What investment strategy does Elvaston Capital Management focus on?

Elvaston Capital Management focuses on Buyout strategies in the private equity space.

How many portfolio companies does Elvaston Capital Management have?

Elvaston Capital Management has 23 active portfolio companies and 5 completed exits and 5 funds tracked on GP Intel.

Where is Elvaston Capital Management headquartered?

Elvaston Capital Management is headquartered in Berlin, Germany.

What is Elvaston Capital Management's assets under management?

Elvaston Capital Management manages approximately €3.0B in assets under management.

When was Elvaston Capital Management founded?

Elvaston Capital Management was founded in 2009.

What sectors does Elvaston Capital Management invest in?

Elvaston Capital Management invests across Software, TMT, Business Services.

What are Elvaston Capital Management's recent exits?

Recent realized exits by Elvaston Capital Management include: Magnolia (2022) to GENUI; InterEurope (2021) to VHV Holding; Infoniqa (2020) to Warburg Pincus; MHP Solution Group (ecovium) (2020) to FSN Capital; Habel (2019) to PROXESS Holding (Beta Systems Software).

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Elvaston Capital Management

Berlin, Germany·Founded 2009·

Buyout

·elvaston.com

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.

AUM

€3.0B

Funds

vintages 2013–2024

Portfolio

Exits

Elvaston Capital Management is a Berlin buyout firm with €3.0B AUM, 23 active companies and 5 exits.

SectorsSoftware TMT Business Services

Key takeaways

·Average hold across 5 realized deals: 3 years.
·Top sector focus: Software (54% of portfolio).
·Fund cadence: ~3Y between vintages · last raise 2024.

Sector breakdown

28 companies

Software

15 · 54%

SaaS

8 · 29%

Cybersecurity

1 · 4%

Business Services

1 · 4%

IT Services

1 · 4%

Logistics

1 · 4%

Data & Analytics

1 · 4%

Geography breakdown

5 geographies

Germany

20 · 71%

Switzerland

3 · 11%

Italy

2 · 7%

Austria

2 · 7%

Czech Republic

1 · 4%

Key facts

HQBerlin, Germany

Founded2009

Employees24+

Websiteelvaston.com

Recent exits

Elvaston Capital Management sold Magnolia to GENUI in 2022 after 5 years.

Elvaston Capital Management sold InterEurope to VHV Holding in 2021 after 2 years.

Elvaston Capital Management sold Infoniqa to Warburg Pincus in 2020 after 2 years.

Elvaston Capital Management sold MHP Solution Group (ecovium) to FSN Capital in 2020 after 4 years.

Coverage notes

5 funds tracked, 28 portfolio companies (23 active · 5 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Elvaston Capital Management has raised, with its portfolio companies. Hand-checked from public filings.

5 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Elvaston Capital Fund VI

Buyout2024€825M3 assets

Buyout

2024 · 2yr

€825M

–

Unrealized

3 held

Company	Entry
ERP GmbH Software · Germany	2025
Leading Hospitality Solutions Software · Italy	2024
Mirus Software · Switzerland	2025

Elvaston Capital Fund V

Buyout2021€500M12 assets

Buyout

2021 · 5yr

€500M

–

Unrealized

12 held

Company	Entry
ABRA SaaS · Czech Republic	2022
Dietrich's Technology Software · Germany	2022
Docufy Software · Germany	2021
GENII Software Group Software · Germany	2021
Heidler Strichcode SaaS · Germany	2023
humera SaaS · Germany	2021
Kraftwerk SaaS · Germany	2022
Nexis Cybersecurity · Germany	2022
proLogistik Software · Germany	2021
SelectLine Group SaaS · Germany	2021
Simplify Hospitality Software · Austria	2021
Textile Solutions Group Software · Italy	2023

Elvaston Capital Fund IV

Buyout2019€256M4 assets2 exits

Buyout

2019 · 7yr

€256M

Unrealized

4 held

Company	Entry
Convotis Business Services · Germany	2020
Glaux Group IT Services · Switzerland	2020
Remira SaaS · Germany	2018
Vimata Group Software · Germany	2019

Realized

2 exits

Company	Entry	Exit	Type	Buyer	MOIC
Infoniqa SaaS · Austria	2018	2020	Secondary	Warburg Pincus	–
InterEurope Software · Germany	2019	2021	Trade Sale	VHV Holding	–

Elvaston Capital Fund III

Buyout2017€165M2 assets3 exits

Buyout

2017 · 9yr

€165M

Unrealized

2 held

Company	Entry
GUS Group Software · Germany	2016
Stonebranch Software · Germany	2017

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Habel Software · Germany	2016	2019	Trade Sale	PROXESS Holding (Beta Systems Software)	–
Magnolia SaaS · Switzerland	2017	2022	Secondary	GENUI	–
MHP Solution Group (ecovium) Logistics · Germany	2016	2020	Secondary	FSN Capital	–

Elvaston Capital Fund IIActive

Evergreen20132 assets

Evergreen

2013 · 13yr

–

Unrealized

2 held

Company	Entry
Nexiga Data & Analytics · Germany	2015
SHD Software · Germany	2014

Portfolio platforms backed by Elvaston Capital Management made 1 researched add-on acquisition during its ownership.

Frequently asked questions

What investment strategy does Elvaston Capital Management focus on?: Elvaston Capital Management focuses on Buyout strategies in the private equity space.
How many portfolio companies does Elvaston Capital Management have?: Elvaston Capital Management has 23 active portfolio companies and 5 completed exits and 5 funds tracked on GP Intel.
Where is Elvaston Capital Management headquartered?: Elvaston Capital Management is headquartered in Berlin, Germany.
What is Elvaston Capital Management's assets under management?: Elvaston Capital Management manages approximately €3.0B in assets under management.
When was Elvaston Capital Management founded?: Elvaston Capital Management was founded in 2009.
What sectors does Elvaston Capital Management invest in?: Elvaston Capital Management invests across Software, TMT, Business Services.
What are Elvaston Capital Management's recent exits?: Recent realized exits by Elvaston Capital Management include: Magnolia (2022) to GENUI; InterEurope (2021) to VHV Holding; Infoniqa (2020) to Warburg Pincus; MHP Solution Group (ecovium) (2020) to FSN Capital; Habel (2019) to PROXESS Holding (Beta Systems Software).