AG Capital

What AG Capital does

AG Capital is an independent, owner-managed private equity firm headquartered in Vienna, Austria, founded in 2021 by managing directors Karl Lankmayr and Daniel Jennewein alongside C-Quadrat Investment AG. The firm advises the Austrian Growth Capital Fund (AGCF), a EUR 140 million vehicle anchored by Raiffeisen Bank International, the European Investment Fund, and Raiffeisen Holding Niederösterreich-Wien. AG Capital invests growth and buyout equity of EUR 5–20 million per transaction in small and medium-sized enterprises across Austria, Germany, Switzerland, and Northern Italy, with a focus on family-owned and entrepreneur-led businesses facing succession, growth, or buy-and-build situations and targeting companies with revenues from approximately EUR 10 million.

The firm's business model is professional fund management: revenue is generated through management fees on the EUR 140M fund and carried interest on successful portfolio exits, while returns to LPs are produced by increasing enterprise value across portfolio companies through organic growth and acquisitions, then exiting via trade sales, secondary buyouts, or IPOs. By 2025, AG Capital had assembled eight platform companies — Avaris CX (customer experience), Weber Cleaning Technologies (industrial brushes), Schubert Gruppe (group travel), Gesellschaft für Inklusion (inclusion services), CD-LUX (edible promotional products), Celltherm (cold storage), Layenberger/Smart Food For Future (functional nutrition), and IDENTA (smart cards) — and reported historical team track record of 60% average revenue growth and 300% average value increase across prior investments.

Distribution is direct and relationship-based: AG Capital reaches prospective investments through entrepreneur and management-team outreach, supported by a professional website, LinkedIn presence, newsletter, industry event participation, and proprietary events such as the AG Capital Portfolio Day and Investor Day. The firm employs approximately 9–10 investment and operating professionals, integrates ESG criteria systematically throughout the investment lifecycle (UN PRI signatory, SFDR Article 8 fund classification), and partners with co-investors such as VR Equitypartner and UnternehmensGut on selected transactions.

Name

AG Capital

Legal name

AGC GmbH

Website

https://agcapital.at

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

AG Capital is a Vienna-based independent private equity firm managing the EUR 140 million Austrian Growth Capital Fund, providing growth and buyout equity of EUR 5–20 million to small and medium-sized enterprises in Austria, Germany, Switzerland, and Northern Italy.

Ownership category

akta.pro rank

Product category

Private Equity (Mid-Market SME Buyout and Growth Capital)

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Small-Cap / Micro-Buyout (FSANABAD)

Keywords

• Private equity investment
• Growth capital funding
• SME buyout financing
• Management buyout support
• Succession planning capital

Headquarters

HQ city

Vienna

HQ country

Austria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees and Carried Interest: AG Capital earns returns through management fees on the Austrian Growth Capital Fund (approx. EUR 140 million fund volume) and carried interest on successful exits of portfolio companies. The firm generates value by increasing the enterprise value of its portfolio companies through organic growth and acquisitions, then realizing returns via exit events such as trade sales, secondary buyouts, or IPOs.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

AG Capital is an independent, owner-managed private equity firm that invests growth and buy-out capital in small and medium-sized enterprises (SMEs) in Austria, Germany, Switzerland, and Northern Italy through the EUR 140 million Austrian Growth Capital Fund. It takes both minority and majority equity stakes of EUR 5–20 million per company, with follow-on capital available, and supports portfolio companies through active board-level engagement, succession solutions, MBO/MBI, buy-and-build strategies, and internationalization. The firm is a signatory of the UN Principles for Responsible Investment and operates its fund under SFDR Article 8 classification.

Product overview

AG Capital is a private equity firm that provides investment services to SMEs. It does not offer technology products or software as a company. Its services include providing growth and buy-out capital, managing the Austrian Growth Capital Fund (a EUR 140 million private equity fund), and offering partnership and support to portfolio companies. The company makes minority and majority investments in small and medium-sized companies across Austria, Germany, Switzerland, and neighboring countries.

Differentiator

Problem solved

Functional benefit

Brands

• Avaris CX: Leading customer experience platform in the DACH region, technology-based contact centers and services. Subsidiaries include Embers, Intelia, Flexia, Callpoint, and Tempobrain.
• Weber Cleaning Technologies
• Schubert Gruppe
• Gesellschaft für Inklusion (GFI)
• CD-LUX
• Celltherm
• Layenberger Nutrition Group / Smart Food For Future Holding
• IDENTA Ausweissysteme

Products and services

• Austrian Growth Capital Fund (AGCF) Closed-end private equity fund managed by AG Capital with EUR 140 million in capital commitments, targeting minority and majority equity investments of EUR 5–20 million in small and medium-sized enterprises in Austria, Germany, Switzerland, and Northern Italy. The fund is classified as an SFDR Article 8 financial product and is the primary vehicle through which AG Capital deploys capital. It is open to institutional investors, banks, insurance companies, pension and provident funds, family offices, and the firm's founding partners.
• Private Equity Investment Services for SMEs Direct private equity investment and value creation services provided by AG Capital to family-owned and entrepreneur-led SMEs, including growth and buy-out capital, succession solutions, management buy-outs and buy-ins, buy-and-build strategies, growth financing, and internationalization/expansion capital. Investments are made as minority or majority equity stakes, with follow-on capital available during the investment phase, and AG Capital supports portfolio companies through active board-level engagement and access to expert and consultant networks.
• Responsible Investing / ESG Investment Framework Proprietary ESG integration framework applied across the investment lifecycle, including mandatory ESG due diligence checklists, an ESG Ambassador role, and SFDR Article 8 classification of the Austrian Growth Capital Fund. AG Capital is a signatory of the UN-supported Principles for Responsible Investment (PRI) and publishes a Sustainability Report (first edition for 2024 published in August 2025). This offering underpins AG Capital's responsible investment positioning vis-à-vis LPs and portfolio companies.

Named customers8 records

Segments2 records

Ideal customer profiles3 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.

• UN Principles for Responsible Investment (PRI)coreOthers · 18 January 2022AG Capital is a signatory of the UN-supported Principles for Responsible Investment (PRI), committing to integrating ESG considerations into its investment analysis and decision-making processes. The PRI has over 4,300 signatories representing over US$121 trillion in assets under management.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• AUCTUS Capital Partners: Munich-based PE investor focused exclusively on German-speaking Mittelstand buyouts. Direct peer given identical deal-size range, geography, and SME successional focus.
• UnternehmensGut: Germany-based evergreen Mittelstand investor operating the 'Mittelstand Deutschland 1' fund. Co-invested with AG Capital on Celltherm (June 2024). Direct peer due to matching long-term, family-succession-focused SME buyout approach.
• ECM Equity Capital Management: Frankfurt-based mid-market PE investor in German SMEs, comparable to AG Capital on ticket size and DACH/Northern European focus. Useful benchmark for buy-and-build execution in the same Mittelstand universe.
• Noreia Capital: Vienna-based PE firm focused on Austrian SMEs, with prior roles held by Karl Lankmayr. Comparable on geography, ticket size, and target company profile to AG Capital.
• aws Mittelstandsfonds: Austrian federal fund-of-funds / direct SME PE program historically managed by Karl Lankmayr before he founded AG Capital. Direct peer on Austrian SME succession and growth mandates, serving as the public-sector counterpart to AG Capital's private-fund strategy.
• VR Equitypartner: Frankfurt-based PE firm and DZ BANK subsidiary focused on mid-market buyouts in German SMEs. Already a co-investor alongside AG Capital on IDENTA (February 2024), making it the most directly comparable peer with overlapping deal sourcing in German Mittelstand.
• BlackFin Capital Partners: Paris-based PE focused on European financial services, where AG Capital Investment Associate Lorenz Ambrosius was previously employed. Comparable on European SME/financial-services deal sourcing and on size, but with a sector-specialist lens.
• Lead Equities: Austrian mid-market PE firm where Daniel Jennewein previously served as Managing Partner. Direct peer on DACH SME buy-and-build, succession, and growth capital mandates.

Broad incumbents

• C-Quadrat Investment AG: Austrian asset manager that co-founded AG Capital in 2021 and continues as a founding partner of the Austrian Growth Capital Fund. Broader incumbent with multi-asset exposure (equity, fixed income, alternatives), making it a strategic sponsor rather than direct competitor.
• Deutsche Beteiligungs AG: Frankfurt-listed PE firm with a long-running track record in German Mittelstand buyouts. A larger, established incumbent in the same geographic and ticket-size range as AG Capital but with a public-market profile and broader fund family.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/a-g-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries10 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 AG Capital