Aheim Capital is an owner-managed, independent Munich-based investment firm founded in 2005 in Starnberg that acquires majority and minority stakes in profitable, owner-managed German small-cap Mittelstand companies, typically via succession solutions. From 2006 to 2014 it invested through the closed-end Aheim Unternehmer-Fonds I (EUR 70m, backed by pension schemes, foundations and family offices), and since 2015 it invests exclusively the own capital of its sole shareholder as an evergreen industrial holding with no fixed holding periods. It targets owner-managed firms with revenue above EUR 5m and EBITDA margins of at least 20 percent across industrial, IT and software, logistics, packaging, plastics, chemicals and medtech niches. The firm is led by managing partner Frank Henkelmann, formerly of General Atlantic and Morgan Stanley, and is a BVK member.
Key facts
Recent exits
Coverage notes
2 funds tracked, 8 portfolio companies (3 active · 5 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
8 companiesFunds & portfolio
Every fund Aheim Capital has raised, with its portfolio companies. Hand-checked from public filings.
Aheim Evergreen HoldingEvergreenActive2015 · 11yr1 active · 2 realized
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| TMT |  Germany | 2018 | 2020 | Secondary | – | ||
| Software | Germany | 2021 | 2023 | Trade Sale | – |
Aheim Unternehmer-Fonds ISmall-Mid Buyout2007 · 19yr€70M2 active · 3 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | Germany | 2010 | |
| Industrials | Germany | 2014 |
Germany· Entry 2010Germany· Entry 2014Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | Germany | 2008 | 2013 | Secondary | – | ||
| Industrials | Germany | 2008 | 2012 | Trade Sale | – | ||
| Logistics | Germany | 2006 | 2016 | Trade Sale | – |
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