (Partner) and Karl Mutter (Investment Director).

Perusa's investments include TF Daytrading (TradingFreaks), Portfolio of three residential partial-ownership (Teilkauf) companies (170+ homes), Uni-Bright, MBN-PROLED, MÜPRO Group, SCHROTH Safety Products, Maredo and Teca 25, among others.

The most recent publicly reported investment by Perusa is TF Daytrading (TradingFreaks) (Majority acquisition by Perusa-advised investors (via TFD Beteiligungs GmbH)), announced in Apr 2026.

Yes. Perusa manages capital from outside investors.