HMW
HMW Kapitalanlagen (HMW Emissionshaus AG) is a German private investment management firm that structures and distributes venture capital (MIG Fonds) and private equity fund-of-funds (RockPhant ELTIF) products, giving roughly 16,000 German retail investors and financial advisors regulated access to European deep-tech and life-sciences companies.
- Company typePrivate
- Founded2000
- HeadquartersPullach Im Isartal, Germany
- Headcount1–10
- GTM typeB2C
- OfferingServices
What HMW does
HMW Emissionshaus AG (operating as HMW Kapitalanlagen and HMW Gruppe) is a privately held German investment management firm headquartered in Pullach im Isartal, near Munich. Founded in 2000 as a specialist in retail-accessible venture capital and private equity participations, the company structures regulated fund products that enable German private investors and financial advisors (Finanzanlagenvermittler) to participate in European deep-tech and life-sciences companies historically reserved for institutional investors.
The firm's product platform comprises two complementary lines. The flagship MIG Fonds is a multi-vintage series of venture capital funds (MIG 2 through MIG 18) that make direct investments in early-stage deep-tech and life-sciences companies, including quantum computing (IQM, which listed on Nasdaq in July 2026 at ~$1.8B), neuromorphic computing (Innatera), photonic interconnects for AI processors (NcodiN), space traffic management (Look Up), and clinical biotechnology (TIBEAY Biosciences). Complementing this, RockPhant ELTIF 1 — launched in October 2025 with HANSAINVEST as KVG — is a regulated fund-of-funds providing diversified PE/VC exposure to retail investors with no minimum investment and a five-year minimum holding period, distributed via bank depositories and the Private Market Xchange digital platform.
HMW generates fee-based revenue from management fees on committed capital and carried interest on exits, distributed across approximately 16,000 private investors. The company operates with a small internal team (1–10 employees) and an extensive intermediary network, supported by dedicated investor (hmw.kdportal.de) and partner (hmw.vpportal.de) portals. Regulatory standing is anchored by §34f GewO registration (D-F-155-DWEB-44, IHK München & Oberbayern) and ELTIF/KAGB compliance via institutional partners (HANSAINVEST, Hauck Aufhäuser Lampe Privatbank). Track record includes 12 consecutive years of investor distributions and €35M paid to MIG investors in 2024 alone.
HMW firmographics
Firmographics- Name
- HMW
- Legal name
- HMW Emissionshaus AG
- Website
- https://hmw.ag
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- HMW Kapitalanlagen (HMW Emissionshaus AG) is a German private investment management firm that structures and distributes venture capital (MIG Fonds) and private equity fund-of-funds (RockPhant ELTIF) products, giving roughly 16,000 German retail investors and financial advisors regulated access to European deep-tech and life-sciences companies.
- Ownership category
- akta.pro rank
HMW industry classification
Industry- Product category
- Private Equity and Venture Capital Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Financial Vehicles (52599), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI)
- akta.pro secondary industries
- Venture Capital Fundraising Placement (FSAEALAC), Private Equity Buyout Fund-of-Funds (FSANAGAD)
Keywords
Where HMW is headquartered
LocationHeadquarters
- HQ city
- Pullach Im Isartal
- HQ country
- Germany
- HQ region
- Europe
Offices2 records
Markets served
HMW business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- MIG Fonds Management & Performance Fees: HMW acts as the initiator and fundraiser of MIG Funds. Revenue is generated through management fees on committed capital and performance/carried interest on successful exits from portfolio companies. MIG Funds have a long track record of 12 consecutive years of distributions to investors, with 35 million euros distributed in 2024 alone.
- RockPhant ELTIF Advisory & Distribution Fees: RockPhant ELTIF 1 is structured as a fund-of-funds in partnership with HANSAINVEST as KVG. HMW acts as the fund advisor and distributor, generating fees from the advisory and distribution relationship within the ELTIF structure.
- Fundraising & Investor Services: HMW Fundraising GmbH organizes the distribution of MIG Funds, operating the mig-18.de website and directing investors to the investor portal. Revenue is derived from fundraising coordination and investor servicing for the MIG Fund series.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | RockPhant ELTIF 1 - No minimum investment required |
| Subscription | Annual | MIG Funds - Private placement venture capital |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels7 records
HMW product offering
Product offeringCore offering
HMW Kapitalanlagen mobilizes private capital into European venture capital and private equity through two complementary regulated fund products: the MIG Fonds series (multi-generational VC funds providing direct exposure to early-stage deep-tech and life-sciences companies) and RockPhant ELTIF 1 (a Private Equity fund-of-funds structured as an ELTIF with diversified exposure to European PE/VC target funds). Funds are distributed through dedicated investor and partner portals and via a network of financial intermediaries, with revenue earned from management fees on committed capital and performance carried interest on successful exits.
Product overview
HMW Kapitalanlagen operates as a private equity and venture capital investment platform offering two complementary product lines: MIG Fonds (venture capital funds across multiple generations from MIG 2 through MIG 18) for direct investment in early-stage technology and life science companies, and RockPhant ELTIF 1 (a Private Equity fund of funds) for diversified exposure to European PE/VC target funds. These products are accessible through dedicated web-based investor and partner portals (hmw.kdportal.de and hmw.vpportal.de). HMW positions itself as enabling private investors to access institutional-quality private markets investments, with MIG Fonds representing direct VC-style investments and RockPhant providing a regulated, depot-eligible structure for broader PE diversification.
Differentiator
Problem solved
Functional benefit
Brands
- MIG Fonds: Venture capital fund series managed by HMW that provides retail investors access to early-stage growth companies in Deep Tech and Life Sciences sectors. Multiple generations of MIG Fonds (MIG 2, 4, 6, 8, 10, 12, 14, 17, 18) have been launched over 25+ years.
- RockPhant ELTIF
Products and services
- MIG Fonds Multi-generational venture capital fund series offering private investors direct equity participation in early-stage European deep-tech and life-sciences companies. Available only to qualified investors via subscription, typically accessed through the HMW investor portal or through financial advisors/intermediaries.
- RockPhant ELTIF 1 European Long-Term Investment Fund (ELTIF) structured Private Equity fund-of-funds providing broadly diversified exposure to European PE and VC target funds across sectors including Digitalization, DeepTech, Life Science, Environmental Technology, and Automation. Depotfähig via bank depositories, no minimum investment, with a five-year minimum holding period and fund term extending to 2040 with extension options.
Quantifiable outcome
- IQM Quantum Computers listed on Nasdaq at 1.8 billion USD valuation — first European quantum computing company to go public
- +3 more outcomes
Companies that use HMW
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles2 records
HMW technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature3 records
HMW partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Private Market XchangecorePrivate Market Xchange provides the digital infrastructure for RockPhant ELTIF 1 online subscription, enabling a fully digital process from registration through regulatory checks to completion. This partnership enables RockPhant to be subscribed directly online without media breaks or paper-based processes.
- HANSAINVEST Hanseatische Investment-GmbHcoreHANSAINVEST serves as the Kapitalverwaltungsgesellschaft (KVG / capital management company) for RockPhant ELTIF 1. It is responsible for the regulatory structure, fund administration, and compliance under the German KAGB and ELTIF regulation.
- MIG Beteiligungstreuhand GmbHcoreMIG Beteiligungstreuhand GmbH, based in Munich, is the contractual partner for investors in MIG Funds. It operates the investor portal (hmw.kdportal.de) where investors can register and subscribe to MIG Funds. Investors enter into a contract with MIG Beteiligungstreuhand GmbH when investing.
- Hauck Aufhäuser Lampe Privatbank AGcoreHauck Aufhäuser Lampe Privatbank AG serves as the Verwahrstelle (custodian/depositary) for RockPhant ELTIF 1, providing safekeeping of fund assets and oversight functions as required under KAGB.
- HMW Fundraising GmbHcoreHMW Fundraising GmbH, based at the same Pullach address, organizes the distribution of MIG Funds. It operates mig-18.de and coordinates the fundraising efforts for MIG Funds. It is not the contractual partner for investors but acts as the distribution coordinator.
- OVH GmbHminorOVH GmbH, based in Cologne, provides web hosting services for the HMW website (hmw.ag), mig-fonds.de, mig-18.de, and hmw.kdportal.de. Data processing is under a data processing agreement with HMW as the controller.
Scale indicators9 records
Recent moves7 records
Expansion highlights6 records
HMW competitors and assessment
Company assessmentDirect peers
- Seedmatch: German retail VC crowdfunding platform focused on seed-stage German startups. Comparable to HMW on the channel/distribution side (Finanzanlagenvermittler, DACH retail investors) and product side (single-deal VC exposure).
- Moonfare: European digital private equity platform providing wealth advisors and qualified investors curated access to top-tier PE funds. Directly comparable model of democratizing PE/VC access via a digital subscription layer, with a more global footprint than HMW.
- Companisto: German retail venture capital platform that has funded hundreds of startups through crowdinvesting. Closely analogous to MIG Funds on the direct-VC-retail side, particularly for German early-stage technology companies.
- Bergfürst: German retail private equity and private debt platform offering individuals direct access to alternative investments. Closely comparable to HMW's model of intermediated retail PE distribution in the DACH market through regulated structures.
- Exporo: German retail investment platform originally built for real estate crowdinvesting that has expanded into broader alternative investments including PE. Comparable as a German consumer-facing private-markets access point using Finanzanlagenvermittler distribution.
- iCapital Network: US-founded but globally scaling fintech platform providing wealth advisors streamlined access to private market funds including PE/VC. Directly comparable technology-enabled private-markets distribution model; with a global rather than DACH-only footprint.
Emerging players
- LIQID: German digital wealth manager that has progressively added private-market exposure (including PE/VC and ELTIFs) to its HNW client offerings. Comparable as a German digital alternative-investments distribution layer serving private wealth.
Broad incumbents
- Tikehau Capital: European alternative asset manager (PE, private credit, real assets, capital markets strategies). Operates retail-facing ELTIFs comparable to RockPhant, but is a multi-strategy incumbent with significantly broader scale.
- BNP Paribas Wealth Management: Major European private bank with retail-accessible ELTIF products and structured alternative-investment offerings for HNW and UHNW clients. Comparable on the depotfähig/regulated ELTIF side, but with a much broader diversified bank balance sheet.
- EQT: Large Swedish private equity manager with deep European scale and a growing retail channel (EQT Originates etc.) offering ELTIF products to wealth clients. Comparable as a PE manager flowing institutional-quality exposures to retail, but materially larger.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
HMW social profiles
Digital presenceHMW compliance and trust
Trust signalCompliance5 records
HMW financial estimates
Financial estimateRevenue estimate
Valuation estimate
HMW leadership team
Management profileNumber of profiles
Profiles5 records
HMW funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HMW 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 HMW
What does HMW do?
HMW Kapitalanlagen mobilizes private capital into European venture capital and private equity through two complementary regulated fund products: the MIG Fonds series (multi-generational VC funds providing direct exposure to early-stage deep-tech and life-sciences companies) and RockPhant ELTIF 1 (a Private Equity fund-of-funds structured as an ELTIF with diversified exposure to European PE/VC target funds). Funds are distributed through dedicated investor and partner portals and via a network of financial intermediaries, with revenue earned from management fees on committed capital and performance carried interest on successful exits.
Is HMW a public or private company?
HMW is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was HMW founded?
HMW was founded in 2000. It employs 1 to 10 people.
Where is HMW based?
HMW is headquartered in Pullach Im Isartal, Germany, in the Europe region.
How does HMW make money?
Three revenue lines are on record. MIG Fonds Management & Performance Fees are the primary driver. The others are rockPhant ELTIF Advisory & Distribution Fees and fundraising & Investor Services.
Who are HMW's main competitors?
Direct peers on record are Seedmatch, Moonfare, Companisto, Bergfürst, Exporo and iCapital Network. LIQID is listed as an emerging player. Broad incumbents are Tikehau Capital, BNP Paribas Wealth Management and EQT.
Does HMW have an API?
No public API is recorded for HMW.
What industry is HMW in?
HMW's product category is Private Equity and Venture Capital Fund Management. Its primary akta.pro industry code is FSAAABAI, Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit), with a secondary code of FSAEALAC, Venture Capital Fundraising Placement. Its NAICS code is 523940 and its SIC code is 6282.