Afinum
Munich, DE · Founded 2000 · 32 employees on LinkedIn · 1 known investors
Afinum is a private equity firm founded in 2000 that focuses on succession and growth investments in mid-sized companies across the German-speaking DACH region, targeting four technology-driven verticals. It works closely with founders and management teams of portfolio companies.
Also known as AFINUM · Afinum Management GmbH
Investors · 1
Company profile
researched Aug 2026Afinum is a private equity firm founded in 2000 that invests in medium-sized companies in the German-speaking region, operating from offices in Munich, Frankfurt and Zurich. The firm is managed by Afinum Management GmbH, registered in the Munich commercial register under HRB 129510, with managing directors Philipp Schülin, Burkhard von Wangenheim, Kai Roolf and Anton Bergmann, and Thomas Bühler as chairman of the supervisory board. Its funds are regulated by the German financial supervisory authority BaFin.
Afinum's funds acquire majority stakes in mid-sized businesses, with an investment focus on succession situations, management buyouts and buy-ins, the development of grouped business concepts, and shareholder structure optimisation. The current buyout vehicle, AFINUM Neunte Beteiligungsgesellschaft mbH & Co. geschlossene Investment-KG (Buyout Fund 2021), has EUR 420 million in equity, an investment period beginning in October 2021 and a term of 10 + 2 years. Investment criteria include clear majority shareholdings up to 100%, target revenues of EUR 20–200 million, EBITDA of approximately EUR 5–20 million, and purchase prices of EUR 30–150 million, with companies located in Germany, Switzerland and Austria; smaller transactions such as add-on acquisitions are also undertaken selectively.
Although the firm describes itself as investing largely independently of industry, it has built expertise in four verticals: software and tech services, healthcare, industrial technology, and consumer and internet. It states that portfolio companies are technology-enabled and profitable, addressing themes such as AI and machine learning, automation, digitalisation and networking, and high-tech healthcare products and services.
Business model
Afinum raises and manages closed-end, BaFin-regulated private equity funds that acquire majority stakes in mid-sized DACH companies, holds them long term while supporting management, and realises value through exits such as sales to other investors.
As a fund manager, Afinum invests committed capital from institutional and private investors through successive fund generations; returns are generated from the development and eventual sale of portfolio holdings.
Traction
Afinum reports approximately 100 corporate transactions since 2000, six fund generations, and total capital commitments stated as EUR 1.8 billion on its German site and 1.6 billion on its English site. It cites average FTE growth of over 200% and average sales growth of over 80% across its last three fund generations. The listed portfolio and transaction history includes sequrio, Ergon, DPS Engineering, ProJect Pharmaceutics, PROLOGA, LIFTKET, Christian Koenen Group, Threema, Listan, SanderStrothmann, Ledlenser, Caseking, d&b Audiotechnik, Kappa optronics and others.
Latest developments
On 12 January 2026 Afinum announced that its eighth fund had agreed to sell Threema Holding AG to Comitis Capital, with closing expected at the end of January 2026; the firm stated Threema tripled its annual recurring revenue under its ownership, expanded key account, country sales and reseller distribution for B2B and B2G customers, launched an on-premise product version, and transitioned from a founder-led to a management-led organisation. A third-party directory additionally lists acquisitions of DPS Engineering (December 2025), Ergon Informatik (January 2026), p36 (February 2026) and sequrio (April 2026), plus an exit from Kappa optronics in January 2026.
▸Full profile — market position, technology, go-to-market, geography, history
Market position
The firm describes itself as one of the leading private equity firms for medium-sized companies in the German-speaking region, with approximately 100 corporate transactions since 2000 and six fund generations.
Afinum emphasises long-term majority holdings backed by flexible, BaFin-regulated fund structures, close cooperation with founders and management, and pattern-based identification of business models, positioning its portfolio as a platform with cross-company synergy and networking potential across four technology-driven verticals.
Technology
Afinum invests in technology-enabled businesses, focusing on software and tech services, healthcare, industrial technology, and consumer and internet, with portfolio themes including AI and machine learning, automation, digitalisation and networking, and high-tech healthcare products and services.
Go-to-market
Afinum sources majority investments directly from entrepreneurs — it states 90% of its companies were acquired from founders — and works with the founders and management teams of target companies, drawing on a network of professionals for key leadership positions and add-on acquisitions.
Owners, founders and management teams of mid-sized companies in Germany, Switzerland and Austria with revenues of EUR 20–200 million and EBITDA of roughly EUR 5–20 million, particularly in succession and buyout situations; on the capital side, fund investors.
Geography
Headquartered in Munich (Theatinerstraße 7, 80333 Munich) with additional offices in Frankfurt and Zurich; investments are made in companies in Germany, Switzerland and Austria.
History
Founded in 2000, Afinum has raised six fund generations, with buyout fund vintages listed for 2000, 2003, 2007, 2013, 2017, 2021 and 2025. Its ninth fund generation, the 2021 buyout fund, began its investment period in October 2021 with EUR 420 million in equity. In September 2020 the firm's eighth fund acquired a stake in Threema GmbH alongside founders Martin Blatter, Manuel Kasper and Silvan Engeler, followed later that month by a majority stake in LISTAN and in January 2021 by a majority stake in the SanderStrothmann Group. In January 2026 Afinum agreed to sell Threema Holding AG to Comitis Capital.
Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 11
launches, deals, and filingsAfinum's eighth fund (AFINUM Achte Beteiligungsgesellschaft) entered into an agreement to sell Threema Holding AG to Comitis Capital; closing expected end of January 2026. Advisors to the shareholders: Stephens (M&A), VISCHER (Legal), Alvarez & Marsal (Financial), Altman Solon (Commercial).
Afinum acquired ProJect Pharmaceutics, a formulation development specialist.
AFINUM Neunte Beteiligungsgesellschaft mbH & Co. geschlossene Investment-KG, with EUR 420 million in equity and a term of 10 + 2 years, started its investment period.
Afinum indirectly acquired a majority stake in the SanderStrothmann Group, a certified full-service partner for product development in the cosmetics, beauty and healthcare products market.
Afinum acquired a majority stake in LISTAN, a provider of components for high-performance computers.
Afinum's eighth fund acquired a stake in Threema GmbH, with founders Martin Blatter, Manuel Kasper and Silvan Engeler remaining significantly involved.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 7
primary sources listed
- Afinumafinum.de · web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Afinum do?
- Munich-based private equity firm investing in majority stakes in mid-sized DACH companies since 2000.
- Who are Afinum's investors?
- Afinum's investors include BLN Capital.
- Where is Afinum headquartered?
- Afinum is headquartered in Munich, DE.