What does permanent capital mean in practice?

Capital with no committed end date and no LP redemption window. We invest from our own balance sheet rather than from a closed-ended fund. The implication for portfolio companies is direct: there is no forced exit on a fund-life clock and no requirement to flip the asset within five to seven years.

Are you an evergreen fund?

Functionally yes, structurally no. Evergreen funds use open-ended LP structures to mimic permanent capital. We achieve the same economic effect using balance-sheet capital, which removes the LP-side liquidity tension that pure evergreen vehicles still face.

How does this compare to mid-market private equity?

Traditional mid-market private equity raises a fund, deploys it over four to five years, holds for three to seven, and returns capital to LPs by year ten. We do not have that clock. We acquire, integrate, and hold. We exit only when the asset's strategic logic supports it, not when fund mechanics demand it.

Are you regulated under the AIFM-Directive?

Balance-sheet capital deployed through a holding company is generally outside the scope of the AIFM-Directive. Where deal structuring requires a regulated vehicle, we partner with licensed AIFMs. SFDR Article 8/9 disclosures are produced when applicable to the structuring vehicle.

What size of mid-market acquisitions do you target?

Enterprise values from approximately ten to two hundred million euros. We have completed both single-asset acquisitions and platform-extending bolt-ons. Geography is DACH: Germany, Austria, Switzerland.

Permanent Capital Mid-Market DACH

Definition

What we mean by permanent capital.

Permanent capital is investment capital that has no committed end date. Where a traditional private equity fund must return capital to its limited partners within ten years (often twelve with extensions), permanent capital has no such obligation. The economic effect is decisive: no fund-life clock, no LP-side redemption window, and no requirement to recycle assets through a sale within a fixed window.

We deploy permanent capital from our own balance sheet rather than from a closed-ended fund or an evergreen fund vehicle. The result is the same liquidity profile owners want when they sell their life's work, with none of the LP-coordination risk that even the best evergreen funds carry. As a Mittelstand investor we hold for as long as the asset's strategic logic supports it.

Market Context

Why it matters in DACH today.

The DACH mid-market faces a generational succession wave. The Institut für Mittelstandsforschung in Bonn estimates that more than 190,000 family firms will face a transition decision by 2030. Many owners are unwilling to sell to traditional sponsors because the fund mechanics imply a second sale within five to seven years. Owners who built businesses across decades do not want their successors flipped on a fund clock.

The fundraising environment for traditional mid-market private equity is also stressed. LPs have repriced commitment risk in the wake of higher rates, slower distributions, and constrained liquidity at the endowment level. The result is longer hold periods even inside fund vehicles, and a growing dislocation between owner expectations of permanence and sponsor capacity to deliver it. Permanent capital closes that dislocation. AIFM-Directive registered evergreen funds have grown in response, but the structural answer most owners want is balance-sheet capital, which is what we provide.

The fund clock is not a feature of capital.
It is a feature of fund structure.

Engagement

How we engage.

Permanent capital is the structural answer. The operational answer is the four-phase acquisition process. Phase one is preliminary review against our exclusion list, completed inside seven calendar days. Phase two is structured analysis (commercial, legal, tax, environmental). Phase three is term sheet and exclusivity. Phase four is signing and closing, sequenced around merger control and the EU FDI Screening Regulation 2019/452 where applicable.

Post-closing, the asset enters the platform. We do not flip. We integrate, hold, and compound. The four-phase process applies equally to bilateral founder transitions, carve-outs, and distressed M&A perimeters. The capital structure does not change. For full mechanics see methodology, platform logic, and acquisition and process.

Boundary

What we are not.

We are not a closed-ended fund: we have no LPs and no fundraising cycle. We are not an evergreen fund: we operate from balance-sheet capital, not from open-ended LP commitments. We are not a family office in the passive sense: we engage operationally through platform-side operating partners. We are not a holding company that simply collects dividends: we integrate and reshape. We are not a search fund or independent sponsor: we do not raise capital deal-by-deal. If your transaction requires a fund vehicle for tax or LP-co-investment reasons, you will be better served elsewhere; we will tell you so.

Track Record

Substance over slogans.

Fourteen platform investments since inception. Nine exits realised. The capital structure has been constant: balance-sheet equity, no fund. Every transaction since founding has been closed without LP commitments. Named portfolio companies include Quarero Robotics, Karyali Group, Knowingo, Datatronics, and OpenSpring. Hold periods have ranged from three years (a strategic exit driven by buyer logic) to indefinite (assets that continue to compound inside the platform).

The exits we have realised were structured around buyer logic, not fund mechanics. Two were strategic acquisitions by industry consolidators; others were sales to larger sponsors who valued integrated platforms over fragmented assets. The pattern is documented in our portfolio. The economics are documented in our profile.

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