HMW

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.

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

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

• Venture capital funds
• Private equity funds
• Fund advisory services
• Alternative investment products
• Fund distribution services

Headquarters

HQ city

Pullach Im Isartal

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core 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

Named customers10 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

Integration7 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Private Market XchangecoreTechnology or Integration · 13 January 2026Private 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-GmbHcoreImplementation/ SI/ Consulting Partner · 21 October 2025HANSAINVEST 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 GmbHcoreOthersMIG 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 AGcoreOthersHauck 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 GmbHcoreChannel Partner/ Reseller/ DistributorHMW 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 GmbHminorOthersOVH 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

Direct 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

• LinkedInde.linkedin.com/company/hmw-gruppe
• Xx.com/MIGFonds

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 HMW