BayBG Bayerische Beteiligungsgesellschaft
Bavaria largest SME equity investor (Munich, founded 1972): an evergreen off-balance-sheet Mittelstand investor providing direct minority equity (offene Beteiligung) and growth capital, plus a dedicated tech/startup arm BayBG Venture Capital.
Key facts
Recent exits
Coverage notes
2 funds tracked, 83 portfolio companies (60 active · 23 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
83 companiesFunds & portfolio
Every fund BayBG Bayerische Beteiligungsgesellschaft has raised, with its portfolio companies. Hand-checked from public filings.
BayBG Venture CapitalVCHarvesting2003 · 23yr39 active · 19 realized
Unrealized
39 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AdTech |  Germany | 2023 | |
| HealthTech | Germany | 2022 | |
| PropTech | Germany | 2021 | |
| AI/ML | Germany | 2026 | |
| AdTech | Germany | 2013 | |
| Aerospace & Defence | Germany | 2024 | |
| Fintech | Germany | 2019 | |
| Mobility | Germany | 2023 | |
| PropTech | Germany | 2020 | |
| SaaS | Germany | 2016 | |
| Consumer | Germany | 2018 | |
| TMT | Germany | 2008 | |
| SaaS | Germany | 2019 | |
| MedTech | Germany | 2011 | |
| Pharma | Germany | 2020 | |
| SaaS | Germany | 2015 | |
| IT Services | Germany | 2021 | |
| SaaS | Germany | 2023 | |
| MedTech | Germany | 2022 | |
| Deep Tech | Germany | 2014 | |
| MedTech | Germany | 2020 | |
| MedTech | Germany | 2023 | |
| SaaS | Germany | 2008 | |
| Mobility | Germany | 2024 | |
| Logistics | Germany | 2022 | |
| Mobility | Germany | 2021 | |
| Mobility | Germany | 2021 | |
| SaaS | Germany | 2015 | |
| Data & Analytics | Germany | 2018 | |
| EdTech | Germany | 2020 | |
| EdTech | Germany | 2020 | |
| ClimateTech | Germany | 2026 | |
| SaaS | Germany | 2021 | |
| ClimateTech | Germany | 2015 | |
| HR Tech | Germany | 2018 | |
| Deep Tech | Germany | 2012 | |
| SaaS | Germany | 2016 | |
| E-commerce | Germany | 2007 | |
| E-commerce | Germany | 2007 |
Germany· Entry 2023Germany· Entry 2022Germany· Entry 2021Germany· Entry 2026Germany· Entry 2013Germany· Entry 2024Germany· Entry 2019Germany· Entry 2023Germany· Entry 2020Germany· Entry 2016Germany· Entry 2018Germany· Entry 2008Germany· Entry 2019Germany· Entry 2011Germany· Entry 2020Germany· Entry 2015Germany· Entry 2021Germany· Entry 2023Germany· Entry 2022Germany· Entry 2014Germany· Entry 2020Germany· Entry 2023Germany· Entry 2008Germany· Entry 2024Germany· Entry 2022Germany· Entry 2021Germany· Entry 2021Germany· Entry 2015Germany· Entry 2018Germany· Entry 2020Germany· Entry 2020Germany· Entry 2026Germany· Entry 2021Germany· Entry 2015Germany· Entry 2018Germany· Entry 2012Germany· Entry 2016Germany· Entry 2007Germany· Entry 2007Realized
19 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Pharma | Germany | 2005 | 2014 | Trade Sale | – | ||
| Pharma | Germany | 2014 | 2026 | Trade Sale | – | ||
| MedTech | Germany | 2003 | 2005 | Trade Sale | – | ||
| E-commerce | Germany | 2011 | 2019 | Secondary | – | ||
| Cybersecurity | Germany | 2013 | 2023 | Trade Sale | – | ||
| Deep Tech | Germany | 2017 | 2024 | Trade Sale | – | ||
| MedTech | Germany | 2013 | 2018 | MBO | – | ||
| Hospitality | Germany | 2010 | 2014 | Trade Sale | – | ||
| Fintech | Germany | 2015 | 2025 | Trade Sale | – | ||
| MedTech | Germany | 2020 | 2022 | Trade Sale | – | ||
| MedTech | Germany | 2005 | 2007 | Trade Sale | – | ||
| Telecom | Germany | 2009 | 2018 | IPO | – | – | |
| Deep Tech | Germany | 2019 | 2026 | Trade Sale | – | ||
| Data & Analytics | Germany | 2011 | 2016 | Trade Sale | – | ||
| PropTech | Germany | 2014 | 2021 | Trade Sale | – | ||
| Industrials | Germany | 2003 | 2010 | Secondary | – | ||
| SaaS | Germany | 2018 | 2026 | Trade Sale | – | ||
| Cybersecurity | Germany | 2006 | 2011 | Trade Sale | – | ||
| Industrials | Germany | 2007 | 2020 | IPO | – |
BayBG MittelstandGrowthHarvesting1999 · 27yr21 active · 4 realized
Unrealized
21 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | Germany | 2024 | |
| HealthTech | Germany | 2020 | |
| Industrials | Germany | 2025 | |
| Education | Germany | 2024 | |
| ClimateTech | Germany | 2023 | |
| Business Services | Germany | 2009 | |
| Consumer | Germany | 2019 | |
| Business Services | Germany | 2021 | |
| ClimateTech | Germany | 2024 | |
| Consumer | Germany | 2019 | |
| Business Services | Germany | 2023 | |
| Industrials | Germany | 2012 | |
| Industrials | Germany | 2014 | |
| Industrials | Germany | 2023 | |
| Financials | Germany | 2022 | |
| Hospitality | Germany | 2026 | |
| Real Estate | Germany | 2017 | |
| Aerospace & Defence |  Austria | 2022 | |
| IT Services | Germany | 2022 | |
| Consumer | Germany | 2021 | |
| Industrials | Germany | 2022 |
Germany· Entry 2024Germany· Entry 2020Germany· Entry 2025Germany· Entry 2024Germany· Entry 2023Germany· Entry 2009Germany· Entry 2019Germany· Entry 2021Germany· Entry 2024Germany· Entry 2019Germany· Entry 2023Germany· Entry 2012Germany· Entry 2014Germany· Entry 2023Germany· Entry 2022Germany· Entry 2026Germany· Entry 2017Austria· Entry 2022Germany· Entry 2022Germany· Entry 2021Germany· Entry 2022Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Germany | 2012 | 2024 | – | – | – | |
| Industrials | Germany | 2022 | 2024 | Trade Sale | – | ||
| IT Services | Germany | 2020 | 2024 | Trade Sale | – | ||
| Software | Germany | 2018 | 2024 | Secondary | – |
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About BayBG Bayerische Beteiligungsgesellschaft
BayBG (Bayerische Beteiligungsgesellschaft) is one of the largest Bavarian state-affiliated equity providers with €382 million of invested volume as of December 2024, headquartered in Munich. The firm was founded in 1972 as a Bavarian state-affiliated equity capital provider for Mittelstand and startups, with 4,000 plus companies backed since inception. BayBG operates as a state-backed entity supporting the Mittelstand and Bavarian economy with no exit pressure on portfolio.
Investment thesis
BayBG deploys capital through a single evergreen platform plus a dedicated BayBG Venture Capital arm (€200 million plus deployed since inception), offering evergreen equity capital, growth capital, silent and open participations, venture capital and mezzanine financing. The long-term participations approach is structured without exit pressure, enabling patient Mittelstand partnership. Sector focus spans energy storage, medical technology, food and beverage, software and ERP, industrial technology and wellness services. Geographic deployment is anchored in Bavaria with broader Germany expansion.
Recent activity
Recent realised exits include specialty pharma (2024), digital identity software (2025), medical engineering (2025) and greeting cards platform (2025). Recent acquisitions include ERP and HR software (2026), wellness and spa technology (2026) and robotic automation (2026). The platform continues active deployment across the Bavarian Mittelstand and startup ecosystem. Detailed buyer names and multiple data available on Pro at €29/month.
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Germany·€275MGet the full picture on BayBG Bayerische Beteiligungsgesellschaft.
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