ALPHA ORDINATUM GmbH

What ALPHA ORDINATUM GmbH does

Alpha Ordinatum GmbH is a Mannheim-based Kapitalverwaltungsgesellschaft (KVG), or capital management company, regulated under the German Investment Act (KAGB) and supervised by BaFin. Founded in 2015 as a spin-off from Primus Valor AG, the firm operates as a pure-play service KVG: it does not issue its own funds and instead provides portfolio management, risk management, fund accounting, and complaint-handling services for closed-end alternative investment funds (AIFs) on behalf of issuing houses and asset managers focused on German real estate and renewable energies. Its only materially disclosed client is its sister company Primus Valor AG, for which Alpha Ordinatum serves as the regulated KVG across the entire ImmoChance Deutschland (ICD) Renovation Plus fund series (ICD 7 through ICD 14), a closed-end residential real estate renovation strategy targeting mid-sized and larger German cities. The company currently manages approximately EUR 325 million of AIF equity across eight active funds with over 16,000 total investor subscriptions.

The product set is narrow by design: each ICD vintage follows the same acquisition, energy-efficient renovation, optimization, and exit playbook, with later vintages (ICD 12, ICD 14) adding explicit ecological and renewable-energy criteria and expanding minimum equity to as much as EUR 200 million for ICD 14. Supporting infrastructure is minimal — the public-facing stack is a WordPress website with standard plugins (Contact Form 7, WordPress Captcha, SiteGuard, Wordfence) — reflecting a regulated, relationship-driven service rather than a technology platform. Under KAGB, each fund also relies on an independent depositary bank; M.M. Warburg & CO is disclosed as the depositary for ICD 8.

Revenue is generated as management and performance fees on AIF assets under management, billed under multi-year fund contracts with unit-pricing economics (e.g., EUR 10,000 minimum plus 3% agio for ICD 12). Go-to-market is exclusively B2B direct engagement with German issuing houses and asset managers, with no consumer-facing distribution channels and no disclosed external funding. The firm operates with 12 employees led by Geschäftsführer Gordon Grundler (portfolio management, former Primus Valor supervisory board chair), Dr. Thomas Peters (risk management and complaint handling), and Marc Bartels (portfolio management and fund design, Management Board since January 2025), with a supervisory board including Stefan Baumann, Angelika Kunath, and Andreas Offinger.

Name

ALPHA ORDINATUM GmbH

Legal name

Alpha Ordinatum GmbH

Website

https://alpha-ordinatum.de

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Alpha Ordinatum GmbH is a Mannheim-based, BaFin-regulated capital management company (KVG) that provides portfolio management, risk management, and fund administration services for closed-end alternative investment funds issued by Primus Valor AG and other German issuing houses.

Ownership category

akta.pro rank

Product category

Alternative Investment Fund Management (KVG) Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Sub-Accounting & Platform Servicing (Omnibus, Intermediary/NSCC, Retirement Platforms) (FSAAAMAI)

Keywords

• Alternative investment funds
• Capital management services
• Portfolio management services
• Real estate fund management
• Fund administration services

Headquarters

HQ city

Mannheim

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. Alternative Investment Fund Management (KVG) Services: Alpha Ordinatum generates revenue as a fully regulated capital management company (KVG) under the German Investment Act (KAGB), providing portfolio management, risk management, fund accounting, and complaint handling services for closed-end public and special AIFs. Revenue is derived from management fees and potentially performance fees charged on the assets under management across the fund range.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Alpha Ordinatum GmbH is a BaFin-regulated capital management company (Kapitalverwaltungsgesellschaft / KVG) that provides outsourced portfolio management, risk management, fund accounting, and complaint handling services for closed-end Alternative Investment Funds (AIFs) under the German Investment Act (KAGB). The company acts as a pure-play service KVG for issuing houses and asset managers, with its primary client being Primus Valor AG for whose ImmoChance Deutschland (ICD) Renovation Plus fund series (ICD 7 through ICD 14) it provides full fund lifecycle management covering acquisition, holding, and liquidation phases.

Product overview

Alpha Ordinatum GmbH is a Kapitalverwaltungsgesellschaft (KVG/capital management company) providing full-service alternative investment fund (AIF) management under German KAGB regulations. The company's offering centers on the ImmoChance Deutschland (ICD) Renovation Plus fund series—closed-end public investment funds that acquire, renovate, and manage residential real estate portfolios across German mid-sized and larger cities. The ICD funds (7 through 14) are differentiated by vintage year and follow a consistent strategy of purchasing properties at attractive valuations, implementing energy-efficient renovations and optimization measures, and generating returns through rental income and value appreciation. As a service KVG, Alpha Ordinatum provides portfolio management, risk management, complaint handling, and fund accounting services to issuing houses and asset managers focused on real estate and renewable energy asset classes. The company currently manages AIFs with total equity volume of approximately EUR 325 million.

Differentiator

Problem solved

Functional benefit

Brands

• ICD (ImmoChance Deutschland) Renovation Plus Series: A series of closed-end Alternative Investment Funds (AIFs) investing in German residential real estate renovation, managed by Alpha Ordinatum GmbH. The series includes ICD 7 through ICD 14.

Products and services

• ImmoChance Deutschland 7 Renovation Plus (ICD 7) Closed-end investment fund (geschlossene Investment KG) that invests predominantly in German residential real estate in mid-sized centers; first AIF in the ImmoChance Deutschland Renovation Plus series.
• ImmoChance Deutschland 8 Renovation Plus (ICD 8) Closed-end AIF investing primarily in German residential real estate across mid-sized and larger cities, focusing on acquisition at attractive prices, development, and long-term returns.
• ImmoChance Deutschland 9 Renovation Plus (ICD 9) Closed-end AIF continuing the Renovation Plus investment strategy, focused on residential properties with supplementary commercial units in profitable German mid-sized and larger centers.
• ImmoChance Deutschland 10 Renovation Plus (ICD 10) Closed-end AIF following the established Renovation Plus strategy of acquiring, optimizing, and selling residential real estate in German upper and mid-level centers.
• ImmoChance Deutschland 11 Renovation Plus (ICD 11) Closed-end AIF maintaining the proven Renovation Plus strategy of purchasing, optimizing, and selling residential real estate in German upper and mid-level centers; placement phase completed at end of 2022.
• ImmoChance Deutschland 12 Renovation Plus (ICD 12) Closed public AIF fully regulated by BaFin, investing in German residential real estate renovation projects with ecological criteria including energy efficiency improvements and renewable energy promotion; minimum investment EUR 10,000 plus 3% agio.
• ImmoChance Deutschland 14 Renovation Plus (ICD 14) Latest closed-end AIF with projected equity of EUR 40 million at launch (expandable to EUR 200 million), continuing the Renovation Plus strategy with environmental criteria including energy efficiency and renewable energy source evaluation in due diligence.

Quantifiable outcome

• EUR 325 million total AIF equity volume managed
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Primus Valor AGcoreStrategic or Co-development PartnerPrimus Valor AG is the sister company of Alpha Ordinatum and currently represents the company's primary client relationship. Alpha Ordinatum was created as a spin-off from Primus Valor AG, which had previously worked with external service KVGs. Primus Valor AG is Germany's currently fastest-growing issuer of closed-end real estate funds, and Alpha Ordinatum serves as the KVG for all of Primus Valor's ImmoChance Deutschland (ICD) fund series.
• M.M. Warburg & COcoreOthersM.M. Warburg & CO, Hamburg, serves as the depositary bank (Verwahrstelle) for the ImmoChance Deutschland 8 Renovation Plus fund managed by Alpha Ordinatum. Under KAGB regulations, every German AIF must have an independent depositary bank that holds and oversees the fund's assets, providing an additional layer of investor protection.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• DWS Group GmbH & Co. KGaA: One of Europe's largest asset managers with a broad fund platform including real estate and alternative strategies. Comparable as a regulated German fund manager, but operates at vastly greater scale and as a vertically integrated asset manager rather than a pure-play service KVG.
• MEAG MUNICH ERGO AssetManagement GmbH: Munich-based asset manager owned by Munich Re Group with real estate and alternative investment capabilities. Comparable as a German-regulated asset manager with real-estate exposure, though much larger and focused on proprietary Munich Re mandates rather than external issuer servicing.
• Union Investment Privatfonds GmbH: Frankfurt-headquartered asset manager affiliated with the German cooperative banking group (DZ Bank). Operates a large regulated fund platform in Germany and is comparable in regulatory jurisdiction, though primarily a principal fund issuer rather than a third-party service KVG.

Direct peers

• Universal Investment GmbH: Germany's largest service-KVG platform offering portfolio management, risk management, and fund administration for third-party issuers. Directly comparable in regulatory model and target client base, operating at significantly greater scale and with broader asset-class coverage.
• LRI Invest S.A. Luxembourg-registered alternative investment fund manager and service KVG serving third-party German and European issuers. Comparable as a regulated AIF manager with a service-platform orientation similar to Alpha Ordinatum.
• Hauck & Aufhäuser Fund Services S.A. Luxembourg-headquartered fund services platform providing KVG-like services to German and European issuers. Comparable as a regulated fund administration and management services provider serving external issuing houses across multiple asset classes.
• HANSAINVEST Hanseatische Investment-GmbH: One of Germany's largest independent service KVGs (KVG/Kapitalverwaltungsgesellschaft) administering third-party investment funds under KAGB. Directly comparable as a BaFin-regulated service KVG serving external issuing houses, with materially larger AUM than Alpha Ordinatum.
• BayernInvest KVG mbH: Munich-based service KVG offering portfolio management and fund administration for the BayernLB group and external clients. Comparable in regulatory status and service offering, though larger and with a regional banking-group affiliation.
• Monega KAG mbH: Cologne-based German service KVG providing fund administration and management for cooperative banks and third-party issuers. Comparable as a BaFin-regulated KVG serving external asset managers, with overlapping target client base.
• Axxion S.A. Luxembourg-based service KVG managing UCITS and AIFs for third-party initiators. Closely comparable business model to Alpha Ordinatum, providing portfolio management and administration services to external fund sponsors, including German real-estate and alternative strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alpha-ordinatum-gmbh

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 ALPHA ORDINATUM GmbH