SHS Gesellschaft für Beteiligungsmanagement
SHS Gesellschaft fuer Beteiligungsmanagement, branded SHS Capital, is a Tuebingen-based healthcare and medtech private equity firm founded in 1993 that provides growth-buyout, succession and growth capital to European medical technology, diagnostics and life-sciences companies.
Key facts
Recent exits
Coverage notes
5 funds tracked, 38 portfolio companies (25 active · 13 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
38 companiesFunds & portfolio
Every fund SHS Gesellschaft für Beteiligungsmanagement has raised, with its portfolio companies. Hand-checked from public filings.
SHS VIBuyout2022 · 4yr€270M10 active
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| MedTech |  Germany | 2025 | |
| Pharma | Germany | 2026 | |
| Pharma |  Netherlands | 2026 | |
| MedTech | Netherlands | 2023 | |
| MedTech | Germany | 2023 | |
| MedTech | Germany | 2025 | |
| MedTech | Germany | 2024 | |
| MedTech | Slovenia | 2023 | |
| Pharma | Germany | 2025 | |
| MedTech |  Switzerland | 2023 |
Germany· Entry 2025Germany· Entry 2026Netherlands· Entry 2026Netherlands· Entry 2023Germany· Entry 2023Germany· Entry 2025Germany· Entry 2024Germany· Entry 2025Switzerland· Entry 2023SHS VBuyoutHarvesting2018 · 8yr€130M7 active · 5 realized
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| MedTech | Germany | 2021 | |
| Pharma | Switzerland | 2020 | |
| Healthcare |  Norway | 2022 | |
| HealthTech | Netherlands | 2021 | |
| MedTech |  Denmark | 2022 | |
| HealthTech |  Finland | 2020 | |
| MedTech | Netherlands | 2020 |
Germany· Entry 2021Switzerland· Entry 2020Norway· Entry 2022Netherlands· Entry 2021Denmark· Entry 2022Finland· Entry 2020Netherlands· Entry 2020Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| MedTech | Germany | 2020 | 2022 | Trade Sale | – | ||
| Biotech | Switzerland | 2018 | 2021 | Trade Sale | – | ||
| Biotech |  France | 2021 | 2026 | Trade Sale | – | ||
| HealthTech | Germany | 2020 | 2025 | Trade Sale | – | ||
| MedTech |  Austria | 2019 | 2021 | Trade Sale | – |
SHS IVBuyoutHarvesting2014 · 12yr€125M6 active · 3 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| MedTech | Germany | 2017 | |
| MedTech | Switzerland | 2015 | |
| Business Services | Germany | 2015 | |
| MedTech | Switzerland | 2015 | |
| MedTech | Switzerland | 2014 | |
| MedTech | Austria | 2016 |
Germany· Entry 2017Switzerland· Entry 2015Germany· Entry 2015Switzerland· Entry 2015Switzerland· Entry 2014Austria· Entry 2016Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| MedTech | Germany | 2016 | 2018 | Trade Sale | – | ||
| MedTech | Germany | 2016 | 2021 | Trade Sale | – | ||
| MedTech | Germany | 2016 | 2020 | Trade Sale | – |
SHS IIIGrowthHarvesting2008 · 18yr€50M2 active · 4 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| MedTech |  Belgium | 2011 | |
| MedTech | Germany | 2011 |
Belgium· Entry 2011Germany· Entry 2011Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Biotech | Germany | 2008 | 2022 | Trade Sale | – | ||
| MedTech | Germany | 2010 | 2022 | Trade Sale | – | ||
| MedTech | Germany | 2011 | 2023 | Trade Sale | – | ||
| MedTech | Germany | 2010 | 2020 | Trade Sale | – |
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About SHS Gesellschaft für Beteiligungsmanagement
SHS Gesellschaft fur Beteiligungsmanagement, operating under the brand SHS Capital, is a healthcare-dedicated private equity firm based in Tubingen, Baden-Wurttemberg, Germany, founded in 1993. It operates as an independent general partner managing closed-end fund vehicles structured as German limited partnerships. SHS has raised six fund generations, SHS I through SHS VI, and invested in more than 70 healthcare companies since inception. Assets under management are approximately €500 million in aggregate active-fund volume, with the latest fund SHS VI at roughly €270 million. The firm is one of the longest-established sector specialists in German healthcare investing.
Investment thesis
SHS Capital invests exclusively in healthcare, covering medtech, life sciences, diagnostics and digital health. It pursues both venture-style growth financings of young fast-growing companies and small buyouts of established firms, taking majority or minority positions. Target enterprise values reach up to €150 million with equity tickets typically €10 to €50 million. Geography centres on the DACH region, the Nordics and Benelux, with selective opportunities elsewhere in Europe. The limited partner base is institutional. Value creation is built on deep sector specialisation, buy-and-build to form European healthcare champions, and operational support for companies with seven-digit revenues and double-digit growth.
Recent activity
Recent investments include Mtronline in medtech (2024) and Ackermann Instrumente, a majority stake anchoring a medtech buy-and-build group in surgical instruments (2025). The portfolio of roughly 24 to 27 companies spans diagnostics, healthtech, medtech supply and specialty pharma. Recent exits include Selfapy in digital health (2025) and AMW Arzneimittelwerke Warngau in specialty pharma (2026). The platform continues to deploy across DACH, Nordic and Benelux healthcare. Detailed buyer names and multiple data available on Pro at €29/month.
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