Squad Fonds

What Squad Fonds does

SQUAD Fonds is a German fund platform operated by Discover Capital GmbH, founded in 2004 in Augsburg by Stephan Hornung and Christian Struck. It aggregates eight independent, owner-managed investment boutiques (Discover Capital, HC Capital Advisors, Capanum, Aguja Capital, Point Five Capital, Praemium Capital, 4AM For Asset Managers, and rezooM Capital) that together advise 14 UCITS and AIF funds spanning European and global equities (value, growth, small/mid cap, deep value), mixed/balanced and multi-asset strategies, special situations, convertible bonds, and sustainable/ESG mandates. Each boutique retains full investment independence while the platform provides shared marketing, sales, investor relations, and regulatory infrastructure under the BaFin-regulated liability umbrella of PEH Wertpapier AG, with Axxion S.A. (Luxembourg) handling fund administration.

The business model is classic active asset management: revenue is generated through management fees (TERs ranging 0.55-2.26% depending on fund and share class) and performance fees (typically 10% with perpetual highwatermark, with some mandates up to 15% with a 5% hurdle) on advised assets. The platform reports over 2 billion EUR in advised assets as of early 2026, up from 1 billion EUR in 2021. Distribution is concentrated in the DACH region (Germany, Austria, Switzerland, plus Luxembourg-domiciled funds) and is sold through financial advisors, wealth managers, family offices, institutional investors, and third-party fund platforms/depot banks. The company is privately held, founder-owned, and has not raised external venture or private equity capital.

The product set is broad and conviction-led: flagship SQUAD Value has delivered a +375% cumulative return since 2004, and the platform has accumulated a significant awards track record (Deutscher Fondspreis in 2019, 2024, 2025; FundAward 2021 and 2025; Boutiquen Awards 2022 and 2025; FNG Sustainability Seal 2025; Capital 5-star boutique rating 2024). Recent strategic emphasis is on sustainable investing, emerging-markets equities, and platform-level distribution scaling, supported by senior hires including Gerrit Braith (Head of Sales and Marketing, from February 2026) and Tobias Kastenhuber (co-advisor, SQUAD Growth, from January 2026).

Name

Squad Fonds

Legal name

Discover Capital GmbH

Website

https://squad-fonds.de

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

SQUAD Fonds is a privately held German fund platform that aggregates eight independent, owner-managed boutiques advising 14 active funds across European/global equities, multi-asset, special situations, convertibles, and sustainable strategies, serving professional and retail investors in the DACH region via a 2 billion+ EUR AuM book.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAHAKAD

Multi-Manager / Multi-PM Platforms

Financial & Insurance/Hedge Funds & Alternative Investments/Alternative Investments — Fund of Funds & Multi-Manager Platforms

SECONDARYFSAAAEAL

Fund of Funds & Multi-Manager Mutual Funds

Financial & Insurance/Asset & Wealth Management/Asset Management — Mutual Funds & UCITS

SECONDARYFSAHAFAA

Multi-Strategy — Multi-Manager Platform (Pods)

Financial & Insurance/Hedge Funds & Alternative Investments/Hedge Funds — Multi-Strategy

SECONDARYFSAAAJAI

Multi-Asset Fund-of-Funds & Multi-Manager Allocation

Financial & Insurance/Asset & Wealth Management/Asset Management — Multi-Asset & Balanced

Keywords

• Boutique fund platform
• Asset management services
• Independent fund boutiques
• Fund advisory services
• UCITS fund distribution

Headquarters

HQ city

Augsburg

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management and Performance Fees: Revenue is generated through management fees and performance fees embedded in each of the 14 SQUAD funds. Each fund vehicle has its own fee structure including management fees (TER ranging from 0.55% to 2.26% depending on share class) and performance fees (typically 10% with highwatermark).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Squad Fonds operates a fund platform that aggregates 8 independent, owner-managed boutique investment managers under a unified brand, offering 14 active mutual funds (UCITS and German-domiciled) across European and global equity, mixed/balanced, bond, and sustainable strategies. The company provides centralized marketing, sales, and investor relations support while the boutiques retain independence in investment decisions, with fund advisors personally co-investing in the funds they manage. Funds are distributed primarily through financial advisors, wealth managers, fund platforms, and institutional investors in Germany, Austria, Switzerland, and Luxembourg.

Product overview

SQUAD Fonds is a platform for independent, owner-managed fund boutiques united under one brand umbrella. The platform comprises eight specialized boutiques (Discover Capital, HC Capital Advisors, Capanum, Aguja Capital, Point Five Capital, Praemium Capital, 4AM For Asset Managers, and rezooM Capital) offering 14 distinct funds. The product portfolio includes equity funds focused on European growth stocks, European small/mid caps, global deep value strategies, and sustainable/ESG investments; mixed/balanced funds with flexible asset allocation; global multi-asset strategies; event-driven special situations funds; convertible bond funds; and traditional bond funds. The platform also encompasses sustainability-focused funds (SQUAD Green Balance) and ethical investment products (Steyler Fair Invest). Each fund maintains its own investment philosophy and market view, managed independently by its respective boutique team.

Differentiator

Problem solved

Functional benefit

Brands

• SQUAD Green: Sustainable/ESG fund brand operated separately at https://squad-green.de, offering ESG-focused equity and bond funds.

Products and services

• SQUAD Value Mixed fund (Mischfonds) focused on European equities with emphasis on German small and mid caps, pursuing Value Investing, Deep Value, and Event-driven strategies combining value stocks with special situations. Advised by Christian Struck via Discover Capital GmbH.
• SQUAD Growth European equity fund focused on growth stocks with emphasis on Germany and small caps, employing a Growth-Value strategy combining growth companies with attractive valuations and speculative turnaround situations. Advised by Stephan Hornung, with Tobias Kastenhuber joining as co-advisor in January 2026.
• SQUAD Makro Global asset allocation mixed fund combining Top-Down macroeconomic and Bottom-Up fundamental analysis to achieve risk-adjusted outperformance through active equity/bond allocation and diversification across markets, sectors, and asset classes. Advised by Alexander Kapfer (CFA, CAIA) via Capanum GmbH.
• SQUAD European Convictions European equity fund focused on small and mid cap companies through fundamental analysis, targeting established market leaders in niche markets with high free cash flows and sustainable competitive advantages, including French mid-caps. Advised by Sebastian Hahn and Jérémie Couix via HC Capital Advisors GmbH.
• SQUAD Aguja Opportunities Global balanced fund identifying mispricings across company capital structures, with flexible allocation to equities, bonds, derivatives, and cash targeting special situations in both stocks and convertible bonds. Advised by Fabian Leuchtner and Dimitri Widmann via Aguja Capital GmbH.
• SQUAD Point Five Global equity fund focused on international small caps with a Deep Value and Momentum strategy, investing in undervalued stocks with positive price momentum at the 50 cent on the dollar level. Advised by Matthias Ruddeck via Point Five Capital GmbH.
• SQUAD Gallo Europa German-domiciled equity fund focused on European Small and Mid Cap companies with solid business models, strong balance sheets, and attractive growth potentials using a valuation-oriented selection strategy. Advised via HC Capital Advisors GmbH.
• SQUAD Praemium Opportunities Global multi-asset fund with flexible allocation to equities, convertibles, bonds, or options strategies based on optimal risk/reward for each investment case, guided by strict quality criteria. Advised by Elmar Peters and Thorsten Vetter via Praemium Capital GmbH.
• SQUAD Special Situations Flexible mixed fund targeting stable positive returns independent of benchmarks through investments in special situations (M&A, squeeze-outs, arbitrage) and bonds in DACH and broader Europe. Advised via Discover Capital GmbH.
• SQUAD 4 Convertibles Global convertible bond fund investing across the full spectrum from high-yield to equity-sensitive convertibles, with active portfolio construction focused on sensitivity, credit risk, duration, and regional/sector allocation. Advised by Vlad Balas and Filip Adamec via 4AM – For Asset Managers AG (Switzerland).
• SQUAD Aguja Bond Opportunities Global bond fund focusing on identifying mispriced bonds using Bottom-Up analysis with emphasis on prospectus analysis, special situations, complex structures, and flexible allocation across convertibles, senior bonds, and hybrids. Advised by Fabian Leuchtner and Dimitri Widmann via Aguja Capital GmbH.
• SQUAD Green Balance Sustainable equity fund investing in ESG-compliant European companies of all sizes, combining fundamental stock analysis with ESG screening, exclusion lists, and UN Sustainable Development Goals alignment. Operated under the SQUAD Green sub-brand. FNG Sustainability Seal awarded 2025.

Quantifiable outcome

• SQUAD Value achieved +375% return over 20 years (since inception in 2004)
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered minor and core.

• The Generation ForestminorStrategic or Co-development Partner · 1 January 2024German company behind the Tigerenten-Wald (Tiger Duck Forest) reforestation project in Panama. SQUAD Fonds donated 20,000 EUR as part of their 20th anniversary celebrations in 2024 to support sustainable forest reforestation and endangered species protection.
• Discover Capital GmbHcoreStrategic or Co-development PartnerFounding boutique of SQUAD Fonds, founded in 2004 by Stephan Hornung and Christian Struck. Advises SQUAD Value, SQUAD Growth, SQUAD Green Balance, and SQUAD Special Situations. Headquartered in Augsburg.
• Capanum GmbHcoreStrategic or Co-development PartnerFounded in 2009 by Alexander Kapfer (CFA, CAIA), advises SQUAD Makro. Specializes in global mixed funds with top-down/bottom-up approach.
• HC Capital Advisors GmbHcoreStrategic or Co-development PartnerFounded in 2014 by Sebastian Hahn and Jérémie Couix, advises SQUAD European Convictions. Focus on European small and mid caps.
• Aguja Capital GmbHcoreStrategic or Co-development PartnerFounded in 2016 in Cologne by Fabian Leuchtner and Dimitri Widmann (formerly of Flossbach von Storch), advises SQUAD Aguja Opportunities and SQUAD Aguja Bond Opportunities.
• Point Five Capital GmbHcoreStrategic or Co-development PartnerSpecialist for global small caps based in Frankfurt am Main, founded by Matthias Ruddeck. Advises SQUAD Point Five.
• Praemium Capital GmbHcoreStrategic or Co-development PartnerSpecialist for global multi-assets based in Cologne, founded by Elmar Peters and Thorsten Vetter. Advises SQUAD Praemium Opportunities.
• 4AM – For Asset Managers AGcoreStrategic or Co-development PartnerSpecialist for global convertible bonds based in Zurich, Switzerland. Founded by Vlad Balas and Filip Adamec. Advises SQUAD 4 Convertibles. Subject to Swiss FINMA supervision.
• rezooM Capital GmbHminorStrategic or Co-development PartnerSpecialist for global and sustainable equities based in Frankfurt am Main, founded by Alexander Mozer. Advises rezooM World and rezooM Rising Markets funds.
• Steyler Fair InvestminorStrategic or Co-development PartnerInvestment brand of Steyler Ethik Bank, offering sustainable fund products. Partnership for Steyler Fair Invest Equities, Balanced, and Bonds funds.
• Axxion S.A.coreImplementation/ SI/ Consulting PartnerFund administration and management company based in Luxembourg, providing complete services for investment fund business including fund launching, administration, and marketing support.
• Grand Hotel Cosmopolis AugsburgminorStrategic or Co-development PartnerSocial project in Augsburg's Domviertel providing accommodation for asylum seekers combined with cultural diversity and participation opportunities. SQUAD supports with ongoing monthly donations.
• Schutzgemeinschaft Deutscher Wald e.V. (SDW) BayernminorStrategic or Co-development PartnerGerman forest conservation organization founded in 1949. Together with Stiftung Wir helfen dem Wald, approximately 500 trees were planted north of Augsburg in March 2022.

Scale indicators5 records

Recent moves14 records

Expansion highlights7 records

Others

• Hansainvest (Berenberg): German fund-manufacturing platform (KVG) providing white-label fund launch and administration services to boutique managers — comparable as ecosystem infrastructure serving the same independent-boutique advisor population that SQUAD aggregates.

Direct peers

• Greiff Capital Management: German independent fund boutique with multi-asset and value-focused strategies sold through financial advisors in the DACH region. Comparable as a German boutique manager operating in similar distribution channels with similar product categories.
• Flossbach von Storch: German independent, owner-managed multi-boutique asset manager with ~EUR 70bn AuM offering equity, multi-asset and bond funds. Direct competitor to SQUAD in the DACH boutique-fund space; notably, Aguja Capital's founders previously worked at Flossbach von Storch.
• ACATIS Investment: Frankfurt-based independent value-oriented fund boutique and fund-of-funds manager offering ACATIS funds across equities and bonds. Closely comparable in independent-boutique positioning, fund-of-funds platform model, and DACH distribution footprint.
• Lloyd Fonds AG: Hamburg-based multi-boutique asset manager and fund platform that aggregates specialist managers under its brand — closely mirroring SQUAD's 'independent boutiques under one roof' model, though with broader coverage including real assets and institutional mandates.
• MainFirst Asset Management: Frankfurt-based independent asset manager offering equity and multi-asset funds with active fundamental stock-picking approach. Comparable in DACH boutique positioning and advisor-led distribution.
• Veritas Investment GmbH: Frankfurt-based independent German fund boutique offering equity and mixed-asset funds (e.g., Veritas Value Fund, Veritas Global Dividend) distributed through advisors. Closely comparable in boutique scale, value/quality bias, and DACH distribution model.
• DJE Kapital AG: German independent asset manager headquartered near Munich with a multi-strategy fund family (DJE Dividende, DJE Zins & Dividende, etc.). Comparable as a privately held, owner-managed German fund house with similar product breadth and retail/advisor distribution.
• Ökoworld (ÖkoWorld Lux S.A.): German sustainable/ESG fund boutique with Luxembourg UCITS vehicles; rezooM Capital (within SQUAD) has hired talent from Ökoworld. Comparable in ESG fund category overlap and DACH sustainable-investment positioning.

Broad incumbents

• Union Investment / EB-SIM: Large cooperative-bank-affiliated German asset manager (~EUR 400bn AuM) with broad multi-manager, multi-boutique capabilities. A relevant incumbent competitor with overlapping advisor-distribution reach, though at much larger scale and without SQUAD's pure-boutique focus.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fondssquad
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Squad Fonds