Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 11 SOURCES

SHS Capital

Also known as SHS Gesellschaft für Beteiligungsmanagement mbH, SHS

Tübingen healthcare-only private equity firm founded in 1993; growth and small-cap stakes in European healthcare companies; sixth fund SHS VI closed at ~€270m in 2023.

HEADQUARTERS: Tübingen, Germany
FOUNDED: 1993
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 15 people

Focus

STAGES: GrowthBuyout
SECTORS: HealthTech Biotech & Life Sciences
ASSET MIX: Private equity
GEOGRAPHY: GermanyAustriaSwitzerlandEurope

Overview

SHS Capital (SHS Gesellschaft für Beteiligungsmanagement mbH) was founded in Tübingen in 1993 by former McKinsey consultants Reinhilde Spatscheck, Dr. Bernhard Schirmers and Klaus Hentges, and invests only in healthcare. It backs established healthcare companies and growth companies that have begun commercialising their technologies, in majority and minority situations, mainly in the DACH region, the Nordics and the Benelux. It has raised six fund generations; SHS VI had its final closing in July 2023 at about €270m against a €200m target, with family offices, funds of funds, pension investors, banks, insurers, the EIF and KfW among its LPs. It reports more than 75 investments and more than 50 exits since founding.

Investment thesis

Builds European healthcare champions: established, fast-growing healthcare SMEs and scale-ups (seven-digit revenue and double-digit growth) with defendable market positions, in medtech, pharma and suppliers, diagnostics and tools, and healthtech; enterprise values up to €150m, equity tickets typically €10–50m, majority or minority.

PORTFOLIO (44)

Ackermann Instrumente GmbH
HealthTech · since 2025
AMW GmbH
Biotech & Life Sciences
Basic Pharma Holding B.V.
Biotech & Life Sciences · since 2026
Blue Ocean Spine GmbH
HealthTech
CAM Bioceramics B.V.
HealthTech
CoreMedic GmbH
HealthTech
Develco Pharma Schweiz AG
Biotech & Life Sciences
Dr.Dropin AS
HealthTech
ESSERT GmbH
Industrial & Manufacturing
Heinemann Endoscopy Group (EMOS Technology, InnoView, ILO electronic, Micon)
HealthTech · since 2025
Incision Group B.V.
HealthTech
Lowenco A/S
Biotech & Life Sciences
Medizintechnik Rostock GmbH
HealthTech
MESI Ltd.
HealthTech
Miracor Medical SA
HealthTech
ndd Medizintechnik AG
HealthTech
Neuro Event Labs Oy
HealthTech
Novo Klinik-Service GmbH
HealthTech
numares AG
HealthTech
ROTOP Pharmaka GmbH
Biotech & Life Sciences
Salvia BioElectronics B.V.
HealthTech
Simulands AG
HealthTech
SIS Medical AG
HealthTech
Tyromotion GmbH
HealthTech
TRI Dental Implants Int. AG
HealthTech
Betterguards Technology GmbH
HealthTech · Exited
Blazejewski MEDI-TECH GmbH
HealthTech · Acquired (Erbe Group)
c-LEcta GmbH
Biotech & Life Sciences · Acquired (Kerry Group)
CryLaS GmbH
Industrial & Manufacturing · Acquired (Silver Investment Partners)
Crystal GmbH
Industrial & Manufacturing · Acquired (Silver Investment Partners)
EIT Emerging Implant Technologies GmbH
HealthTech · Acquired (Johnson & Johnson)
evitria AG
Biotech & Life Sciences · Acquired (Atlas Antibodies)
GNA Biosolutions GmbH
Biotech & Life Sciences · Exited
medigroba GmbH
HealthTech · Acquired (Löwenstein)
Novosis AG
Biotech & Life Sciences · Acquired (Acino)
PathoQuest SAS
Biotech & Life Sciences · Acquired (Charles River Laboratories)
phenox GmbH
HealthTech · Acquired (Wallaby Medical)
ProBioGen AG
Biotech & Life Sciences · Acquired (Minapharm Pharmaceuticals)
puracon GmbH
HealthTech · Acquired (Klingel medical metal)
Selfapy GmbH
HealthTech · Acquired (MEDICE)
Single Use Support GmbH
Biotech & Life Sciences · Acquired (Pall Corporation)
Spiegelberg GmbH & Co. KG
HealthTech · Acquired (Luciole Medical AG)
TNI medical AG
HealthTech · Acquired (Masimo)
Vita 34 AG
Biotech & Life Sciences · IPO (prime market, German stock exchange)

People

Sascha Alilovic
Managing Partner · source
Uwe Steinbacher
Managing Partner · source
Manfred Ulmer-Weber
Managing Partner · source
Lukas Maucher
Managing Partner, CFO · source
Dr. Cornelius Maas
Partner · source
Dr. André Zimmermann
Partner · source
Julia Luca
Partner · source
Tobias Fuchs
Partner · source
David Wehner
Partner · source
Hubertus Leonhardt
Senior Partner · source
Guillaume Balz
Senior Investment Manager · source
Hannes Kempter
Investment Manager · source
Sevda Sarikaya
Investment Manager · source
Marie Dechenoix
Investment Manager · source
Georg Helg
Senior Advisor Origination · source

Frequently asked questions

SHS Capital is a private equity fund based in Tübingen, Germany, founded in 1993.

Yes. SHS Capital invests its own capital in private companies.

SHS Capital invests at Growth and Buyout stages in HealthTech and Biotech & Life Sciences.

SHS Capital's stated ticket size is €10M–€50M.

Key people at SHS Capital include Sascha Alilovic (Managing Partner), Uwe Steinbacher (Managing Partner), Manfred Ulmer-Weber (Managing Partner) and Lukas Maucher (Managing Partner, CFO).

SHS Capital's investments include Ackermann Instrumente GmbH, AMW GmbH, Basic Pharma Holding B.V., Blue Ocean Spine GmbH, CAM Bioceramics B.V., CoreMedic GmbH, Develco Pharma Schweiz AG and Dr.Dropin AS, among others.

The most recent publicly reported investment by SHS Capital is Basic Pharma Holding B.V. (Majority stake (succession)), announced in Jul 2026.

Yes. SHS Capital manages capital from outside investors.