bm-t Beteiligungsmanagement Thueringen
bm-t Beteiligungsmanagement Thueringen (bm|t) is the public venture capital and private equity arm of the Free State of Thuringia, based in Erfurt and a subsidiary of the Thueringer Aufbaubank. Founded in 2003, it manages around a dozen public equity and mezzanine funds with roughly EUR 445 million in assets and a direct portfolio of over 55 innovative and growth companies across Thuringia. Its focus reflects the region's strengths in optics, photonics, life sciences, MedTech, IT and industrial technology, backing firms from pre-seed through growth and succession, including the marquee Jena biotech exit InflaRx (Nasdaq IPO 2017) and JeNaCell (sold to Evonik). It is led by managing director Kevin Reeder since 2017. Its keep is doctrine-named on the Bayern Kapital precedent as a genuine direct-investing regional public fund manager.
bm-t Beteiligungsmanagement Thueringen is an Erfurt venture capital firm with €465M AUM, 23 active companies and 5 exits.
- ·4 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 5 realized deals: 5 years.
- ·Top sector focus: Biotech (29% of portfolio).
- ·Fund cadence: ~3Y between vintages · last raise 2025.
Sector breakdown
28 companiesKey facts
Recent exits
bm-t Beteiligungsmanagement Thueringen sold BianoGMP GmbH to EUROAPI in 2023 after 5 years.
bm-t Beteiligungsmanagement Thueringen sold c-LEcta GmbH to Kerry Group plc in 2022 after 4 years.
bm-t Beteiligungsmanagement Thueringen sold evan GmbH to Blockchains, Inc. in 2021 after 2 years.
bm-t Beteiligungsmanagement Thueringen sold JeNaCell to Evonik Industries in 2021 after 6 years.
Coverage notes
7 funds tracked, 28 portfolio companies (23 active · 5 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund bm-t Beteiligungsmanagement Thueringen has raised, with its portfolio companies. Hand-checked from public filings.
Mittelstands-Fonds Thueringen II (MFT II)Growth2025€20M0 assetsGrowth2025 · 1yr€20M0–
No portfolio companies tracked yet.
Thueringer Zukunftsfonds III (TZF III)VC2023€35M6 assetsVC2023 · 3yr€35M6–
Unrealized
6 held| Company | Entry |
|---|---|
| ad hoc energy Energy · Germany | 2026 |
| Altavo MedTech · Germany | 2024 |
| Applyo Jena Biotech · Germany | 2025 |
| Peeriot Software · Germany | 2024 |
| Tiny Monster Consumer · Germany | 2025 |
| warmwind Software · Germany | 2025 |
Thueringer Startup-Fonds II (TSF II)VC2022€30M8 assetsVC2022 · 4yr€30M8–
MFT Mittelstands-Fonds Thueringen (MFT)Growth2015€40M3 assets1 exitsGrowth2015 · 11yr€40M31
Unrealized
3 held| Company | Entry |
|---|---|
| Advanced Optical Components (AOC) Industrials · Germany | 2024 |
| Intercus GmbH Biotech · Germany | 2018 |
| Weinert Industries Industrials · Germany | 2023 |
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| c-LEcta GmbH Biotech · Germany | 2018 | 2022 | Trade Sale | Kerry Group plc | – |
Thueringer Startup-Fonds (TSF)VC2015€29M6 assets1 exitsVC2015 · 11yr€29M61
Unrealized
6 held| Company | Entry |
|---|---|
| Dynamic42 Biotech · Germany | 2020 |
| Dynamic42 GmbH Biotech · Germany | 2019 |
| E-terry AgTech · Germany | 2022 |
| Enginsight GmbH TMT · Germany | 2017 |
| ifesca GmbH TMT · Germany | 2018 |
| Influnate Fintech · Germany | 2021 |
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| BianoGMP GmbH Biotech · Germany | 2018 | 2023 | Trade Sale | EUROAPI | – |
Thueringer WachstumsBeteiligungsFonds (WBF)Growth2015€28M0 assets2 exitsGrowth2015 · 11yr€28M02
Private Equity Thueringen GmbH & Co. Zweite Beteiligungen KG (PET II)RealizedGrowth2010€38M0 assets1 exitsGrowth2010 · 16yr€38M01
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| HASEC-Elektronik GmbH Industrials · Germany | 2011 | 2019 | Trade Sale | Scanfil OYJ | – |
Frequently asked questions
- What investment strategy does bm-t Beteiligungsmanagement Thueringen focus on?
- bm-t Beteiligungsmanagement Thueringen focuses on VC, Growth, Buyout strategies in the private equity space.
- How many portfolio companies does bm-t Beteiligungsmanagement Thueringen have?
- bm-t Beteiligungsmanagement Thueringen has 23 active portfolio companies and 5 completed exits and 7 funds tracked on GP Intel.
- Where is bm-t Beteiligungsmanagement Thueringen headquartered?
- bm-t Beteiligungsmanagement Thueringen is headquartered in Erfurt, Germany.
- What is bm-t Beteiligungsmanagement Thueringen's assets under management?
- bm-t Beteiligungsmanagement Thueringen manages approximately €465M in assets under management.
- When was bm-t Beteiligungsmanagement Thueringen founded?
- bm-t Beteiligungsmanagement Thueringen was founded in 2003.
- What sectors does bm-t Beteiligungsmanagement Thueringen invest in?
- bm-t Beteiligungsmanagement Thueringen invests across Healthcare, TMT, Software, Industrials.
- What are bm-t Beteiligungsmanagement Thueringen's recent exits?
- Recent realized exits by bm-t Beteiligungsmanagement Thueringen include: BianoGMP GmbH (2023) to EUROAPI; c-LEcta GmbH (2022) to Kerry Group plc; evan GmbH (2021) to Blockchains, Inc.; JeNaCell (2021) to Evonik Industries; HASEC-Elektronik GmbH (2019) to Scanfil OYJ.
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