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EMH Partners
EMH Partners deploys over €1.5B in growth equity to European Mittelstand tech companies from its Munich base, run by founders Maximilian and Sebastian...
EMH Partners
Brothers Maximilian and Sebastian Kuss founded EMH Partners in 2016, evolving an earlier family office and investment vehicle that had deployed over €100 million into European tech and e-commerce alongside co-investors. Their own exits from two technology companies founded between 2003 and 2006 form the basis of the partnership's entrepreneurial DNA. The firm is headquartered in Munich and targets the DACH region with a concentrated, operator-centric mandate. EMH pursues minority and majority equity investments of €50 to €200 million in fast-growing, profitable companies generating revenue between €50 million and €500 million. The strategy spans healthcare, enterprise software, and specialized industrial technology. Portfolio holdings include design-lighting company Occhio, audio software maker Native Instruments, flexible workspace platform Design Offices, medical technology firm Brainlab, subscription commerce platform Cleverbridge, IT automation provider Stonebranch, smart home designer Basalte, and brand experience group Avantgarde (per firm website). The firm operates with a 5- to 10-year partnership horizon and leverages dedicated in-house capabilities around digitalization, international expansion, and M&A. EMH raised its first institutional fund in 2016 at a €350 million hard cap, and followed with a €650 million hard cap vehicle in 2020, backed by pension funds, insurers, and leading European families. Each fund includes a substantial co-investment program — the inaugural vehicle offered an additional €350 million in co-investment capacity (per firm website). The team is lean, and the Kuss brothers remain at the center of investment decisions alongside a small group of principals. In June 2024, the firm joined the ESG Data Convergence Initiative after becoming a UN PRI signatory in 2020 (per the firm). The structural differentiator is EMH's packaging of a technology-founder operating ethos into an institutional-grade growth fund. The firm deploys its own entrepreneurial experience explicitly in each deal phase — vision, growth, and exit — offering portfolio companies a bridge to networks, strategic M&A, and organizational development alongside capital. This blurs the line between a classic fund manager and an operating family office, creating a sourcing and retention advantage with owner-operators who might otherwise resist institutional capital.
General information
Firm type
Private Equity
Year founded
2016
AUM
Undisclosed
Location
Region
Europe
Country
Germany
City
Munich
Corporate office
Alter Hof Dienerstr. 12, 80331 Munich, Germany
Principals
Maximilian Kuss
Founder
Sebastian Kuss
Founder
Sector focus
Frequently asked questions
Who runs investment decisions at EMH Partners?
Investment decisions are led by founders Maximilian and Sebastian Kuss. The firm operates with a lean, owner-led structure where responsibility is concentrated among the founders and a small senior team rather than a diffuse investment committee.
How does EMH Partners source its deal flow?
The firm sources heavily through its entrepreneurial network in the DACH region's Mittelstand ecosystem. The Kuss brothers' own history as tech founders gives them a direct peer relationship with owner-operators, and the firm explicitly positions itself as a bridge to digitalization and expansion expertise rather than just a capital provider.
Is EMH Partners structured as a family office or a private equity firm?
It operates as an institutional private equity firm, but the lineage is a family office. The Kuss brothers initially ran EMH as their family office and private investment vehicle before formalizing the growth fund strategy in 2016. The current structure is a fund manager raising capital from external institutional investors, with the founders maintaining a significant personal co-investment.
What is EMH Partners' stance on co-investments alongside external GPs?
EMH actively facilitates co-investment. Its first growth fund included a parallel co-investment program of €350 million alongside the €350 million main fund. The second fund documentation notes the €650 million cap excludes co-investment capacity, indicating an ongoing strategy to bring limited partners and external capital into direct transactions alongside the fund.
What investment stages does EMH Partners target?
EMH targets profitable, growth-stage companies with revenues between €50 million and €500 million. The firm explicitly defines this as the gap between venture capital and classic buyout, focusing on companies that need growth capital for digitalization, international expansion, and M&A rather than turnaround or early-stage venture risk.
How is EMH related to any philanthropic or adjacent vehicles?
EMH is a signatory to the UN Principles for Responsible Investment and joined the ESG Data Convergence Initiative in June 2024, building ESG integration into its investment process. The firm does not publicly detail a separate philanthropic foundation or trust structure for the founders.
Which sectors does EMH Partners focus on?
The firm targets technology-enabled companies in Healthcare, Enterprise Software, and specialized Industries. Example investments span medical technology (Brainlab), audio software (Native Instruments), smart home automation (Basalte), and IT infrastructure automation (Stonebranch). The unifying theme is digitalization potential within profitable, established businesses.
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