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.
BayBG Bayerische Beteiligungsgesellschaft is a Munich growth equity firm with €315M AUM, 60 active companies and 23 exits.
- ·12 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 23 realized deals: 7 years.
- ·Fund cadence: ~4Y between vintages · last raise 2003.
Sector breakdown
83 companiesGeography breakdown
2 geographiesKey facts
Recent exits
BayBG Bayerische Beteiligungsgesellschaft sold AMW to Ren Life Sciences / Juno Capital Partners in 2026 after 12 years.
BayBG Bayerische Beteiligungsgesellschaft sold Plasmion GmbH to Shimadzu Corporation in 2026 after 7 years.
BayBG Bayerische Beteiligungsgesellschaft sold Testbirds to UNGUESS in 2026 after 8 years.
BayBG Bayerische Beteiligungsgesellschaft sold IDnow GmbH to Corsair Capital in 2025 after 10 years.
Coverage notes
2 funds tracked, 83 portfolio companies (60 active · 23 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund BayBG Bayerische Beteiligungsgesellschaft has raised, with its portfolio companies. Hand-checked from public filings.
BayBG Venture CapitalHarvestingVC200339 assets19 exitsVC2003 · 23yr–3919
Unrealized
39 held| Company | Entry |
|---|---|
| 4 Screen GmbH AdTech · Germany | 2023 |
| AlfaDocs GmbH HealthTech · Germany | 2022 |
| Building Radar GmbH PropTech · Germany | 2021 |
| Conxai Technologies GmbH AI/ML · Germany | 2026 |
| crealytics GmbH AdTech · Germany | 2013 |
| DCUBED (Deployables Cubed GmbH) Aerospace & Defence · Germany | 2024 |
| Delfactis AG Fintech · Germany | 2019 |
| EcoG GmbH Mobility · Germany | 2023 |
| EverReal GmbH PropTech · Germany | 2020 |
| Gastfreund GmbH SaaS · Germany | 2016 |
| happybrush GmbH Consumer · Germany | 2018 |
| HiProCall GmbH TMT · Germany | 2008 |
| hotelbird GmbH SaaS · Germany | 2019 |
| iThera Medical MedTech · Germany | 2011 |
| leon-nanodrugs GmbH Pharma · Germany | 2020 |
| maloon GmbH SaaS · Germany | 2015 |
| mantro GmbH IT Services · Germany | 2021 |
| memtime GmbH (formerly timeBro) SaaS · Germany | 2023 |
| Munevo GmbH MedTech · Germany | 2022 |
| NavVis GmbH Deep Tech · Germany | 2014 |
| NeraCare GmbH MedTech · Germany | 2020 |
| neurotrim Systems MedTech · Germany | 2023 |
| Open-Xchange AG SaaS · Germany | 2008 |
| Parkstory GmbH Mobility · Germany | 2024 |
| Pixel Robotics GmbH Logistics · Germany | 2022 |
| Rebike Mobility · Germany | 2021 |
| Rebike Mobility GmbH Mobility · Germany | 2021 |
| Socialhub SaaS · Germany | 2015 |
| Soley GmbH Data & Analytics · Germany | 2018 |
| Speexx EdTech · Germany | 2020 |
| Speexx (digital publishing AG) EdTech · Germany | 2020 |
| SPiNE ClimateTech · Germany | 2026 |
| StoryBox SaaS · Germany | 2021 |
| tado GmbH ClimateTech · Germany | 2015 |
| Talent Rocket GmbH HR Tech · Germany | 2018 |
| Theva (Dünnschichttechnik GmbH) Deep Tech · Germany | 2012 |
| Troi GmbH SaaS · Germany | 2016 |
| Unite (formerly Mercateo) E-commerce · Germany | 2007 |
| Unite GmbH E-commerce · Germany | 2007 |
Realized
19 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Activaero Pharma · Germany | 2005 | 2014 | Trade Sale | Vectura Group | – |
| AMW Pharma · Germany | 2014 | 2026 | Trade Sale | Ren Life Sciences / Juno Capital Partners | – |
| CAS innovations MedTech · Germany | 2003 | 2005 | Trade Sale | Siemens | – |
| commercetools E-commerce · Germany | 2011 | 2019 | Secondary | Insight Partners | – |
| Dracoon GmbH Cybersecurity · Germany | 2013 | 2023 | Trade Sale | Kiteworks | – |
| Dynamic Biosensors Deep Tech · Germany | 2017 | 2024 | Trade Sale | Bruker | – |
| GME MedTech · Germany | 2013 | 2018 | MBO | GME management / founders (owner's buy-back) | – |
| Holiday Insider Hospitality · Germany | 2010 | 2014 | Trade Sale | HRS (Hotel Reservation Service) | – |
| IDnow GmbH Cybersecurity · Germany | 2015 | 2025 | Trade Sale | Corsair Capital | – |
| Kumovis MedTech · Germany | 2020 | 2022 | Trade Sale | 3D Systems | – |
| Medical Intelligence MedTech · Germany | 2005 | 2007 | Trade Sale | Elekta | – |
| NFON Telecom · Germany | 2009 | 2018 | IPO | – | – |
| Plasmion GmbH Deep Tech · Germany | 2019 | 2026 | Trade Sale | Shimadzu Corporation | – |
| prevero Data & Analytics · Germany | 2011 | 2016 | Trade Sale | Unit4 | – |
| propertybase PropTech · Germany | 2014 | 2021 | Trade Sale | Lone Wolf Technologies | – |
| SIC Processing Industrials · Germany | 2003 | 2010 | Secondary | Nordic Capital | – |
| Testbirds SaaS · Germany | 2018 | 2026 | Trade Sale | UNGUESS | – |
| ubitexx Cybersecurity · Germany | 2006 | 2011 | Trade Sale | Research In Motion | – |
| VIA optronics Mobility · Germany | 2007 | 2020 | IPO | Integrated Micro-Electronics, Inc. | – |
BayBG MittelstandHarvestingGrowth199921 assets4 exitsGrowth1999 · 27yr–214
Unrealized
21 held| Company | Entry |
|---|---|
| Amepa Process Measurement Systems Industrials · Germany | 2024 |
| Astrum IT GmbH HealthTech · Germany | 2020 |
| Automations Robotic GmbH Industrials · Germany | 2025 |
| CBW College Berufliche Weiterbildung GmbH Education · Germany | 2024 |
| ChargeOne ClimateTech · Germany | 2023 |
| designfunktion GmbH Business Services · Germany | 2009 |
| Dr. Spiller GmbH Consumer · Germany | 2019 |
| Ecosoil Holding GmbH Business Services · Germany | 2021 |
| Fenecon GmbH ClimateTech · Germany | 2024 |
| Giesinger Biermanufaktur & Spezialitaetenbrauerei mbH Hospitality · Germany | 2019 |
| Greenwood Group Business Services · Germany | 2023 |
| Heinz Glas GmbH Industrials · Germany | 2012 |
| HUFSCHMIED Zerspanungssysteme GmbH Aerospace & Defence · Germany | 2014 |
| Knuerr GmbH Industrials · Germany | 2023 |
| Medas factoring GmbH Financials · Germany | 2022 |
| mySpa Group Hospitality · Germany | 2026 |
| Office Group Holding GmbH Real Estate · Germany | 2017 |
| Pichler und Strobl GmbH Aerospace & Defence · Austria | 2022 |
| Valley IT Group IT Services · Germany | 2022 |
| Vedes AG Consumer · Germany | 2021 |
| WEMA GmbH Industrials · Germany | 2022 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| HAWE Hydraulik SE Industrials · Germany | 2012 | 2024 | – | – | – |
| PARAT Technology Group GmbH Industrials · Germany | 2022 | 2024 | Trade Sale | senata GmbH | – |
| s.i.g. mbH (IT mit IQ) IT Services · Germany | 2020 | 2024 | Trade Sale | Bechtle | – |
| SEP GmbH Cybersecurity · Germany | 2018 | 2024 | Secondary | BIP Capital Partners | – |
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.
Frequently asked questions
- What investment strategy does BayBG Bayerische Beteiligungsgesellschaft focus on?
- BayBG Bayerische Beteiligungsgesellschaft focuses on Growth, VC strategies in the private equity space.
- How many portfolio companies does BayBG Bayerische Beteiligungsgesellschaft have?
- BayBG Bayerische Beteiligungsgesellschaft has 60 active portfolio companies and 23 completed exits and 2 funds tracked on GP Intel.
- Where is BayBG Bayerische Beteiligungsgesellschaft headquartered?
- BayBG Bayerische Beteiligungsgesellschaft is headquartered in Munich, Germany.
- What is BayBG Bayerische Beteiligungsgesellschaft's assets under management?
- BayBG Bayerische Beteiligungsgesellschaft manages approximately €315M in assets under management.
- When was BayBG Bayerische Beteiligungsgesellschaft founded?
- BayBG Bayerische Beteiligungsgesellschaft was founded in 1972.
- What sectors does BayBG Bayerische Beteiligungsgesellschaft invest in?
- BayBG Bayerische Beteiligungsgesellschaft invests across Industrials, TMT, Consumer.
- What are BayBG Bayerische Beteiligungsgesellschaft's recent exits?
- Recent realized exits by BayBG Bayerische Beteiligungsgesellschaft include: AMW (2026) to Ren Life Sciences / Juno Capital Partners; Plasmion GmbH (2026) to Shimadzu Corporation; Testbirds (2026) to UNGUESS; IDnow GmbH (2025) to Corsair Capital; Dynamic Biosensors (2024) to Bruker; PARAT Technology Group GmbH (2024) to senata GmbH; s.i.g. mbH (IT mit IQ) (2024) to Bechtle; SEP GmbH (2024) to BIP Capital Partners.
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