Squad Fonds
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.
- Company typePrivate
- Founded2004
- HeadquartersAugsburg, Germany
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
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).
Squad Fonds firmographics
Firmographics- 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
Squad Fonds industry classification
Industry- 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 primary industry
- Multi-Manager / Multi-PM Platforms (FSAHAKAD)
- akta.pro secondary industries
- Fund of Funds & Multi-Manager Mutual Funds (FSAAAEAL), Multi-Strategy — Multi-Manager Platform (Pods) (FSAHAFAA), Multi-Asset Fund-of-Funds & Multi-Manager Allocation (FSAAAJAI)
Keywords
Where Squad Fonds is headquartered
LocationHeadquarters
- HQ city
- Augsburg
- HQ country
- Germany
- HQ region
- Europe
Offices2 records
Markets served
Squad Fonds business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Operations, Technology or R&D, Infrastructure
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | SQUAD Growth A share class |
| Subscription | Annual | SQUAD Growth I share class |
| Subscription | Annual | SQUAD Makro I share class |
| Subscription | Annual | SQUAD Aguja Bond Opportunities I |
| Subscription | Annual | SQUAD Green Balance R |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Squad Fonds product offering
Product offeringCore 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
Companies that use Squad Fonds
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Squad Fonds technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Squad Fonds partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered minor and core.
- The Generation ForestminorGerman 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 GmbHcoreFounding 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 GmbHcoreFounded in 2009 by Alexander Kapfer (CFA, CAIA), advises SQUAD Makro. Specializes in global mixed funds with top-down/bottom-up approach.
- HC Capital Advisors GmbHcoreFounded in 2014 by Sebastian Hahn and Jérémie Couix, advises SQUAD European Convictions. Focus on European small and mid caps.
- Aguja Capital GmbHcoreFounded 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 GmbHcoreSpecialist for global small caps based in Frankfurt am Main, founded by Matthias Ruddeck. Advises SQUAD Point Five.
- Praemium Capital GmbHcoreSpecialist for global multi-assets based in Cologne, founded by Elmar Peters and Thorsten Vetter. Advises SQUAD Praemium Opportunities.
- 4AM – For Asset Managers AGcoreSpecialist 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 GmbHminorSpecialist for global and sustainable equities based in Frankfurt am Main, founded by Alexander Mozer. Advises rezooM World and rezooM Rising Markets funds.
- Steyler Fair InvestminorInvestment brand of Steyler Ethik Bank, offering sustainable fund products. Partnership for Steyler Fair Invest Equities, Balanced, and Bonds funds.
- Axxion S.A.coreFund administration and management company based in Luxembourg, providing complete services for investment fund business including fund launching, administration, and marketing support.
- Grand Hotel Cosmopolis AugsburgminorSocial 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) BayernminorGerman 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
Squad Fonds competitors and assessment
Company assessmentOthers
- 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
Squad Fonds social profiles
Digital presenceSquad Fonds financial estimates
Financial estimateRevenue estimate
Valuation estimate
Squad Fonds leadership team
Management profileNumber of profiles
Profiles18 records
Squad Fonds subsidiaries and ownership
Company hierarchySubsidiaries7 records
Squad Fonds funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Squad Fonds M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Squad Fonds
What does Squad Fonds do?
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.
Is Squad Fonds a public or private company?
Squad Fonds is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Squad Fonds founded?
Squad Fonds was founded in 2004. It employs 11 to 50 people.
Where is Squad Fonds based?
Squad Fonds is headquartered in Augsburg, Germany, in the Europe region.
How does Squad Fonds make money?
One revenue line is on record: management and Performance Fees.
Who are Squad Fonds's main competitors?
Hansainvest (Berenberg) is listed as an others. Direct peers are Greiff Capital Management, Flossbach von Storch, ACATIS Investment, Lloyd Fonds AG, MainFirst Asset Management, Veritas Investment GmbH, DJE Kapital AG and Ökoworld (ÖkoWorld Lux S.A.). Union Investment / EB-SIM is listed as a broad incumbent.
Does Squad Fonds have an API?
No public API is recorded for Squad Fonds.
What industry is Squad Fonds in?
Squad Fonds's product category is Asset Management. Its primary akta.pro industry code is FSAHAKAD, Multi-Manager / Multi-PM Platforms, with a secondary code of FSAAAEAL, Fund of Funds & Multi-Manager Mutual Funds. Its NAICS code is 523940 and its SIC code is 6282.