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.
Key facts
Recent exits
Coverage notes
3 funds tracked, 42 portfolio companies (27 active · 15 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
42 companiesFunds & portfolio
Every fund Deutsche Telekom Capital Partners has raised, with its portfolio companies. Hand-checked from public filings.
DTCP Growth Equity IIIGrowth2022 · 4yr12 active · 2 realized
Unrealized
12 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| SaaS | Israel | 2024 | |
| Cybersecurity |  US | 2025 | |
| AI/ML | Canada | 2023 | |
| DevTools |  Germany | 2026 | |
| Logistics |  UK | 2024 | |
| AI/ML | US | 2025 | |
| Cybersecurity | Israel | 2025 | |
| Aerospace & Defence | Germany | 2023 | |
| AI/ML | Czech Republic | 2025 | |
| AI/ML | Germany | 2026 | |
| Telecom | US | 2022 | |
| Cybersecurity | Israel | 2024 |
US· Entry 2025Germany· Entry 2026UK· Entry 2024US· Entry 2025Germany· Entry 2023Germany· Entry 2026US· Entry 2022DTCP Growth Equity IIGrowthHarvesting2018 · 8yr9 active · 8 realized
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| SaaS |  France | 2020 | |
| Cybersecurity | US | 2018 | |
| Cybersecurity | US | 2020 | |
| Cybersecurity | US | 2021 | |
| Cybersecurity | Israel | 2022 | |
| SaaS | US | 2021 | |
| Data & Analytics | US | 2021 | |
| Cybersecurity | US | 2019 | |
| Telecom | Germany | 2018 |
France· Entry 2020US· Entry 2018US· Entry 2020US· Entry 2021US· Entry 2021US· Entry 2021US· Entry 2019Germany· Entry 2018Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Cybersecurity | US | 2020 | 2021 | Trade Sale | – | ||
| HR Tech | US | 2018 | 2021 | Trade Sale | – | ||
| DevTools | Israel | 2020 | 2021 | Trade Sale | – | ||
| Cloud Infrastructure | US | 2018 | 2019 | IPO | – | – | |
| Cybersecurity | Israel | 2019 | 2021 | Trade Sale | – | ||
| Data & Analytics | US | 2019 | 2023 | Trade Sale | – | ||
| SaaS | Estonia | 2018 | 2020 | Secondary | – | ||
| SaaS | Germany | 2019 | 2021 | Trade Sale | – |
DTCP Growth Equity IGrowthHarvesting2015 · 11yr6 active · 5 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AdTech | Israel | 2017 | |
| Cloud Infrastructure | US | 2017 | |
| SaaS | Israel | 2017 | |
| E-commerce | Germany | 2017 | |
| Cybersecurity | Israel | 2015 | |
| Cybersecurity | US | 2016 |
US· Entry 2017Germany· Entry 2017US· Entry 2016Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| AdTech | Israel | 2017 | 2019 | Trade Sale | – | ||
| Cybersecurity | Israel | 2016 | 2017 | Trade Sale | – | ||
| SaaS | Germany | 2017 | 2023 | Trade Sale | – | ||
| Cloud Infrastructure | US | 2016 | 2023 | Trade Sale | – | ||
| Data & Analytics | US | 2016 | 2019 | Trade Sale | – |
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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. Detailed buyer names and multiple data available on Pro at €29/month.
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