Deutsche Telekom Capital Partners
Deutsche Telekom Capital Partners, now branded Digital Transformation Capital Partners (DTCP), is a Hamburg-based technology investment firm founded in 2015 as an independent platform anchored by Deutsche Telekom. Its Growth Equity strategy backs growth-stage enterprise software, cybersecurity, cloud, AI and vertical SaaS companies across Europe, Israel and the United States through the Growth Equity I, II and III funds, alongside separate Infrastructure and Defence strategies. The firm reports about EUR 4.5bn in assets under management across all strategies, with more than 60 investments and over 25 exits.
Deutsche Telekom Capital Partners is a Hamburg growth equity firm with 27 active companies and 15 exits.
- ·10 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 15 realized deals: 3 years.
- ·Top sector focus: Cybersecurity (31% of portfolio).
- ·Fund cadence: ~4Y between vintages · last raise 2022.
Sector breakdown
42 companiesGeography breakdown
8 geographiesKey facts
Recent exits
Deutsche Telekom Capital Partners sold Dremio to SAP in 2026 after 4 years.
Deutsche Telekom Capital Partners sold Cognigy to NICE in 2025 after 3 years.
Deutsche Telekom Capital Partners sold Heap to Contentsquare in 2023 after 4 years.
Deutsche Telekom Capital Partners sold LeanIX to SAP in 2023 after 6 years.
Coverage notes
3 funds tracked, 42 portfolio companies (27 active · 15 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Deutsche Telekom Capital Partners has raised, with its portfolio companies. Hand-checked from public filings.
DTCP Growth Equity IIIGrowth202212 assets2 exitsGrowth2022 · 4yr–122
Unrealized
12 held| Company | Entry |
|---|---|
| Anecdotes SaaS · Israel | 2024 |
| Cerby Cybersecurity · US | 2025 |
| Cohere AI/ML · Canada | 2023 |
| Dash0 DevTools · Germany | 2026 |
| Dexory Logistics · UK | 2024 |
| Groq AI/ML · US | 2025 |
| OX Security Cybersecurity · Israel | 2025 |
| Quantum Systems Aerospace & Defence · Germany | 2023 |
| Resistant AI AI/ML · Czech Republic | 2025 |
| Spread AI AI/ML · Germany | 2026 |
| Tarana Wireless Telecom · US | 2022 |
| Zenity Cybersecurity · Israel | 2024 |
DTCP Growth Equity IIHarvestingGrowth20189 assets8 exitsGrowth2018 · 8yr–98
Unrealized
9 held| Company | Entry |
|---|---|
| Aircall SaaS · France | 2020 |
| Anomali Cybersecurity · US | 2018 |
| Arctic Wolf Cybersecurity · US | 2020 |
| Axonius Cybersecurity · US | 2021 |
| Hunters Cybersecurity · Israel | 2022 |
| Iterable SaaS · US | 2021 |
| Neo4j Data & Analytics · US | 2021 |
| PerimeterX Cybersecurity · US | 2019 |
| RtBrick Telecom · Germany | 2018 |
Realized
8 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Auth0 Cybersecurity · US | 2020 | 2021 | Trade Sale | Okta | – |
| Dynamic Signal HR Tech · US | 2018 | 2021 | Trade Sale | SocialChorus | – |
| Epsagon DevTools · Israel | 2020 | 2021 | Trade Sale | Cisco | – |
| Fastly Cloud Infrastructure · US | 2018 | 2019 | IPO | – | – |
| Guardicore Cybersecurity · Israel | 2019 | 2021 | Trade Sale | Akamai | – |
| Heap Data & Analytics · US | 2019 | 2023 | Trade Sale | Contentsquare | – |
| Pipedrive SaaS · Estonia | 2018 | 2020 | Secondary | Vista Equity Partners | – |
| Signavio SaaS · Germany | 2019 | 2021 | Trade Sale | SAP | – |
DTCP Growth Equity IHarvestingGrowth20156 assets5 exitsGrowth2015 · 11yr–65
Unrealized
6 held| Company | Entry |
|---|---|
| AppsFlyer AdTech · Israel | 2017 |
| Aryaka Cloud Infrastructure · US | 2017 |
| Fornova SaaS · Israel | 2017 |
| Global Savings Group E-commerce · Germany | 2017 |
| Morphisec Cybersecurity · Israel | 2015 |
| SafeBreach Cybersecurity · US | 2016 |
Realized
5 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Dynamic Yield AdTech · Israel | 2017 | 2019 | Trade Sale | McDonald's | – |
| Fireglass Cybersecurity · Israel | 2016 | 2017 | Trade Sale | Symantec | – |
| LeanIX SaaS · Germany | 2017 | 2023 | Trade Sale | SAP | – |
| NS1 Cloud Infrastructure · US | 2016 | 2023 | Trade Sale | IBM | – |
| Paxata Data & Analytics · US | 2016 | 2019 | Trade Sale | DataRobot | – |
About Deutsche Telekom Capital Partners
Deutsche Telekom Capital Partners (DTCP, now Digital Transformation Capital Partners) is an independent multi-LP investment manager with approximately €3.6 billion of assets under management as of late 2024 / 2025 reporting, headquartered in Hamburg with Deutsche Telekom remaining the anchor investor. The firm was founded in 2015 as the investment platform of Deutsche Telekom and operates as a corporate-anchored independent manager.
Investment thesis
DTCP deploys capital through approximately five plus vehicles (Growth Equity I-III, Digital Infrastructure Vehicle I and II, Incharge Capital plus co-investment vehicles), targeting two pillars: Growth Equity (early-growth and growth-stage enterprise software) and Digital Infrastructure (direct asset investment), complemented by a recently launched approximately €500 million defense and security fund. Sector focus spans enterprise SaaS, cybersecurity, cloud and DevOps, AI and robotics plus digital infrastructure (data centers, mobile towers, fiber networks). Geographic deployment spans Europe core, US, Israel and Asia. The platform is one of the few pairing growth-equity software investing with hard digital-infrastructure assets.
Recent activity
Recent realised exits include AI semiconductors (2025), cloud consulting (2026) and enterprise software and data lakehouse (2026). Recent acquisitions include cloud-monitoring and observability software (2024-2025), enterprise SaaS B2B (2024-2025) and dark-fiber infrastructure (2025). The platform continues active deployment across the Growth Equity and Digital Infrastructure pillars.
Frequently asked questions
- What investment strategy does Deutsche Telekom Capital Partners focus on?
- Deutsche Telekom Capital Partners focuses on Growth strategies in the private equity space.
- How many portfolio companies does Deutsche Telekom Capital Partners have?
- Deutsche Telekom Capital Partners has 27 active portfolio companies and 15 completed exits and 3 funds tracked on GP Intel.
- Where is Deutsche Telekom Capital Partners headquartered?
- Deutsche Telekom Capital Partners is headquartered in Hamburg, Germany.
- When was Deutsche Telekom Capital Partners founded?
- Deutsche Telekom Capital Partners was founded in 2015.
- What sectors does Deutsche Telekom Capital Partners invest in?
- Deutsche Telekom Capital Partners invests across Software, TMT.
- What are Deutsche Telekom Capital Partners's recent exits?
- Recent realized exits by Deutsche Telekom Capital Partners include: Dremio (2026) to SAP; Cognigy (2025) to NICE; Heap (2023) to Contentsquare; LeanIX (2023) to SAP; NS1 (2023) to IBM; Auth0 (2021) to Okta; Dynamic Signal (2021) to SocialChorus; Epsagon (2021) to Cisco.
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