NORD Holding
Hannover private equity investor founded in 1969 and rooted in the Sparkassen savings-bank and VGH insurance orbit, with EUR 5.0bn in assets under management and more than 200 completed transactions. Its direct private equity business is evergreen at the core, investing permanent balance-sheet capital in DACH mid-cap and small-cap companies across healthcare, software and IT, smart industries and business services, with direct company investing under an evergreen structure since 1989. Over the past decade NORD Holding has layered discrete institutional fund generations onto the balance sheet, the DMH mid-cap fund family (DMH I 2013, DMH II above EUR 200m, DMH III first close above EUR 500m in Dec 2024), a first dedicated EUR 125m small-cap fund launched in 2022, and NKB co-investment funds. A separate fund-of-funds and LP business (primary, secondary, co-investment and customized accounts, launched 2001) sits alongside the direct book and is not modelled here.
Key facts
Recent exits
Coverage notes
5 funds tracked, 36 portfolio companies (19 active · 17 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
36 companiesFunds & portfolio
Every fund NORD Holding has raised, with its portfolio companies. Hand-checked from public filings.
NORD Holding all inclusive Fitness Continuation FundBuyout2026 · 0yr1 active
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer |  Germany | 2026 |
Germany· Entry 2026NORD DMH IIISmall-Mid Buyout2024 · 2yr€700M0 active
No portfolio companies tracked yet.
NORD Holding Small CapSmall-Mid Buyout2022 · 4yr€125M4 active
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | Germany | 2023 | |
| Business Services | Germany | 2022 | |
| Healthcare | Germany | 2025 | |
| Healthcare | Germany | 2025 |
Germany· Entry 2023Germany· Entry 2022Germany· Entry 2025Germany· Entry 2025NORD Holding Mid CapEvergreenActive1991 · 35yr13 active · 13 realized
Unrealized
13 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Healthcare | Germany | 2024 | |
| HealthTech | Germany | 2024 | |
| Software | Germany | 2022 | |
| Software | Germany | 2020 | |
| Industrials | Germany | 2022 | |
| Business Services | Germany | 2026 | |
| Healthcare | Germany | 2026 | |
| Healthcare | Germany | 2016 | |
| Software | Germany | 2025 | |
| Software | Germany | 2021 | |
| Software | Germany | 2022 | |
| Software | Germany | 2026 | |
| Healthcare | Germany | 2019 |
Germany· Entry 2024Germany· Entry 2024Germany· Entry 2022Germany· Entry 2020Germany· Entry 2022Germany· Entry 2026Germany· Entry 2026Germany· Entry 2016Germany· Entry 2025Germany· Entry 2021Germany· Entry 2022Germany· Entry 2026Germany· Entry 2019Realized
13 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | Germany | 2013 | 2026 | Continuation Vehicle | – | ||
| Industrials | Germany | 2021 | 2023 | Trade Sale | – | ||
| Software | Germany | 2006 | 2025 | Secondary | – | ||
| Industrials | Germany | 2020 | 2024 | Trade Sale | – | ||
| Healthcare | Germany | 2020 | 2023 | Secondary | – | ||
| Consumer |  Switzerland | 2019 | 2024 | Secondary | – | ||
| Business Services | Germany | 2009 | 2015 | MBO | – | ||
| Healthcare | Germany | 2020 | 2025 | Trade Sale | – | ||
| Consumer | Germany | 2016 | 2018 | Trade Sale | – | ||
| Software | Germany | 2015 | 2019 | Secondary | – | ||
| Industrials | Germany | 2006 | 2015 | Secondary | – | ||
| Consumer | Germany | 2016 | 2022 | Secondary | – | ||
| Industrials | Germany | 2011 | 2017 | Secondary | – |
NORD Holding Co-InvestmentsEvergreenActive1991 · 35yr1 active · 4 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services |  United Kingdom | 2021 |
United Kingdom· Entry 2021Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Germany | 2014 | 2021 | Secondary | – | ||
| Industrials |  Austria | 2015 | 2018 | Secondary | – | ||
| Consumer |  Sweden | 2014 | 2026 | – | – | – | |
| Business Services | Germany | 1994 | 2023 | MBO | – |
Sweden· Entry 2014Saved GPs appear in your watchlist, one click from your workspace.
About NORD Holding
NORD Holding is a 50 plus year German Mittelstand buyout specialist with approximately €4.0 billion of combined Direct plus Fund Investments platform AUM as of December 2024, headquartered in Hannover. The firm was founded in 1969 as a restructuring vehicle of Norddeutsche Landesbank (NORD-LB) and operates as a NORD/LB-aligned platform with two divisions (Direct Investments plus Fund Investments). NORD Holding has completed 200 plus transactions across the German Mittelstand track record.
Investment thesis
NORD Holding deploys capital through approximately five plus active vintages spanning Direct Investments (multiple buyout vintages) plus a Fund Investments division (secondaries and primaries program), targeting lower mid-cap and small-cap buyouts via Direct Investments (succession financing, carve-outs, expansion) complemented by European small-cap primaries, secondaries and co-investments via the Fund Investments division (anchor LP role for emerging managers). Sector focus spans smart industries, industrial tech, healthcare and medtech, business services, IT services and education. Geographic deployment is DACH core with selective pan-European exposure via the fund-of-funds platform.
Recent activity
Recent realised exits include industrial instrumentation (2024) and food and consumer (2024). Recent acquisitions include education (2026), IT managed services (2026), veterinary imaging and medtech (2026) and industrial sensors and smart industries (2025). The platform continues active deployment across the direct buyout and fund investments mandate. 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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Germany·€7.5BGet the full picture on NORD Holding.
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