What EMERAM Capital Partners does

EMERAM Capital Partners is an independent private equity firm founded in 2012 and headquartered in Munich, Germany, with a secondary office in Kitzbühel, Austria. The firm operates through two legal entities — EMERAM Capital Partners GmbH (Germany) and EMERAM Business Partners GmbH (Austria) — and manages four investment vehicles: EMERAM Fund I (EUR 400M), EMERAM Private Equity Fund II (closed 2024), the EMERAM B&M Continuation Fund, and the WinIT Continuation Fund, together representing over EUR 800M in assets under management as of 2024.

EMERAM's strategy is to act as a "Business Development Partner" for mid-sized growth companies in the DACH region (Germany, Austria, Switzerland), typically with revenues of EUR 20-100M. Investment activity is concentrated in three thematic verticals: Digital Transformation, Health & Wellbeing, and Energy Transition. The firm acquires significant stakes and supports management teams with strategy, organizational design, M&A execution, and ESG/digitalization initiatives, frequently offering co-investment opportunities to align interests. Reported portfolio value creation averages 134% revenue uplift and 96% EBITDA uplift across holding periods, supported by 34 add-on acquisitions and 1,200+ jobs created.

The firm's economic model is standard for a closed-end private fund manager: management fees on committed capital plus carried interest on successful realizations. Its current portfolio of ten platform companies spans clean energy EPC (ace Group), home energy management software (Solar Manager), digital corporate banking (CoCoNet), secure data communications hardware (Garderos), digital learning (Sofatutor), premium pet food (Provital), public-sector digitalization (]init[), frozen foods (Frostkrone), energy consulting (Hochfrequenz), and water sports/cycling equipment (Boards & More, partially exited).

Name

EMERAM Capital Partners

Legal name

EMERAM Capital Partners GmbH

Website

https://emeram.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

EMERAM Capital Partners is a Munich-based independent private equity firm managing EUR 800M+ across multiple funds, focused on growth investments in mid-sized DACH companies across Digital Transformation, Health & Wellbeing, and Energy Transition sectors.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Private equity
• Growth capital
• Investment management
• Business development
• Buy-and-build strategy

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Fund Management: EMERAM generates revenue through managing private equity funds, collecting management fees on committed capital and carried interest on successful exits. The firm manages multiple funds including EMERAM Fund I, EMERAM B&M Continuation Fund, WinIT Continuation Fund, and EMERAM Private Equity Fund II.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

EMERAM Capital Partners is an independent private equity firm founded in 2012 in Munich that invests equity capital in mid-sized growth companies in the German-speaking DACH region across three thematic sectors: Digital Transformation, Health & Wellbeing, and Energy Transition. The firm manages multiple closed-end funds (Fund I, Fund II, and continuation funds) and acts as a long-term Business Development Partner, providing both capital and hands-on strategic, operational, and M&A support to portfolio companies, including executing buy-and-build strategies.

Product overview

EMERAM Capital Partners is one of the leading independent investment companies for mid-sized companies in German-speaking regions, operating as a Business Development Partner. The firm manages four investment funds: EMERAM Fund I (EUR 400 million), EMERAM Private Equity Fund II, EMERAM B&M Continuation Fund, and WinIT Continuation Fund, with combined assets under management exceeding EUR 800 million. The funds invest in three strategic sectors: Digital Transformation, Health & Wellbeing, and Energy Transition. EMERAM's investment strategy involves acquiring significant stakes in growth companies and providing strategic support for organic and inorganic growth. The current portfolio comprises platform investments in Solar Manager AG (home energy management), CoCoNet AG (digital corporate banking), Provital GmbH (premium pet food), Garderos GmbH (secure data communication), ace Group (clean energy), Sofatutor (digital learning), Hochfrequenz (energy consulting), Frostkrone Food Group (frozen foods), and ]init[ AG (public sector digitalization). The firm also holds partially exited positions in BOARDS & MORE Group (water sports and cycling equipment).

Differentiator

Problem solved

Functional benefit

Products and services

• EMERAM Fund I EMERAM's flagship growth-focused private equity fund targeting mid-sized companies in DACH; volume EUR 400 million, with a TVPI of 2.3x placing it in the top quartile.
• EMERAM Private Equity Fund II Second-generation private equity fund managed by EMERAM Business Partners, focused on growth investments in mid-sized companies in the DACH region; TVPI of 1.5x placing it in the top decile.
• EMERAM B&M Continuation Fund A single-asset continuation fund holding the Boards & More investment, offering Fund I limited partners liquidity or continued participation in the company's growth.
• WinIT Continuation Fund

Quantifiable outcome

• EMERAM Private Equity Fund I achieved 2.3x TVPI, ranking in top quartile
• +4 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• NoerrminorImplementation/ SI/ Consulting Partner · 29 April 2024Noerr provided legal advice to EMERAM Private Equity Fund II on its acquisition of CoCoNet AG, assisting with the transaction and related financing.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Ardian: Large Paris-based private investment house with European mid-market direct funds. Broader incumbent peer with overlapping DACH exposure and growth-equity products, but materially larger AUM and broader sector mandate.
• EQT Partners: Stockholm-based global private equity firm with significant DACH mid-market activity across growth and buyout strategies. Larger incumbent peer with overlapping thematic verticals (tech, healthcare, energy) but materially broader geographic and ticket-size reach.

Direct peers

• Paragon Partners: German mid-market private equity firm with offices in Munich and Frankfurt investing in DACH Mittelstand. Direct peer with overlapping sector exposures (digital, industrials) and similar equity-ticket range.
• Nord Holding: Hannover-based mid-market private equity firm focused on DACH Mittelstand buyouts and growth investments. Overlapping geographic focus and mid-market ticket size with EMERAM.
• Capiton AG: Berlin-based mid-market private equity firm investing in DACH Mittelstand companies. Comparable geographic footprint, mid-market ticket size, and buy-and-build orientation.
• IK Partners: European mid-market private equity firm with strong DACH presence investing across business services, healthcare, and industrials. Comparable mid-market focus with thematic overlap on digital and healthcare verticals.
• AURELIUS Equity Opportunities: Munich-based European mid-market investor focused on special situations and operational value creation in DACH Mittelstand. Comparable geographic focus and mid-market deal profile.
• Waterland Private Equity: Pan-European (strong DACH/Benelux) growth-focused private equity firm investing in mid-market companies with a buy-and-build approach. Most direct peer to EMERAM given overlapping geographic focus, mid-market ticket size, and growth equity mandate.
• Deutsche Beteiligungs AG (DBAG): Frankfurt-listed German mid-market private equity firm focused on Mittelstand buyouts and growth capital. Directly comparable to EMERAM on DACH geographic focus, mid-market deal size, and sector diversification including industrials and digital services.
• Auctus Capital Partners: Munich-based mid-market private equity firm investing in DACH Mittelstand companies with a buy-and-build strategy. Closely comparable to EMERAM on geography, ticket size, and growth-equity orientation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInde.linkedin.com/company/emeram-capital-partners-gmbh

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A13 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EMERAM Capital Partners