Elvaston Capital Management
Elvaston Capital Management is a Berlin-based, entrepreneur-led private equity firm founded in 2009 by Dr. Oliver Thum and Dr. Thomas Keul, specializing in buyouts of small and mid-market enterprise-software, cloud and IT-services companies across the DACH region and wider Europe. It targets niche vertical-software leaders with high entry barriers and recurring revenues, pursuing buy-and-build consolidation, and manages over EUR 3 billion across a discrete fund series running through Fund VI (2024). Elvaston is a co-backer, alongside Bregal Unternehmerkapital, of the GSG GENII Software Group vertical-software platform.
Key facts
Recent exits
Coverage notes
5 funds tracked, 28 portfolio companies (23 active · 5 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
28 companiesFunds & portfolio
Every fund Elvaston Capital Management has raised, with its portfolio companies. Hand-checked from public filings.
Elvaston Capital Fund VIBuyout2024 · 2yr€825M3 active
Elvaston Capital Fund VBuyout2021 · 5yr€500M12 active
Unrealized
12 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | Czech Republic | 2022 | |
| Software |  Germany | 2022 | |
| Software | Germany | 2021 | |
| Software | Germany | 2021 | |
| Software | Germany | 2023 | |
| Software | Germany | 2021 | |
| Software | Germany | 2022 | |
| Cybersecurity | Germany | 2022 | |
| Software | Germany | 2021 | |
| Software | Germany | 2021 | |
| Software |  Austria | 2021 | |
| Software |  Italy | 2023 |
Germany· Entry 2022Germany· Entry 2021Germany· Entry 2021Germany· Entry 2023Germany· Entry 2021Germany· Entry 2022Germany· Entry 2022Germany· Entry 2021Germany· Entry 2021Austria· Entry 2021Italy· Entry 2023Elvaston Capital Fund IVBuyout2019 · 7yr€256M4 active · 2 realized
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services | Germany | 2020 | |
| Software |  Switzerland | 2020 | |
| Software | Germany | 2018 | |
| Software | Germany | 2019 |
Germany· Entry 2020Switzerland· Entry 2020Germany· Entry 2018Germany· Entry 2019Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Software | Austria | 2018 | 2020 | Secondary | – | ||
| Software | Germany | 2019 | 2021 | Trade Sale | – |
Elvaston Capital Fund IIIBuyout2017 · 9yr€165M2 active · 3 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | Germany | 2016 | |
| Software | Germany | 2017 |
Germany· Entry 2016Germany· Entry 2017Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Software | Germany | 2016 | 2019 | Trade Sale | – | ||
| Software | Switzerland | 2017 | 2022 | Secondary | – | ||
| Logistics | Germany | 2016 | 2020 | Secondary | – |
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Portfolio platforms backed by Elvaston Capital Management made 1 researched add-on acquisition during its ownership. See the roll-up tracker
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Germany·€1.0BGet the full picture on Elvaston Capital Management.
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