Deutsche Beteiligungs AG (DBAG) is a Frankfurt-listed private equity firm (SDAX, HRB 52491) founded in 1965 and listed since 1985, the first German PE firm to go public. It backs mid-market management buyouts and growth financings in the DACH region and, since 2020, Italy through its DBAG Fund and DBAG ECF fund families, complemented by balance-sheet long-term investments and a private debt arm via ELF Capital. Assets under management or advisory of around EUR 2.7bn as of 31 December 2025; offices in Frankfurt, Milan and Luxembourg.
Key facts
Recent exits
Coverage notes
12 funds tracked, 96 portfolio companies (41 active · 55 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
96 companiesFunds & portfolio
Every fund Deutsche Beteiligungs AG has raised, with its portfolio companies. Hand-checked from public filings.
DBAG Solvares Continuation FundBuyoutActive2024 · 2yr€130M1 active
DBAG ECF IVSmall-Mid Buyout2022 · 4yr€250M6 active
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| IT Services |  Germany | 2023 | |
| Energy | Germany | 2023 | |
| Industrials | Germany | 2023 | |
| Construction | Germany | 2023 | |
| Business Services | Germany | 2026 | |
| IT Services | Germany | 2024 |
Germany· Entry 2023Germany· Entry 2023Germany· Entry 2023Germany· Entry 2023Germany· Entry 2026Germany· Entry 2024DBAG Fund VIIIBuyout2020 · 6yr€1.1B9 active · 2 realized
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | Germany | 2020 | |
| Industrials |  Denmark | 2021 | |
| Business Services | Germany | 2020 | |
| Software | Germany | 2022 | |
| Consumer |  Italy | 2024 | |
| MedTech | Germany | 2026 | |
| IT Services | Germany | 2025 | |
| Industrials | Italy | 2022 | |
| Software |  UK | 2026 |
Germany· Entry 2020Denmark· Entry 2021Germany· Entry 2020Germany· Entry 2022Italy· Entry 2024Germany· Entry 2026Germany· Entry 2025Italy· Entry 2022UK· Entry 2026Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Telecom | Germany | 2020 | 2024 | Trade Sale | – | ||
| IT Services | Germany | 2022 | 2024 | Trade Sale | – |
DBAG ECF IIISmall-Mid BuyoutHarvesting2018 · 8yr€106M0 active · 2 realized
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Telecom | Germany | 2018 | 2023 | Trade Sale | – | ||
| Software | Germany | 2018 | 2024 | Continuation Vehicle | – |
DBAG ECF IISmall-Mid BuyoutHarvesting2017 · 9yr€85M0 active · 1 realized
DBAG Fund VIIBuyoutHarvesting2016 · 10yr€1.0B9 active · 4 realized
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| IT Services | Germany | 2022 | |
| Business Services | Germany | 2019 | |
| IT Services | Germany | 2019 | |
| Industrials | Germany | 2016 | |
| Healthcare | Germany | 2019 | |
| Industrials | Germany | 2018 | |
| Energy | Italy | 2021 | |
| Healthcare | Germany | 2021 | |
| Industrials | Germany | 2018 |
Germany· Entry 2022Germany· Entry 2019Germany· Entry 2019Germany· Entry 2016Germany· Entry 2019Germany· Entry 2018Italy· Entry 2021Germany· Entry 2021Germany· Entry 2018Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials |  Switzerland | 2017 | 2026 | Trade Sale | – | ||
| Industrials | Germany | 2018 | 2026 | Trade Sale | – | ||
| Consumer | Germany | 2017 | 2024 | Trade Sale | – | ||
| Industrials | Italy | 2020 | 2023 | Trade Sale | – |
DBAG Fund VIBuyoutHarvesting2013 · 13yr€700M4 active · 8 realized
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | Germany | 2017 | |
| Consumer | Germany | 2014 | |
| MedTech | Germany | 2016 | |
| Industrials | Germany | 2015 |
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Business Services | Germany | 2015 | 2018 | Trade Sale | – | ||
| Industrials | Germany | 2016 | 2023 | – | – | ||
| Industrials | Germany | 2015 | 2023 | – | – | – | |
| Industrials | India | 2014 | 2023 | Secondary | – | ||
| Industrials | Germany | 2014 | 2019 | Secondary | – | ||
| Education | Germany | 2013 | 2017 | Secondary | – | ||
| Telecom | Germany | 2016 | 2021 | Secondary | – | ||
| Consumer | Germany | 2014 | 2018 | – | – | – |
Germany· Entry 2015Germany· Entry 2014DBAG ECF IGrowthHarvesting2011 · 15yr€213M3 active · 7 realized
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Telecom | Germany | 2018 | |
| Industrials | Germany | 2015 | |
| Real Estate | Germany | 2018 |
Germany· Entry 2018Germany· Entry 2015Germany· Entry 2018Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Telecom | Germany | 2013 | 2021 | Secondary | – | ||
| Telecom | Germany | 2013 | 2019 | Secondary | – | ||
| Industrials | Switzerland | 2016 | 2026 | – | – | ||
| Industrials | Germany | 2015 | 2019 | Secondary | – | ||
| Business Services | Germany | 2012 | 2019 | – | – | – | |
| Business Services | Germany | 2016 | 2021 | Trade Sale | – | ||
| Telecom | Germany | 2017 | 2025 | Secondary | – |
Germany· Entry 2012DBAG Fund VBuyoutRealized2007 · 19yr€539M0 active · 11 realized
Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Germany | 2012 | 2016 | Trade Sale | – | ||
| Industrials | Germany | 2007 | 2012 | Trade Sale | – | ||
| Business Services |  France | 2010 | 2017 | Secondary | – | ||
| Business Services | Germany | 2013 | 2017 | Secondary | – | ||
| Industrials | Germany | 2012 | 2023 | Secondary | – | ||
| Industrials | Germany | 2007 | 2014 | Trade Sale | – | ||
| Business Services |  Netherlands | 2008 | 2013 | Secondary | – | ||
| Business Services |  Austria | 2007 | 2009 | Trade Sale | – | ||
| Industrials | Germany | 2013 | 2017 | Secondary | – | ||
| Industrials | Germany | 2011 | 2017 | Trade Sale | – | ||
| Industrials | Germany | 2012 | 2016 | Trade Sale | – |
DBAG Fund IVBuyoutRealized2002 · 24yr€328M0 active · 9 realized
Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Germany | 2001 | 2008 | – | – | – | |
| Business Services | Germany | 2003 | 2005 | Trade Sale | – | ||
| Industrials | Germany | 2005 | 2016 | MBO | – | – | |
| Industrials | Germany | 2003 | 2013 | – | – | – | |
| Consumer | Germany | 2006 | 2011 | MBO | – | ||
| Industrials | Germany | 2002 | 2006 | – | – | – | |
| Industrials | Germany | 2005 | 2009 | Trade Sale | – | ||
| Industrials | Germany | 2004 | 2006 | Trade Sale | – | ||
| Industrials | Germany | 2003 | 2011 | Trade Sale | – |
Germany· Entry 2001Germany· Entry 2003Germany· Entry 2002DBG Fonds IIIBuyoutRealized1998 · 28yr€145M0 active · 9 realized
Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Austria | 1999 | 2003 | – | – | – | |
| Industrials | Germany | 1998 | 2007 | Trade Sale | – | ||
| Industrials | Germany | 2000 | 2002 | Secondary | – | ||
| Diversified | Germany | 1997 | 2002 | – | – | – | |
| Business Services | Germany | 1998 | 2000 | – | – | – | |
| Consumer | Austria | 1997 | 1999 | IPO | – | – | |
| Industrials | Germany | 1997 | 1998 | Trade Sale | – | ||
| Business Services | Germany | 1997 | 1999 | – | – | – | |
| Construction | Germany | 1999 | 2006 | – | – | – |
DBAG Long-Term InvestmentsEvergreenActive1991 · 35yr€640M9 active · 2 realized
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Cybersecurity | Switzerland | 2026 | |
| Financials | Germany | 2023 | |
| Fintech | Germany | 2025 | |
| Cloud Infrastructure | Germany | 2022 | |
| Energy | Germany | 2020 | |
| Consumer | Germany | 1992 | |
| Construction | Switzerland | 2023 | |
| Telecom | Germany | 2021 | |
| MedTech | Germany | 2022 |
Switzerland· Entry 2026Germany· Entry 2023Germany· Entry 2025Germany· Entry 2022Germany· Entry 2020Germany· Entry 1992Switzerland· Entry 2023Germany· Entry 2021Germany· Entry 2022Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Germany | 1996 | 2017 | Trade Sale | – | ||
| Business Services | Germany | 2021 | 2023 | Trade Sale | – |
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About Deutsche Beteiligungs AG
Deutsche Beteiligungs AG (DBAG) is the only DACH-listed mid-cap private equity firm with approximately €2.7 billion of assets under management or advisory as of December 2024, headquartered in Frankfurt am Main and listed on the Frankfurt Stock Exchange Prime Standard (ticker DBA, ISIN DE000A1TNUT7). The firm was founded in 1965 (celebrating 60-year anniversary in 2025-2026) and has been listed since 1985. DBAG co-invests balance sheet alongside advised funds, with DBAG ECF IV closing at €250 million in November 2024.
Investment thesis
DBAG deploys capital through 11 plus active funds including DBAG Fund VII, DBAG Fund VIII (current flagship), DBAG ECF III, DBAG ECF IV, the Solvares Continuation Fund and ELF Capital debt funds, targeting mid-market buyouts, growth capital and long-term equity investments. The integrated private debt offering via the ELF Capital acquisition complements the flagship private equity strategy. Sector focus spans manufacturing and industry tech (automation, robotics, digitalisation), business services, IT services and software, healthcare, broadband telecommunications and environment, energy and infrastructure. Geographic deployment is DACH-core (Germany 47% of portfolio revenues, Austria, Switzerland) plus Italy via the Milan office since 2021.
Recent activity
Recent realised exits include software and logistics (Solvares partial sale, April 2024), industrials and rail technology (duagon, 2024) and industrials and engineering services (in-tech, 2024). Recent acquisitions include software and SME finance platform (FinMatch minority stake, July 2025), software and digitalisation services (MAIT, 2025), software and field service management (Totalmobile joint investment with Five Arrows for Solvares add-on, 2025) and telecommunications infrastructure (data centre operator, 2024-2025). Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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