How many investments has DBAG made?

DBAG has 51 tracked investments.

What stage does DBAG invest at?

DBAG invests at the Growth stage.

Where is DBAG located?

DBAG is headquartered in Frankfurt am Main, DE.

Does DBAG lead rounds?

Yes, DBAG leads investment rounds.

Who does DBAG co-invest with?

DBAG most often shares deals with Deutsche Beteiligungs AG, 3i Group, GENIUS Venture Capital, among 10 tracked co-investors.

DBAG

Private equity

Frankfurt am Main · Growth · 15 people tracked

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Investment thesis

DBAG invests in established mid-market companies with proven, scalable business models and strong market positions, primarily in the German-speaking DACH region and selectively in northern Italy within sectors where it has deep experience. It targets enterprise values of roughly EUR 50-250 million, with fund structures allowing deals up to EUR 400 million. Traditional focus areas include mechanical and plant engineering, automotive supply, industrial services and components, expanding into environment/energy/infrastructure, software and healthcare. Typical situations include family-business succession, group spin-offs, secondary buy-outs and growth capital, structured as majority stakes or minority/quasi-equity, backing management buy-outs (MBOs) and buy-ins (MBIs) alongside its industry-expert network.

Invests inAdvanced Manufacturing Cleantech Climate Tech Energy Healthtech Mobility & Transportation SaaS Europe Frankfurt am Main Germany

Source: firm website, verified Aug 6, 2026.

Stage

Growth

Frankfurt am Main, DE

Leads rounds

Leads

Instruments

Equity

Tracked investments

Team · 15 people

from the firm's website

Jannick Hunecke· Member of the Board of Management· Frankfurt am Main

Member of DBAG's Board of Management since March 2021. He joined the firm in 2001, became a Managing Director in 2008, and has 25 years of private equity experience.

Tom Alzin· Spokesman of the Board of Management· Luxembourg

Spokesman of DBAG's Board of Management since March 2023 (member since 2021). He joined the firm in 2004, became a Managing Director in 2011, and has over 20 years of private equity experience.

Lucas Herbert· Managing Director

Joined Deutsche Beteiligungs AG in 2007 and became a Managing Director in 2015. Has extensive private equity experience across IT services/software, mechanical and plant engineering, and healthcare, having worked on investments such as Romaco, Spheros, Gienanth, Silbitz, blikk, Cloudflight, and operasan. Holds a Master of Science in Business Administration from the Rotterdam School of Management, Erasmus University.

Manuel Mache· Investment Manager

Manuel Mache joined Deutsche Beteiligungs AG in 2024. He previously worked in transaction consulting at PwC and as an Investment Associate at Chirisa Investments, with five years of private equity experience. He holds a BSc in Banking and Finance and an MSc in Finance from Trinity Business School, Dublin, and is a CFA Charterholder.

Axel Holtrup· Member of the Supervisory Board, Member of the Executive Committee· Cobham, United Kingdom

Supervisory Board member since 2020. An independent investor based in Cobham, UK, he previously worked at AEA Investors, Silver Lake Partners, Investcorp and Morgan Stanley.

Brigitte Friedrich-Haack· Director

Joined Deutsche Beteiligungs AG as Head of Corporate Development in 2025. Previously Chief of Staff to the CEO of CIB Germany at BNP Paribas and an equity research analyst at Exane; holds a law-related bachelor's degree and a master's in business administration.

Dr Hendrik Otto· Chairman of the Supervisory Board

Chairman of DBAG's Supervisory Board since 2020 (first elected 2011). A lawyer and advisor, he works at Egon Zehnder in Dusseldorf and previously served on the board of management of WEPA SE and as a partner at Mayer Brown.

Dr Kathrin Köhling· Vice Chairwoman of the Audit Committee

Supervisory Board member since 2023 and Vice Chairwoman of the Audit Committee. She is CFO of LEG Immobilien SE and previously worked at McKinsey & Company.

Dustin Artz· Member of the Supervisory Board

Supervisory Board member since 2026. He is Managing Director and spokesman of the management board of the Dirk Rossmann real estate group in Burgwedel.

Prof Dr Kai C. Andrejewski· Vice Chairman of the Supervisory Board, Chairman of the Audit Committee

Vice Chairman of the Supervisory Board and Chairman of the Audit Committee since 2023. A senior partner at Agora Strategy Group and accounting professor, he was previously CFO of Sixt SE and a partner at KPMG.

Sigrid Rosemeyer· Managing Director

Joined Deutsche Beteiligungs AG in 2024 to head Investor Relations. Previously a Managing Director at Capital Group, and worked at Helaba Invest and Merrill Lynch; holds a finance degree from the Frankfurt School of Management and Finance.

Steffen Schmidt· Member of the Supervisory Board

Supervisory Board member since 2026. He is CFO of GETEC Energie Holding GmbH in Hanover and has held roles at UniCredit Bank and HypoVereinsbank.

Thomas Weber· Managing Director

Joined DBAG in 2014 and works in Business Development, handling deal sourcing, network management, and C-level and advisory board matters. Previously held roles at PwC, Commerzbank, and Concept Consulting; holds a law degree from Goethe University Frankfurt.

Yasmin Behboudi· Managing Director

Joined DBAG in 2021 and became Head of Human Resources in 2022. Previously Executive Director in Human Capital Management at Goldman Sachs and an HR advisor at Jones Lang LaSalle; studied German and Historical Linguistics at Goethe University Frankfurt.

Youssef Zauaghi· Senior Manager

Joined Deutsche Beteiligungs AG in 2023 and is responsible for corporate communications. Previously gained media and analyst communications experience at Accenture and Jaguar Land Rover, and began his career at PR agency SMART PR; studied business administration at the European Distance Learning University, Hamburg.

What they invest in

from 26 of 51 portfolio companies

Advanced Manufacturing ×9Hardware ×8Energy ×4Cleantech ×3Cloud Computing ×3Enterprise Software ×3Fintech ×3IoT ×3

HQs:Germany×21Italy×3Switzerland×1

Investments · 51 tracked

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Akquinetakquinet.com

AKQUINET is a German IT services and consulting company that provides business software implementation (Microsoft, SAP, Infor), custom software development, and managed IT services operated from its own certified data centers.

Cloud ComputingEnterprise SoftwareSaaS

Fund	Vintage	Committed	Net IRR	TVPI	DPI
European Private Equity Opportunities II LPLPs: Florida State Board of Administration	2020	—	13.3%	1.42x	0.35x
European Private Equity Opportunities I LPLPs: Florida State Board of Administration	2017	—	10.7%	1.48x	0.51x

Investment thesis

Team · 15 people

What they invest in

Investments · 51 tracked

Fund performance · per public LP disclosures · 2

Frequently asked questions

Media · Podcasts & interviews

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