DBAG registers latest Expansion Capital Fund

The filing for the Luxembourg-domiciled vehicle is dated 11 February 2022.

DBAG's ECF strategy focuses on mid-market businesses in the media, telecommunications and technology sectors. It takes both majority and minority stakes in companies with enterprise values of up to EUR 75m, generally making investments of EUR 10m-30m. The fund focuses on companies based in the DACH region or with a significant amount of their business in the region.

The fund's predecessor, DBAG ECF II, held a final close in June 2018 on EUR 97m. DBAG made a EUR 40m contribution to the fund. The investment period for the vehicle is now over, according to the GP's website.

DBAG ECF II has three portfolio companies: IT service Solvares, which the GP acquired in August 2018; telecommunications firm BTV Multimedia, which was acquired in August 2018; and Deutsche Infrastruktur und Netzgesellschaft (Ding Group), which the GP bought in November 2019 and merged with Vitronet in March 2021.

Deutsche Beteiligungs AG declined to comment.

In addition to its ECF strategy, DBAG manages a series of flagship funds. It held a final close for DBAG Fund VIII in May 2020 on EUR 1.109bn.

DBAG opened an office in Milan in September 2021 to target B2B industrials and services deals in Italy, as reported. Partner Giovanni Revoltella told Unquote at the time that the GP's initial focus in the region will be to deploy via its flagship strategy, although it could consider deals from the ECF strategy in the medium term.

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