What Pegasus Capital Partners does

Pegasus Capital Partners GmbH is a privately held real estate investment manager headquartered in Erlangen, Germany, founded in 2014. The company specializes in providing mezzanine capital — equity-substituting financing treated as equity on a developer's balance sheet — to mid-sized project developers in German-speaking markets. Its stated investment universe covers German Top-7 cities, prosperous metropolitan regions, southern Germany, and Vienna, with minimum project volumes of EUR 10 million and typical investment terms of 12 to 36 months. Pegasus reports more than 70 completed project participations representing a cumulative volume of approximately EUR 3 billion, and self-describes as one of the market leaders in Mezzanine Partnering in the DACH region.

The firm's core product, branded MEZZ&MORE, bundles capital provision with holistic project support across four phases — project initiation, project conception, project management, and marketing — leveraging an in-house network of construction companies, planners, tenants, and operators. The offering targets two distinct customer segments: project developers seeking mezzanine financing and institutional or semi-professional capital providers seeking co-investment opportunities. Distribution is direct and relationship-driven, with no intermediaries; the firm runs a sales-led, enterprise field sales motion focused on its named metropolitan markets. The technology stack is conventional for a relationship-driven investment manager (corporate website, LinkedIn presence, direct sales), with no software platform, mobile app, API, or documented AI capabilities.

In December 2025, Pegasus reorganized by spinning off its Asset and Property Management operations into a separate independent sister company, Pegasus Real Estate Partners GmbH, which now manages approximately EUR 1.6 billion in assets with a team of around 25. Pegasus Capital Partners itself continues to focus on mezzanine capital deployment and co-investment structuring for real estate developers, with its remaining team of roughly 20+ professionals led by CEO Martin Führlein. The firm is structured as a German GmbH with no disclosed parent, external institutional investor, or public listing.

Name

Pegasus Capital Partners

Legal name

Pegasus Capital Partners GmbH

Website

https://pegasus-cp.de

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Pegasus Capital Partners is a German real estate investment manager that provides mezzanine capital and co-investment structures to mid-sized project developers in Germany and Austria, with 70+ projects and EUR 3 billion in cumulative volume since 2014.

Ownership category

akta.pro rank

Product category

Real Estate Mezzanine Financing

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (52394)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• Mezzanine financing
• Real estate investment
• Property development capital
• Asset management services
• Joint venture real estate

Headquarters

HQ city

Erlangen

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Mezzanine Financing: Providing mezzanine capital (equity-substituting funds) for real estate project developments and existing property developments. Returns generated through interest income and equity participation.
2. Asset & Property Management: Professional asset and property management services through sister company Pegasus Real Estate Partners, managing properties valued at approximately EUR 1.6 billion.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Pegasus Capital Partners provides mezzanine capital (equity-substituting financing) for real estate project developers and existing property developments across German-speaking markets. Through its MEZZ&MORE approach, the firm partners with developers across all project phases—from site acquisition and planning through construction, leasing, and exit—offering individualized financing structures, finance structuring, and joint venture co-investment alongside capital providers. Asset and property management services for the resulting portfolio are delivered through its sister company Pegasus Real Estate Partners.

Product overview

Pegasus Capital Partners is a specialized real estate investment and financing firm offering a unified suite of capital and advisory services anchored by its MEZZ&MORE Mezzanine Partnering core product. The company deploys equity-substituting mezzanine capital for project developers in Germany, Austria, and select European markets, while providing co-investment opportunities for capital providers. Complementary service lines include Asset Management, Property Management, Joint Ventures, and Finance Structuring — all delivered either directly or through its affiliated sister company Pegasus Real Estate Partners (spun off in December 2025) which now independently handles asset and property management for a EUR 1.6 billion portfolio. The overall offering is structured as an integrated capital-partnership model rather than a modular software platform.

Differentiator

Problem solved

Functional benefit

Brands

• MEZZ&MORE: The company's holistic mezzanine partnering approach that supports project developers across all phases: project initiation, project conception, project management, and marketing.

Products and services

• Mezzanine Partnering Provision of mezzanine capital (equity-substituting funds) for new-build real estate projects and existing property developments in German-speaking markets, including tailored financing structures with terms of 12–36 months and minimum project volume of EUR 10 million. Intended for project developers and institutional capital providers as a strategic and comprehensive financing partner.
• MEZZ&MORE Pegasus Capital Partners' core holistic partnering approach that delivers equity-substituting mezzanine capital together with full lifecycle support (initiation, conception, management, marketing) for real estate project developers. Designed for both new-build and existing property developments.
• Mezzanine Capital for Capital Providers Investment offering for semi-professional and institutional investors to participate in real estate mezzanine financing transactions, with typical investment terms of 12 to 36 months and access to co-investment opportunities alongside Pegasus.
• Real Estate Management Professional Asset Management and Property Management services for real estate investors, delivered through the sister company Pegasus Real Estate Partners since December 2025. Covers capital-efficient asset deployment, tenant management, sustainable value preservation, single-property administration, and fund management for commercial and residential properties, with a managed portfolio exceeding EUR 1.6 billion.
• Investment Profile Stated investment criteria of Pegasus Capital Partners for real estate developments and value-add properties in German Top-7 cities, prosperous metropolitan regions, and southern Germany, covering residential, commercial, office, hotel, retail, logistics, and mixed-use assets with project volumes starting at EUR 10 million.
• Joint Ventures Project-level co-investment structures enabling institutional and semi-professional investors to participate in real estate transactions alongside Pegasus Capital Partners, exemplified by joint venture platforms such as Studio Apartments Factory (SAF) with Engelhardt Real Estate.
• Finance Structuring Advisory and structuring service for real estate projects, covering optimisation of financing structures, contract design for construction and leasing, and access to Pegasus Capital Partners' network of construction companies, planners, tenants, and operators.
• Pegasus Real Estate Partners (Asset & Property Management) Sister company launched December 2025 to provide independent Asset Management and Property Management services across Germany, with a team of 25 professionals managing a portfolio of approximately EUR 1.6 billion. Led by Martin Führlein and Holger Kastl.

Quantifiable outcome

• Over 70 successful project participations with EUR 3 billion total volume
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

18 partnerships are on record, tiered core, major and minor.

• Pegasus Real Estate PartnerscoreStrategic or Co-development PartnerSister company spun off in December 2025 to provide dedicated Asset and Property Management services. Manages approximately EUR 1.6 billion in assets. Leadership includes Martin Führlein (CEO of Pegasus Capital Partners) and Holger Kastl.
• Engelhardt Real Estate GroupcoreStrategic or Co-development PartnerJoint venture partner through Studio Apartments Factory (SAF) for student housing developments in Nuremberg. Multiple successful projects completed together.
• Art-Invest Real Estate ManagementcoreStrategic or Co-development PartnerKey development partner for major projects including Orange Campus Nuremberg (GfK headquarters), CARRÉ Fürther Freiheit, and Nordwestring urban quarter. Long-term strategic relationship.
• Aurelis Real EstatemajorStrategic or Co-development PartnerCo-development partner for Orange Campus Nuremberg, the GfK headquarters project at Kohlenhof.
• ALÌTUS Capital PartnersmajorStrategic or Co-development PartnerPartner for mezzanine financing of Nordostpark portfolio acquisition (four office buildings and one parking garage).
• Vermehrt GmbHmajorStrategic or Co-development PartnerAustrian project developer partner for multiple Vienna projects including Wilhelmstraße, Herzgasse, and TLAPA developments.
• StonehillmajorStrategic or Co-development PartnerEnglish project developer for Vienna projects including DC Residences and Dresdner Straße 109 student housing.
• Cube Real EstatemajorStrategic or Co-development PartnerDevelopment partner for Irishöfe Quartiersentwicklung in Köln-Kalk and other projects.
• UPESTATE Projektentwicklung GmbHminorStrategic or Co-development PartnerHamburg-based developer for Südstrand 44 holiday apartment project in Großenbrode.
• ehret+kleinmajorStrategic or Co-development PartnerStarnberg-based project developer for Kulturquartier Bayreuth inner-city mixed-use development.
• Crownd Estates GmbHmajorStrategic or Co-development PartnerAustrian project developer for Colibri Vienna residential development and DC Residences project.
• Stonehill International GroupmajorStrategic or Co-development PartnerInternational developer for The Fizz student residence (632 rooms) in Vienna and other projects.
• Braunsberger UnternehmensgruppeminorStrategic or Co-development PartnerDeveloper partner for Outlet Center Hotel Wien in Parndorf.
• Vision Estate Holding GmbHmajorStrategic or Co-development PartnerInnsbruck-based developer for Hotel & Palais Strudlhof project in Vienna.
• 6B47 Real Investors Estate AGminorStrategic or Co-development PartnerDevelopment partner for Althan Park Vienna revitalization project.
• Goldmann GroupmajorStrategic or Co-development PartnerJoint venture partner for MalzQuartier revitalization project in Erfurt (transformation of former malt factory).
• Profi PartnermajorStrategic or Co-development PartnerJoint venture partner for MalzQuartier revitalization project in Erfurt.
• RB EntwicklungmajorStrategic or Co-development PartnerJoint venture partner for MalzQuartier project in Erfurt.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Regional players

• KGAL: German/Austrian asset manager focused on real estate and infrastructure. Comparable in serving institutional investors with pooled real estate products and direct investment solutions in DACH.
• Catella Real Estate: European real estate investment manager with strong German-speaking market presence. Comparable cross-border DACH real estate fund management and capital deployment.

Direct peers

• DIC Asset AG: Frankfurt-listed German commercial real estate manager combining direct investments, fund management and development services. Comparable DACH mid-market developer financing and asset management focus.
• PATRIZIA SE: Leading German real estate investment manager with significant DACH presence and AuM in the tens of billions. Comparable as a vertically integrated real estate capital and asset management platform serving both investors and developers.

Broad incumbents

• Wealthcap: Munich-based German real estate investment and asset manager (formerly Munich Re subsidiary). Comparable closed and open-ended real estate fund offerings for institutional and private investors in Germany.
• Union Investment Real Estate: Large German real estate fund manager (part of Union Investment Group). Comparable institutional real estate capital provision in DACH but at substantially larger scale and broader product set.
• Hayfin Real Estate: European alternative credit manager with real estate debt strategies. Comparable as a direct lender to real estate sponsors, though at meaningfully larger ticket sizes than Pegasus.
• Commerz Real: German real estate investment manager within Commerzbank Group, managing open-ended real estate funds and direct investments. Comparable in offering institutional and semi-professional investors real estate exposure alongside direct deal origination.
• H.I.G. Capital (Real Estate Debt): Global alternative investment firm with European real estate debt strategies. Comparable in providing flexible junior/mezzanine debt capital to mid-market real estate sponsors across Europe.

Emerging players

• Pearls of Capital: Austrian real estate mezzanine and bridge financing provider. Closest direct niche peer to Pegasus in the DACH region, focused on sub-EUR 10m junior capital for developers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pegasus-cp/?originalSubdomain=de

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

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 Pegasus Capital Partners