Hanseatische

What Hanseatische does

HKA Hanseatische Kapitalverwaltung GmbH, doing business as "Die Hanseatische" and "HKA," is a Hamburg-based Kapitalverwaltungsgesellschaft (KVG) founded in 2013 and operating under the German Capital Investment Code (KAGB) with BaFin supervision. The company conceives and manages Alternative Investment Funds (AIF) under two sub-brands: IMMAC funds, which invest primarily in nursing care facilities, senior living, and other social real estate across Germany, Austria, and Ireland, and DFV funds, which focus on hotel real estate following the 2017 acquisition of DFV Deutsche Fondsvermögen AG. The product range includes Publikums-AIF for retail investors with a €10,000 minimum, Spezial-AIF for semi-professional and professional investors with a €200,000 minimum, and open-ended Spezial-AIF for institutional investors launched after BaFin approval in September 2021. As of the most recent data, HKA manages more than €1.82 billion in investment and infrastructure assets across 111 funds, serving over 8,400 investors with high reinvestment rates.

The firm operates within the vertically integrated IMMAC group, which includes property development subsidiaries (IMMAC Sozialbau and IMMAC Wohnbau), an in-house operator holding company, distribution via IMMAC Immobilienfonds GmbH, and the DFV hotel investment vertical, creating a full value chain from development to fund management. HKA generates revenue primarily through recurring management fees on its AIF portfolio, supplemented by placement and performance fees, and operates with a lean team of approximately 25 employees handling asset, object, and risk management as well as investor relations. Since November 2019, HKA has been a wholly-owned subsidiary of IMMAC Holding AG, which received BaFin approval to complete the full takeover. The technology footprint is conventional for a regulated asset manager: an investor portal (hka.kdportal.de) for existing investor servicing, with no disclosed AI/ML, proprietary trading systems, or advanced data platforms. The customer base is fragmented, with thousands of retail investors and a smaller set of institutional clients, and the firm has received repeated industry recognition including the Scope "Bester Asset Manager Retail Real Estate Specialist" award in 2022 and 2023 and a Scope Asset Management Rating of AA (AMR) in 2020 and 2021.

Name

Hanseatische

Legal name

HKA Hanseatische Kapitalverwaltung GmbH

Website

https://diehanseatische.de

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

HKA Hanseatische Kapitalverwaltung GmbH is a Hamburg-based BaFin-regulated Kapitalverwaltungsgesellschaft, founded in 2013 and wholly owned by IMMAC Holding AG, that structures and manages KAGB-regulated Alternative Investment Funds (AIF) investing in healthcare, hotel, and social real estate across Germany, Austria, and Ireland, serving over 8,400 retail and institutional investors.

Ownership category

akta.pro rank

Product category

Real Estate Asset Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Assets — Real Asset Fund Platforms / Multi-Asset Real Assets (Diversified Real Assets Funds) (FSAHAIAM)

akta.pro secondary industry

Real Assets — Fund-of-Funds & Secondaries (FSAAAKAK)

Keywords

• Alternative investment funds
• Healthcare real estate investing
• Closed-end fund management
• Asset management services
• Operator-managed real estate

Headquarters

HQ city

Hamburg

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: The company generates revenue through management fees from the Alternative Investmentfonds (AIF) it manages. These include closed-end Publikums-AIF for retail investors and Spezial-AIF for professional/semiprofessional investors. The company manages a portfolio of 111 funds with over €1.82 billion in assets.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

HKA Hanseatische Kapitalverwaltung GmbH is a KAGB-regulated Kapitalverwaltungsgesellschaft that designs and manages Alternative Investment Funds (AIF) investing primarily in operator-managed real estate (Betreiberimmobilien), including nursing homes, senior living facilities, rehabilitation clinics, hotels, residential properties, and infrastructure assets in Germany, Austria, and Ireland. It offers two distribution tiers — Publikums-AIF for retail investors (€10,000 minimum) and Spezial-AIF for semi-professional and professional investors (€200,000 minimum) — plus open-ended Spezial-AIF for institutional investors, while also managing legacy DFV hotel funds. Total assets under management exceed €1.82 billion across 111 funds serving more than 8,400 investors.

Product overview

HKA Hanseatische Kapitalverwaltung GmbH operates as a capital management company (Kapitalverwaltungsgesellschaft) offering Alternative Investment Funds (AIF) regulated under KAGB. The product portfolio comprises two main fund families: IMMAC funds (investing primarily in nursing care facilities, social care real estate, and residential properties across Germany, Austria, and Ireland) and DFV funds (investing in hotel properties). Fund types include Publikums-AIF for retail investors (starting from €10,000 minimum), Spezial-AIF for professional/semi-professional investors (€200,000 minimum), and open-ended Spezial-AIF for institutional investors. The company also offers IMMAC Immobilien Renditedachfonds Deutschland, which is an umbrella fund diversifying across multiple underlying IMMAC and DFV AIFs. All funds are complemented by an investor portal for account management.

Differentiator

Problem solved

Functional benefit

Brands

• IMMAC: The primary brand under which the company issues Sozialimmobilien (social care) funds, including Pflegeimmobilien (care homes) and other healthcare real estate investments.
• DFV (Deutsche Fondsvermögen)

Products and services

• IMMAC Pflegezentren Renditefonds KAGB-regulated Alternative Investment Funds (AIF) investing in nursing care facilities (Pflegeimmobilien) under the IMMAC brand, available to private and institutional investors.
• IMMAC Austria Sozialimmobilienfonds KAGB-regulated AIF investing in social care real estate properties in Austria, including nursing homes and senior care facilities.
• DFV Hotelfonds / DFV Hotelinvest KAGB-regulated AIF investing in hotel properties, originally issued by DFV Deutsche Fondsvermögen AG (acquired by IMMAC in 2017) and managed within HKA's portfolio.
• IMMAC Immobilien Renditedachfonds Deutschland KAGB-regulated umbrella fund (Dachfonds) investing in multiple IMMAC and DFV AIFs, offering diversified exposure across HKA's underlying healthcare and hotel real estate funds.
• Spezial-AIF for semi-professional and professional investors Special Alternative Investment Funds for semi-professional and professional investors meeting the €200,000 minimum threshold, providing institutional-grade exposure to HKA's real estate strategies.
• Offene Spezial-AIF for institutional investors Open-ended KAGB-regulated Spezial-AIF for institutional investors, available following BaFin distribution approval in September 2021.
• IMMAC Irland Sozialimmobilien KAGB-regulated AIF investing in nursing care facilities in Ireland, including investments in operator platforms such as the Beechfield Group acquired by IMMAC in 2017.
• Anlegerportal (Investor Portal) Online portal (hka.kdportal.de) that gives existing HKA investors self-serve access to account information, fund statements, and documents.

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• IMMAC Holding AGcoreStrategic or Co-development PartnerHKA is a subsidiary of IMMAC Holding AG, which acquired 100% of HKA shares with BaFin approval in November 2019. IMMAC is a leading investment company for healthcare real estate operating since 1997.
• DFV Deutsche Fondsvermögen GmbHcoreStrategic or Co-development PartnerDFV Deutsche Fondsvermögen AG was acquired by IMMAC Holding AG in 2017 and specializes in hotel investments. HKA manages DFV's legacy closed-end funds alongside its own IMMAC-branded products.
• IMMAC Sozialbau GmbHcoreStrategic or Co-development PartnerDevelopment subsidiary of IMMAC group that constructs care homes and healthcare facilities for IMMAC funds. Provides integrated value chain from development to fund management.
• IMMAC Wohnbau GmbHcoreStrategic or Co-development PartnerDevelopment subsidiary specializing in senior living/apartment construction. Projects include service apartments in Hamburg-Bergedorf and Soltau for IMMAC funds.
• H-Hotels AGminorImplementation/ SI/ Consulting PartnerH-Hotels operates hotels under the H+Hotel brand within DFV hotel funds. Portfolio includes hotels in Friedrichroda, Hannover, and Wiesbaden/Niedernhausen. Parent company founded 1969, operates 60 hotels in Germany, Austria, and Switzerland.
• NH Hotels Deutschland GmbHminorImplementation/ SI/ Consulting PartnerNH Hotels operates the DFV Hotel Weinheim under a long-term lease agreement with DFV funds.
• Johanniter Seniorenhäuser GmbHminorImplementation/ SI/ Consulting PartnerGermany's largest church-related care provider operates nursing homes in Wuppertal and Wassenberg as tenant of IMMAC Sozialimmobilien funds. Operator runs over 90 stationary nursing homes.
• Azurit Rohr GmbHminorImplementation/ SI/ Consulting PartnerCare operator for IMMAC nursing homes in Kamenz and other locations. Company has been operating in the market since 1997.
• DOREA GruppeminorImplementation/ SI/ Consulting PartnerOperating partner for multiple IMMAC care facilities including those in Bückeburg and Soltau. DOREA operates over 50 stationary and 7 ambulatory care facilities with approximately 3,805 employees.
• CONVIVO GruppeminorImplementation/ SI/ Consulting PartnerOperator of IMMAC Sozialimmobilien 92. Renditefonds facility in Brockel, Germany.
• Beechfield Care GroupminorImplementation/ SI/ Consulting PartnerIrish care home operator acquired by IMMAC in 2017 as platform for Irish market expansion. Beechfield operates facilities including Beechfield Manor, Glengara Park, and Mount Hybla nursing homes in Dublin area.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Deka Immobilien: Deka Immobilien is one of Europe's largest real estate investment managers (Sparkassen group), offering both open-ended mutual funds and special AIF. It competes with HKA in German institutional and retail real estate but at materially greater scale.
• Union Investment Real Estate: Union Investment Real Estate is a major German real estate fund manager (DZ Bank group) offering open-ended and closed-end real estate products to retail and institutional clients. It competes with HKA across multiple investor segments but as a broad incumbent.
• Commerz Real: Commerz Real is the asset manager of the Commerzbank Group, managing broad real estate and infrastructure AIF including the hausInvest fund. It overlaps with HKA in German retail real estate funds but is a much larger, more diversified incumbent.

Direct peers

• Habona Invest: Habona Invest is a Munich-based German KVG specializing in retail-facing AIF focused on German retail real estate including supermarkets, daycare, and care properties. It competes head-to-head with HKA in the closed-end Publikums-AIF retail real estate segment.
• WealthCap: WealthCap (Munich Re Group) is one of Germany's largest managers of closed-end alternative investment funds for retail and institutional investors, including real estate. It is a direct competitor to HKA in German retail real estate AIF and Spezial-AIF.
• KGAL: KGAL is a German-regulated KVG managing institutional and semi-professional real assets and infrastructure funds, overlapping directly with HKA's real-asset fund platform focus. Both operate BaFin-supervised AIF products targeting institutional investors in real estate and infrastructure.
• Real I.S. Real I.S. is a German-regulated KVG (BayernLB group subsidiary) specializing in real estate fund products for institutional and private investors. Comparable to HKA in offering regulated AIF products with German real estate focus.
• PROJECT Immobilien: PROJECT Immobilien is a German real estate developer and fund issuer specializing in closed-end AIF for German retail investors, with focus on residential and metropolitan real estate. Comparable to HKA in retail-AIF distribution model and target investor base.

Emerging players

• Jamestown: Jamestown is a US-based real estate investment manager that has historically marketed closed-end US real estate funds to German retail investors through German financial advisors. It competes with HKA in the German retail-AIF channel but with a US real estate focus rather than European.

Regional players

• Catella Real Estate: Catella Real Estate is a European real estate fund manager with German operations offering real estate AIF for institutional clients. It is comparable to HKA's Spezial-AIF institutional segment with broader European geographic footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Hanseatische