October 2026
Largest Asset Management Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
DWS Asset Management, Chapters Group, MUTARES, AURELIUS and Deutsche Beteiligungs.
 | DWS Group is a Frankfurt-headquartered global asset manager with roots dating to 1956. It serves institutional and individual investors through active, passive and alternative investment strategies. The alternatives platform invests directly in infrastructure, real estate and other private-market assets. Its infrastructure business targets transportation, utilities, telecommunications and essential-service companies through equity, debt and separate-account mandates. The group earns investment-management and performance fees from client assets across Europe, the Americas and Asia through a global distribution network. A DWS-managed infrastructure fund partnered with OMERS to buy Grandi Stazioni Retail in 2024. The correct database identity is DWS Group and not DWS Strategic Municipal Income Trust, a United States municipal-bond closed-end fund. | $73 | +13% | $15B | $13B | 2.7x | 9.3x | ||
| Chapters Group AG is a holding company investing in attractive small- and mid-sized enterprises from various sectors. It pursue a long-term and entrepreneurial investment approach. | $48 | +11% | $1.1B | $1.3B | 6.4x | 48.2x | ||
| Mutares SE & Co KGaA is a holding company. Its primary business is to acquire small and medium-sized companies in special situations. The company's operating segment includes the Automotive & Mobility segment includes the acquired companies that are engaged in the supplying of rubber mouldings, components for commercial vehicles, and others; the Engineering and Technology segment includes acquired companies that are engaged in the supplying of coating for oil and gas pipelines, components for increasing efficiency, provider of steel structures, roof and facade systems, and others; Goods and services segment includes acquired companies that are engaged in the manufacturing of packaging solutions, iron wire, paper household products, and logistics services. | $28 | -12% | $712M | $1.7B | 0.2x | 2.3x | ||
| AURELIUS is a European alternative investment group headquartered near Munich. It acquires companies in corporate carve-outs, succession situations and other operationally complex transactions. The group manages private equity, growth capital, private debt and real-estate strategies. Its operating specialists work with portfolio-company management teams on separation, restructuring and growth programmes. Investment-management and portfolio returns form the core economic model. AURELIUS maintains offices across several European financial and business centres. It acquired Sunrise Business Communications from TDC’s Swiss subsidiary in 2008. This profile follows the historical business perimeter evidenced for the transaction and excludes the seller's wider corporate group, unrelated namesakes and product lines absent from the cited record. Its commercial role was to supply the stated products, services or investment ownership to the identified customer base and counterparties during the period covered by the transaction. | $730 | +15% | $510M | $510M | 0.2x | 2.9x | ||
| Deutsche Beteiligungs AG is a private capital provider for mid-sized companies in the DACH region and Italy, operating two segments. The Fund Investment Services segment advises private equity funds the company initiates and debt funds managed by its subsidiary, ELF Capital. The Private Markets Investments segment uses the company’s capital to invest in private equity and debt in portfolio companies. It offers tailored equity and debt financing, including senior secured loans and flexible credit, supporting companies through growth and ownership changes. The focus is on established companies with scalable business models in IT services, industrial technology, energy, healthcare, and others. Management and services are based in Frankfurt, with offices in Milan and Luxembourg. | PE & VC+1 | $21 | -23% | $363M | $585M | 4.3x | 13.0x | |
| Netfonds AG is a service provider in the areas of finance and insurance. The company offers investment and financial advice to agents, banks, and financial distributors. Netfonds is a well-established concept for independent consultants and insurance brokers. As a broker pool, liability umbrella, multiple agents, asset manager, fund manager, and product provider, Netfonds offers a broad range of services so that advice can become a real added value for the customer. The range of services includes legal and regulatory services in the investment fund, insurance, pension, and financing product categories. | $90 | +75% | $214M | $246M | 0.8x | 19.0x | ||
| MPC Muenchmeyer Petersen Capital AG is an independent asset and investment manager for real asset investments. The company, with its subsidiaries, develops and manages real asset investments and investment products for international institutional investors, family offices, and professional investors. Its segments consist of Real Estate, Renewables, and Shipping. | $6 | +0% | $199M | $176M | 3.6x | 5.8x | ||
| Beta Systems Software AG is engaged in providing flexible IT solutions for authorization management and mainframe support, automates IT-based business processes, secures access rights and optimizes IT infrastructure management for companies. The company also financial services, manufacturing, retail, and IT services to the companies that operate complex IT system landscapes and processes. | $28 | +51% | $176M | $154M | 4.6x | 9.8x | ||
| Bitcoin Group SE is a venture capital company. The Company focuses on the acquisition, sale and management of investments in companies, and the acquisition of strategic leadership, management and coordination of these companies. | $29 | -31% | $145M | $146M | 12.9x | 79.0x | ||
| Heliad AG is an investment company. It makes investments with a long investment horizon in high-growth technology companies, providing them long-term support before, during, and after an IPO, and facilitates their access to public capital markets. The company's structure allows it to act independently of the restrictions of customary financing terms and offers shareholders access to market returns even before the IPO, without restrictions or limitations on the size of the investments and term commitments for the shareholders. | $15 | -17% | $139M | $161M | 162.2x | (52.0x) | ||
| MPH Health Care AG is an investment company. Its business activities consist of investing in companies with the goal of capital appreciation. The strategic focus of activities is on the acquisition and development of companies and company shares, particularly in growth segments of the healthcare market and the pharmaceutical industry. | $32 | +49% | $135M | $132M | 33.0x | (4.1x) | ||
| LAIQON AG, along with its subsidiaries, develops, markets, and manages investments in real assets for institutional and retail investors. The business of the company operates in three business segments, namely, LAIQON Asset Management, positioned as a special provider of non-benchmarked equity, fixed-income, and mixed funds with a clear focus on active alpha strategies. The LAIQON Wealth Management business segment is committed to the proactive, holistic implementation of the individual goals of high-net-worth individuals utilizing personal asset management. The LAIQON Digital Wealth business segment offers digital and risk-optimized investment solutions for retail and institutional investors. | $5 | +3% | $120M | $165M | 4.2x | (65.5x) | ||
| Scherzer & Co AG is an investment company. The company's investments are security-oriented and opportunity-oriented which aims to build up the company's assets over the long term for shareholders. | $3 | +9% | $78M | $33M | 5.4x | 6.7x | ||
| Shareholder Value Beteiligungen AG is an investment company. Principally, it invests in small and medium-sized companies in Germany. Additionally, it focuses in particular on undervalued companies in special situations. | $90 | -9% | $61M | $60M | 7.0x | - | ||
| PEH Wertpapier AG is an independent financial service provider in German-speaking countries. It offers asset management for private clients as well as special products and investment solutions for institutional investors. The various services offered by the company include asset management, wealth planning, general consultation, and foundation management. Additionally, it also operates various investment funds to cater to the demands of long-term investors who want to benefit from the growth opportunities of equity markets. The group is divided into three segments: PEH Asset Management, PEH Administration/Service segment, which generates maximum revenue, and PEH Sales. Geographically, it derives maximum revenue from Luxembourg, and the rest from Germany. | $36 | +23% | $58M | $37M | 0.2x | 2.1x | ||
| GBK Beteiligungen AG is a investment company. The company provides capital for German companies. | $7 | +20% | $47M | $34M | ||||
| Fair Value REIT-AG is a real estate investment trust. The company invests in German commercial real estates. Investment focuses on retail properties and office buildings in regional locations. It solely generates its segment revenues from Tenants. | $3 | -31% | $40M | $83M | ||||
| Heidelberger Beteiligungsholding AG is an investment company that invests its own assets in listed securities. The company offers businesses and investors comprehensive assistance including planning, research and analysis, marketing, investor relations services, and placement of shares. | $148 | +21% | $40M | $40M | ||||
| Elbstein AG is an investment company. The company makes equity investments in smaller and medium-sized listed companies from the German linguistic area. | -- | -- | $36M | $35M | ||||
| Latonba AG is an investment company whose focus is investments in liquid stocks from the value, growth and raw materials sectors. The company primarily intends to acquire, manage and sell investments in corporations and partnerships. | -- | -- | $34M | $31M | ||||
| Allerthal-Werke AG is an investment holding company with business operations located in Germany. The company will typically invest in common stock share classes and second-line stocks. | $27 | +7% | $33M | $29M | ||||
| Buergerliches Brauhaus Ravensburg Lindau AG operates on the management of their real estate ownership and leasing of other property and the installation of gaming or other entertainment devices and the operation of gastronomic facilities. | $1,908 | -8% | $26M | $20M | ||||
| Immovaria Real Estate AG is a real estate and investment company that invests its assets in real estate. The Company focuses on the acquisition of its property, and investments in real estate in urban areas. The investment focus is on unencumbered real estate and real estate property companies in the greater Berlin area and in other high-yield metropolitan areas in the Federal Republic of Germany, as well as investments in companies with successful real estate management. | $3 | -32% | $21M | $20M | ||||
| SM Wirtschaftsberatungs AG is a diversified financial services company located in Germany. The company focuses on the real estate sector and is involved in capital investment management, project development, and the management of its own assets. | $5 | -24% | $20M | $28M | ||||
| Private Assets SE & Co KGaA is a Hamburg-based investment company that specializes in corporate investments in special situations. It invests in companies with open succession issues, corporate spin-offs, and medium-sized companies that are currently underperforming. | $4 | +47% | $20M | $47M | ||||
| Value-Holdings AG is a German investment company that acquires shareholdings in listed medium-sized companies. It invests in its own portfolio, as well as managing third-party investment funds. The company along with its subsidiaries also advises institutional investors on investing as per the value-investing strategies. It manages two funds namely Value Holdings Germany Fund and Value Holdings Europe Fund. | $8 | 0% | $18M | $16M | ||||
| Hoevelrat Holding AG is an independent asset manager. It is engaged in offering financial services. The firm provides various services such as research, marketing, controlling, distribution, staff, and sustainability. | $8 | +12% | $18M | $18M | ||||
| Consulting Team Holding AG is a holding company. It engages in the holding, management, acquisition, establishment, and sale of companies and shares in companies. | $1 | -6% | $17M | $14M | ||||
| Value-Holdings International AG is an investment company and follows value-investing strategy. It is engaged in portfolio management and invests in unlisted companies in Germany and other European countries. The company invests in a portfolio of primarily mid-cap companies. | $4 | +13% | $16M | $15M | ||||
| RCM Beteiligungs AG is engaged in the acquisition, management, and sale of real estate properties. The company primarily focuses residential and commercial properties. In addition, it also focuses on securities trading and investment. Geographically all the operations are functioned through the region of Germany. | $1 | -21% | $15M | $23M | ||||
| Convalue SE is engaged in providing consulting, brokerage, and programming services and it also holds investments in other companies as a holding company. | $1 | +23% | $14M | $6M | ||||
| DLB Anlageservice AG is an investment company operating in Germany. | $22 | +2% | $11M | $11M | ||||
| Pflege Digitalisierung Invest AG is an investment company that has set itself the goal of investing in up-and-coming companies in the field of digitalization of care. | $2 | -18% | $10M | $10M | ||||
| RM Rheiner Management AG is active within the investment sector. The company focuses on special situations including structural measures of companies listed on the stock exchange. | $46 | +23% | $10M | $3M | ||||
| SCI AG is a holding company focused on special situations in the German stock market through takeovers and squeeze-outs. It seeks investment opportunities in temporal relation to corporate restructuring and turnaround situations. | $22 | +7% | $9M | $4M | ||||
| Wurmtal Beteiligungen AG invests exclusively in established companies. | $5 | -13% | $8M | $6M | ||||
| Upac SE is a medium-sized and venture investment company. The focus is on companies whose products, in the broadest sense, are more efficient and sustainable than the established products of large companies, and which quickly gain market share as a result. | $3 | +5% | $5M | $4M | ||||
| Finchain Capital Partners AG is an investment company. It focuses on investments in seed and series A and B company phases, as well as in investment phases that have above-average growth potential in the field of fintech, blockchain, and related technologies. | -- | -- | $4M | $4M | ||||
| Deutsche Effecten- und Wechsel- Beteiligungsges AG is a Germany-based listed investment company that specializes in the selection, acquisition, development, and sale of tech companies. It focuses on asset management and companies whose technologies and business models have an impact on the future development of the financial industry. The company supports its portfolio companies with capital, expertise in corporate development, and its extensive network of experts. | $3 | -48% | $4M | $24M | ||||
| Murphy & Spitz Green Capital AG is an investment company. It invests in sustainable or neutral sectors and along with its subsidiaries engages in production of renewable energies. | $1 | -15% | $4M | $4M | ||||
| Marna Beteiligungen AG is an investment company. The company is formed for the purpose of acquiring, managing, and selling participation in corporations and partnerships. | $0 | -94% | $3M | $478K | ||||
| Veltarion SE is an investment holding company. The company's business activities include investing in public and private companies through the acquisition of majority and minority ownership interests. | $4 | +11% | $2M | $2M | ||||
| Camerit AG is engaged in the acquisition, sale, holding and management of investments in companies in Germany and abroad, in particular those that operate as capital management companies or provide services such as arranging financial investments or debt capital or arranging the conclusion of insurance contracts, or act as a personally liable partner, managing
limited partner or trustee limited partner for companies, bringing them together under one management and holding and managing their own assets. | $22 | -9% | $2M | - | ||||
| Fonterelli GmbH & Co KGaA is an investment company and invests across industries in both unlisted and listed companies. The business model is the acquisition of investments and generating revenue in the form of dividends, interest, and sales of shares. It acquires structured investments for clients. | $1 | +3% | $2M | $604K | ||||
| Altech Advanced Materials AG is an investment company that makes investments in corporations and partnerships that represent a good opportunity/risk ratio, particularly in the business areas of raw material extraction and processing, chemistry, manufacture of all types of packaging and paper products, as well as their distribution. The aim of the company, together with its cooperation partner Altech Batteries Limited, is to enter the market for lithium-ion batteries for electromobility with innovative and high-performance anode material based on high-purity aluminum oxide ("HPA) - Silumina Anodes™ - as well as in the area of solid-state batteries for stationary battery use with - CERENERGY® - to participate. | $1 | -81% | $2M | $6M | ||||
| Independent Capital AG is a financing solutions provider. The company follows the crowd-solution principle and supports financing projects across the world by providing comprehensive advice on country-specific funding opportunities. | $1 | +38% | $1M | $1M | ||||
| Valora Effekten Handel AG is a Germany based company. It operates in the financial services sector. It is engaged in the trading of non-listed shares and securities in Germany. It provides brokerage services for institutional investors, such as banks, stockbrokers, and other professional and private customers. | $1 | -34% | $1M | $175K | ||||
| Instant Group AG is a holding company. It enables an alternative path of going public without the long-winded, complicated proceedings of the traditional IPO process. It offers companies advice and implementation of IPOs and IPOs via stock market transactions. Its other services include capital market services, company valuations, dual listing, and brochure builds. | $2 | -37% | $1M | $1M | ||||
| Sino-German United AG is a trading company that focuses on the Chinese and German markets. The trading division of Sino-German United AG is currently focused on the trade in German consumer goods of daily use, Essentially the export of German premium beer to China. In addition, advising German and Chinese companies is part of the Corporate expertise to establish cooperation in economic and cultural promotion areas between China and Germany. | $0 | -71% | $238K | $615K | ||||
| Strategie Kapital AG invests sustainably in e-commerce. Its main focus is on companies with a focus on early-stage financial and financial services with a sharp strategic focus. | $0 | -73% | $134K | $131K | ||||
| Panamax New Energy AG is an investment company with a focus on the German-speaking market. It has a focus on the sectors of environmental technology, IT, e-business, health products, and services and products for infants and babies. The company's investments will be made as both minority and majority investments and will include financial and strategic investments. | $0 | -99% | $31K | $236K | ||||
| AdCapital AG is an industrial holding company that invests in and manages companies in industries including electrical engineering, metal and plastic processing, machinery and tool manufacturing, and automotive sectors. Its portfolio includes subsidiaries: BDT Bavaria Digital Technik GmbH, Erich Jaeger GmbH + Co. KG, EW Hof Drives and Systems GmbH, FRAKO Kondensatoren- und Anlagenbau GmbH, KTS Kunststoff Technik Schmölln GmbH and Taller GmbH. The company generates maximum revenue through its subsidiary in the automotive industry. AdCapital’s operations are geographically centered in Europe, particularly Germany. | $0 | -100% | $31K | $3M | ||||
| publity AG is an asset manager and investor specializing in office real estate in Germany. The company covers the core of the value chain from the acquisition to the development and sale of real estate. | -- | -- | $22K | $21K | ||||
| Verianos SE is a property investment company. It acts as a real estate merchant banking partnership which connects property and capital markets for its clients. The company serves a diversified client base with tailored solutions for its relevant property issues. | $0 | -- | $8K | $8K | ||||
| Median | $5 | 0% | $18M | $20M | 4.5x | 2.8x |
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