May 2026
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Largest Asset Management Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
DWS Asset Management, Chapters Group, MUTARES, Deutsche Beteiligungs and Brockhaus Technologies.
 | Until 2018, DWS was fully owned by Deutsche Bank, which retains a 79% interest in DWS. DWS' home German market remains important, contributing roughly 40% of assets under management. The Europe, Middle East, and Africa region in total accounts for 70% of AUM, and the Americas contributes nearly all of the balance, with a small Asian presence. Assets from institutional clients make up 55% of overall AUM. | $72 | +25% | $14B | $13B | 2.7x | 8.2x | ||
| 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. | $37 | -20% | $879M | $1B | 5.0x | 35.1x | ||
| 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. | $33 | -21% | $719M | $2B | 0.3x | 40.8x | ||
| 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 | $29 | -1% | $523M | $718M | 5.7x | 15.9x | |
| Brockhaus Technologies AG is a technology holding company engaged in acquiring high-margin, fast-growing technology companies. The company provides active, strategic support to make them more valuable, and more successful. It offers the companies its expertise and gives them access to its network across sectors and international borders. The company offers its investors an opportunity to participate in the growth of these acquired technology companies. It's Business activities consist of its currently two operating segments of HR Benefit & Mobility Platform and Security Technologies, and secondly of its acquisition activities, i.e.. identifying, investigating and acquiring subsidiaries and supporting their long-term growth. | $22 | +32% | $226M | $238M | 1.0x | 3.9x | ||
| 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 | +14% | $226M | $189M | 3.8x | 5.8x | ||
| 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. | $91 | +80% | $211M | $225M | 0.8x | 20.8x | ||
| 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. | $31 | +40% | $193M | $193M | 2.0x | 12.3x | ||
| 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. | $33 | -30% | $166M | $155M | 14.2x | 45.6x | ||
| 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. | $16 | -1% | $140M | $163M | 161.3x | 1.2x | ||
| 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. | $31 | +44% | $131M | $143M | 1.8x | (4.3x) | ||
| 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. | $6 | +40% | $120M | $153M | 4.2x | (67.1x) | ||
| Blue Cap AG is a publicly traded investment company based in Munich investing in medium-sized niche companies.The investment idea is to develop technology-led company founders or more and yet still retain the corporate identity. | $23 | +11% | $101M | $120M | 0.5x | 5.4x | ||
| 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 | +19% | $85M | $35M | 4.5x | 6.7x | ||
| Capsensixx AG is a provider of financial administration as a service. The company is divided into two segments namely Funds management, Administration and Accounting Segment which includes fund management and fund accounting; and Securitisations which provides Advisory services in the field of financial engineering, securitisation and provision of director and administrative services to corporate clients in Luxembourg. | $25 | +19% | $67M | $46M | 0.2x | 3.1x | ||
| 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. | $244 | +108% | $66M | $66M | 36.2x | 55.3x | ||
| 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. | $86 | -13% | $58M | $58M | 6.6x | - | ||
| 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. | $33 | +8% | $54M | $27M | 0.1x | 1.5x | ||
| 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 | -25% | $45M | $96M | 3.3x | 31.4x | ||
| GBK Beteiligungen AG is a investment company. The company provides capital for German companies. | $6 | +0% | $39M | $25M | 51.8x | 27.0x | ||
| Elbstein AG is an investment company. The company makes equity investments in smaller and medium-sized listed companies from the German linguistic area. | -- | -- | $37M | $37M | (41.4x) | - | ||
| 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. | $29 | +28% | $35M | $33M | 5.4x | 7.4x | ||
| 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. | $8 | -33% | $34M | $31M | - | - | ||
| 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. | $1,990 | -11% | $27M | $20M | 7.3x | 25.3x | ||
| 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 | -8% | $26M | $21M | 86.9x | (50.7x) | ||
| 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 | -2% | $21M | $25M | 64.5x | 9.6x | ||
| 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. | $9 | +19% | $20M | $17M | 3.2x | 12.2x | ||
| 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 | -2% | $16M | $16M | 17.4x | 7.1x | ||
| 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 | -19% | $16M | $33M | 11.5x | 112.0x | ||
| Consulting Team Holding AG is a holding company. It engages in the holding, management, acquisition, establishment, and sale of companies and shares in companies. | $2 | -6% | $16M | $15M | 16.9x | 12.2x | ||
| 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 | -- | $15M | $14M | 2.8x | 14.1x | ||
| Convalue SE is engaged in providing consulting, brokerage, and programming services and it also holds investments in other companies as a holding company. | $1 | +41% | $15M | $5M | - | 15.3x | ||
| 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 | +15% | $13M | $13M | - | (97.5x) | ||
| DLB Anlageservice AG is an investment company operating in Germany. | $22 | +20% | $11M | $11M | 75.1x | 10.9x | ||
| 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 | +3% | $10M | $4M | 0.0x | 77.0x | ||
| Wurmtal Beteiligungen AG invests exclusively in established companies. | $7 | -3% | $10M | $8M | 299.5x | (324.6x) | ||
| 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. | $42 | +1% | $9M | $2M | 1.3x | 8.1x | ||
| 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. | $4 | -- | $8M | $25M | 2179.4x | (45.5x) | ||
| GIEAG Gewerbe Immobilien Entwicklungs AG is a real estate investment trust. It is engaged in the development and management of real estate properties in German region. | $2 | -47% | $7M | $290M | - | - | ||
| 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 | +0% | $5M | $4M | - | 198.2x | ||
| 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 | -5% | $5M | $5M | 10.5x | 44.9x | ||
| 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. | $2 | -- | $4M | $8M | 49.0x | (25.5x) | ||
| 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. | $3 | +20% | $4M | $4M | - | - | ||
| CR Energy AG is an investment company. Its business activity consists of founding, acquiring, building and selling technology companies in the real estate, investment and renewable energy sectors in order to continuously achieve capital gains and increase in value. | $0 | -81% | $3M | ($2M) | (0.0x) | (0.0x) | ||
| 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. | $5 | +15% | $2M | $2M | - | (24.0x) | ||
| 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. | $23 | +4% | $2M | ($648K) | (2.8x) | 10.8x | ||
| 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 | -2% | $2M | $866K | 0.6x | 12.8x | ||
| 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 | -- | $2M | $490K | 2.0x | (5.8x) | ||
| 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 | -19% | $1M | $1M | 5.4x | (17.2x) | ||
| 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 | +15% | $1M | $519K | 0.9x | 0.9x | ||
| 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 | +142% | $754K | $1M | 0.5x | (13.3x) | ||
| 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 | -98% | $487K | $30M | 0.2x | 8.0x | ||
| Dessixx AG is a German investment company for the global healthcare and wellness sector. The company focuses on early-stage investments in the healthcare and wellness sector. | -- | -- | $320K | $123K | - | (7.2x) | ||
| 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. | $0 | -100% | $22K | $22K | 0.0x | (0.0x) | ||
| 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 | $24M | 13.7x | (8.0x) | ||
| Median | $6 | +1% | $16M | $25M | 3.8x | 7.7x |
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