PINOVA Capital
Independent Munich private-equity firm founded in 2007, providing growth capital and succession solutions to fast-growing niche technology and industrial companies in the DACH Mittelstand.
Key facts
Recent exits
Coverage notes
3 funds tracked, 30 portfolio companies (13 active · 17 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
30 companiesFunds & portfolio
Every fund PINOVA Capital has raised, with its portfolio companies. Hand-checked from public filings.
PINOVA Fund IIIGrowthHarvesting2019 · 7yr12 active · 3 realized
Unrealized
12 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials |  Germany | 2025 | |
| Industrials | Germany | 2020 | |
| MedTech | Germany | 2022 | |
| Industrials |  Switzerland | 2026 | |
| Industrials | Germany | 2026 | |
| MedTech | Germany | 2024 | |
| Software | Germany | 2025 | |
| AdTech | Germany | 2021 | |
| Software | Germany | 2021 | |
| Industrials | Germany | 2023 | |
| Software | Germany | 2022 | |
| Industrials | Germany | 2022 |
Germany· Entry 2025Germany· Entry 2020Germany· Entry 2022Switzerland· Entry 2026Germany· Entry 2026Germany· Entry 2024Germany· Entry 2025Germany· Entry 2021Germany· Entry 2021Germany· Entry 2023Germany· Entry 2022Germany· Entry 2022Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Germany | 2021 | 2025 | Trade Sale | – | ||
| Industrials | Germany | 2022 | 2025 | Trade Sale | – | ||
| Industrials | Germany | 2019 | 2022 | Secondary | – |
PINOVA Fund IIGrowthHarvesting2012 · 14yr1 active · 11 realized
Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Software | Germany | 2015 | 2022 | Trade Sale | – | ||
| Software | Germany | 2014 | 2021 | Secondary | – | ||
| Industrials | Germany | 2012 | 2018 | Secondary | – | ||
| Industrials | Germany | 2012 | 2020 | Trade Sale | – | ||
| Industrials |  Austria | 2016 | 2021 | Trade Sale | – | ||
| Software | Germany | 2015 | 2021 | Trade Sale | – | ||
| Industrials | Germany | 2012 | 2016 | Secondary | – | ||
| Consumer | Germany | 2014 | 2021 | Trade Sale | – | ||
| Industrials | Germany | 2018 | 2024 | Secondary | – | ||
| Cybersecurity | Germany | 2013 | 2016 | Secondary | – | ||
| Industrials | Germany | 2016 | 2022 | Trade Sale | – |
PINOVA Fund IGrowthRealized2008 · 18yr0 active · 3 realized
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| MedTech | Germany | 2010 | 2015 | Trade Sale | – | ||
| Industrials | Germany | 2010 | 2017 | Trade Sale | – | – | |
| Industrials | Germany | 2010 | 2019 | Trade Sale | – | – |
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About PINOVA Capital
Pinova Capital is a German DACH lower mid-cap industrial-tech specialist with approximately €420-460 million of assets under management as of December 2024 (Funds I + II + Fund III approaching €250 million target close 2025), headquartered in Munich. The firm was founded in 2007 and operates as a partner-owned independent partnership (5 partners, 14-person team) plus PRI signatory.
Investment thesis
Pinova Capital deploys capital through three flagship funds (PINOVA I, II, Fund 3 vintage 2022 targeting €250 million), targeting controlling stakes in profitable DACH lower-mid-cap industrial-tech companies with €10-50 million revenues. The niche-market champion strategy targets system-critical Mittelstand products deeply embedded in customer value chains. Sector focus spans high-tech components, smart systems, innovative materials and industrial technology. Geographic deployment is exclusive to DACH (Germany, Austria, Switzerland).
Recent activity
Recent realised exits include filtration (2025). Recent acquisitions include cybersecurity and hardware security (2025) and industrial components (2026). The platform continues active deployment of Fund 3 across the DACH industrial-tech 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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