October 2026
Largest PE & VC Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
DWS Asset Management, AURELIUS, Deutsche Beteiligungs, Deutsche Balaton and Sparta Invest.
 | 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. | $74 | +15% | $15B | $14B | 2.8x | 9.5x | ||
| 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. | $691 | +9% | $483M | $483M | 0.1x | 2.8x | ||
| 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 | $21 | -23% | $364M | $585M | 4.3x | 13.0x | |
| Deutsche Balaton AG is an investment company. The company's activities were divided into the segments Asset Management and Beta Systems. The Asset management segment focus of the investment activities of the Deutsche Balaton Group in the reporting period is on listed and unlisted company investments with a predominantly medium to long-term investment horizon, and The Beta Systems segment has been developing high-quality software products and solutions for the secure and efficient processing of large amounts of data, which support companies with complex IT structures in automating, securing and traceable their IT-supported business processes, and the company generated majority of its revenue from the Beta Systems segment. | $3,146 | +23% | $328M | $276M | 2.3x | 190.4x | ||
| Sparta Invest AG is a private equity firm based in Heidelberg. Its investment focus is on shares of small and medium-sized companies in Germany and abroad. Investments are generally made according to the principles of value investing with the goal of achieving a positive long-term overall return. | $29 | +14% | $140M | $92M | 29.1x | (13.1x) | ||
| 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 | +10% | $78M | $33M | 5.5x | 6.9x | ||
| GBK Beteiligungen AG is a investment company. The company provides capital for German companies. | $7 | +20% | $47M | $34M | 72.5x | - | ||
| 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 | (45.8x) | - | ||
| 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. | $6 | +94% | $26M | $54M | 0.3x | 5.3x | ||
| Mountain Alliance AG engages in the e-commerce services and brands business in Germany. It offers a range of services along the e-commerce value chain from online marketing to Web development and logistics primarily to third-party customers. The company operates online shops for specific brands, offers Internet and television advertising and fulfillment services, and other services. Ecommerce Alliance operates in Germany and elsewhere in Europe. | $3 | -4% | $22M | $20M | 87.8x | (42.9x) | ||
| Tokentus Investment AG invests in blockchain companies and also uses their know-how and their network to help these companies achieve breakthroughs and success. | PE & VC+1 | $1 | -51% | $6M | $6M | 205.8x | (2.8x) | |
| 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 | -47% | $4M | $24M | - | (4.8x) | ||
| Coinix GmbH & Co KGaA is an investment company based in Hamburg, It invests in cryptocurrency and blockchain technology. | PE & VC+1 | $1 | -32% | $4M | $3M | 705.4x | (1009.2x) | |
| 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 | 2.6x | (2.1x) | ||
| 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 | -74% | $130K | $127K | ||||
| Median | $4 | +6% | $31M | $34M | 4.3x | (0.9x) |
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