Direct investments and co-investments in technology, artificial intelligence, energy and infrastructure. Mandates for family wealth and capital markets positions. For family offices, institutional co-investors and entrepreneurial families.
Our edge
The rounds that matter never reach the market.
Growth has left the stock exchange.Companies now go public later and larger. What used to accrue to public investors between growth financing and first listing is now subscribed privately — by the two dozen names sitting in the round. Investing only in listed, public markets means buying what is left over afterwards, and leaving returns on the table.
Access is scarce, not capital.There is never a shortage of capital. There is a shortage of seats in the right rounds. We bring allocation rights in rounds that are never advertised — limited in size and in time. Those who are not in the room buy the same position later on the secondary market: at a premium, and without the rights negotiated in the round.
Structure beats narrative.A good story costs nothing. What counts in the end are the rights in the contract: who is paid first on a sale, who may follow on in the next round, who gets to see the numbers. That is exactly what we negotiate — and because we invest on the same terms, we negotiate for ourselves as well.
No promised returns, no client names, no deal lists. Evidence belongs in a conversation and under a non-disclosure agreement — not on a website.
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Mandates
Private markets, technology, wealth architecture and capital markets are run from a single source and from a single view of risk. An allocation decision in a mandate knows the positions in the investment book — and vice versa.
Direct investments and co-investments in unlisted companies and infrastructure assets — as lead or alongside family offices and institutional partners. Growth and mezzanine capital, succession situations, special situations. Board-level responsibility, operationally hands-off.
Growth capital and pre-IPO positions in software, semiconductors and applied artificial intelligence — and the infrastructure beneath: data centres, grid connection, storage. We also assess every technology investment by its power demand. That is exactly where it meets our energy portfolio.
Strategic asset allocation and wealth architecture across all asset classes: cash, bonds, alternatives, real estate and private markets. Plus succession and holding structures, cross-border mandates and consolidated reporting across all custodian banks. We negotiate terms with the banks, monitor liquidity and currency exposure and coordinate with your tax advisers and lawyers. Custody and execution stay with your banks — we run the mandate, not the account.
Subscription and trading of pre-IPO positions and secondaries, off-exchange equity trading and support on placements — private placements, block trades and accelerated bookbuilds. Plus positions in equities, bonds and futures; derivatives hedge the overall portfolio, they are not an end in themselves. Off-exchange, we trade through market makers, brokers and specialist hedge funds — wherever the order book lacks depth. In the DACH region via Frankfurt, the Düsseldorf Stock Exchange and Zurich.
Clients
We deliberately keep the number of mandates small. Five situations come up again and again. They usually start at liquid assets of €250,000 — but what matters is the situation, not the amount.
Entrepreneurs, professionals and executives with liquid assets from around €250,000. We open up structures otherwise reserved for institutional investors — co-investments, pre-IPO tranches, private placements — and fit them into an allocation that suits the rest of their wealth. From €10 m, the mandate moves into the family structure.
Succession, a partial sale, or the question of what happens to the proceeds once a life’s work has been sold. We structure both sides: the transaction and the wealth that follows.
Access to private markets without an additional layer of fund fees — as a co-investor alongside our own positions, with shared due diligence and the same shareholders’ agreement.
Syndication of individual transactions, clear governance, robust documentation. We run the process or join alongside a lead — depending on who has the better access.
Preparing an exit, a pre-IPO placement or an IPO, together with the mandated banks and advisers — and the wealth architecture that is put in place before the event, not after it.
Trading venues
Our positions are traded where the order book has depth: from the Xetra open to the Wall Street close.
Regular trading hours in local time, Monday to Friday, excluding holidays, auctions and pre- and post-market trading.
Access
The transactions that interest us are rarely put out to tender. They come through entrepreneurial families, advisory boards, funds, banks and investment bankers we have known for two decades — in Europe, the United Kingdom, the United States and Asia.
Regions
Sectors
Cumulative, rounded figures from the partners’ transaction history. No statement on performance — past results are no indication of future results.
Approach
The outcome of an investment is decided at selection, not at exit. Each stage can overturn the one before — we would rather stop a process in week three than in year three, even when the documents are already signed and on the table.
Opportunities come through our network: entrepreneurial families, advisory boards, funds, banks, market makers. We rarely look at anything that is widely marketed — there, the price has already been made.
Only a fraction of what reaches us goes into review. We filter early and hard — by business model, entry price, structure and counterparty. Most rejections happen in the first week.
Commercial, financial and legal due diligence with our own team and long-standing advisers, through to the term sheet. Two questions decide: what happens without us — and what happens if the case does not play out.
Capital structure, shareholders’ agreement, governance, syndication on identical terms. Realisation through a sale, a capital markets placement or off-exchange trading.
Discretion
We rarely talk about what we do. Our partners value exactly that.
Investments, mandates and transactions are not communicated publicly. We give references in person and only with the consent of those involved.
Contact
If you are handing over a business, restructuring family wealth, assessing a co-investment or preparing a placement: tell us in two sentences what it is about. We reply within two working days — even if it is not a fit.