# Friedrich & Wagner Holding

Friedrich & Wagner Holding is an Asset Manager based in Munich, Germany.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Munich, Germany
- **Region:** Europe
- **Address:** Munich, Germany
- **Assets under management:** Undisclosed
- **Website:** www.friedrich-wagner.com
- **LinkedIn:** https://www.linkedin.com/company/friedrich-wagner-holding-gmbh

## Regulatory record

- **Reports private funds:** No

## About

Friedrich & Wagner Holding was established in Germany by Christian Wagner and Bastian Friedrich, who founded and scaled the engineering services company in-tech. The holding company represents the entrepreneurs' investment vehicle for managing proceeds from the landmark 2022 divestiture of a majority stake in in-tech to Frankfurt-listed private equity firm Deutsche Beteiligungs AG (DBAG), which acquired 70% of the business (per DBAG, 2022). The founders retained a minority interest and continue to govern the holding company alongside their reinvestment activities. The firm operates with a generalist mandate but tilts heavily toward the industrial technology and mobility sectors where its principals have direct operational expertise. The portfolio spans buyout, start-up, and spin-off stages. Known positions include pepper motion GmbH, an electrification partner for commercial truck OEMs, which attracted co-investment from Lennertz & Co, the family office of the Haribo founding family, and the strategic German industrial group Würth. The firm also backs deep-tech hardware, participating in a European Innovation Council Fund co-investment in XSun, a solar-powered unmanned aerial vehicle developer. Real asset exposure runs through prime infinity real estate GmbH in Altomünster, mixed-use holdings via a stake in Obotritia Capital KGaA, and aviation assets held under Maverick Air GmbH. Friedrich & Wagner operates leanly from Germany, using a holding-company structure rather than a blind-pool fund model, which allows permanent capital and flexible hold periods. The May 2022 in-tech transaction provided a liquidity event that both crystallized the founders' wealth and freed operating capacity for new portfolio construction. The management team includes Tobias Wagner, who serves as Managing Director of in-tech and related entities, bridging the holding company and the remaining operating business. The firm's architecture departs from the typical German single-family office by functioning as a principal investment platform with concentrated co-investor relationships rather than a diversified multi-asset allocator. Its deal flow emerges from the founders' deep automotive and industrial networks, with external capital partners brought in on a deal-by-deal basis — a model that mirrors disciplined industrial holding companies more than it does a conventional asset manager.

## Sectors

- Mobility & Transportation
- PropTech
- Aviation
- Real Estate

## People

- Christian Wagner — Co-founder and CEO
- Bastian Friedrich — Co-founder and Owner

## Questions

### Who runs investment decisions at Friedrich & Wagner Holding?

Co-founders Christian Wagner and Bastian Friedrich govern the investment activities of the holding company. Tobias Wagner, Managing Director of in-tech and related entities, also operates within the group's structure. The principals bring direct operational experience from building the engineering services firm in-tech before its partial sale.

### Does Friedrich & Wagner invest in start-ups or only mature companies?

The firm invests across the full lifecycle. Its portfolio includes early-stage companies — demonstrated by its Series A participation in pepper motion GmbH and its investment in the XSun solar drone project alongside the European Innovation Council Fund — as well as buyout and spin-off transactions in more mature industrial businesses.

### Which external co-investors does Friedrich & Wagner work with?

The firm co-invests alongside a tight network of industrial and family-office partners. Lennertz & Co, the family office associated with the Haribo founders, joined the pepper motion Series A round. The Würth Group, the global industrial distributor, participated as a strategic co-investor in the same deal. For deep-tech ventures, the European Innovation Council Fund has appeared alongside Friedrich & Wagner.

### What real asset exposure does Friedrich & Wagner hold?

The portfolio holds commercial real estate through prime infinity real estate GmbH in Altomünster, Germany, and mixed-use property via a stake in Obotritia Capital KGaA. The firm also owns aviation assets through Maverick Air GmbH, though the specific fleet composition is not publicly detailed.

### Where does Friedrich & Wagner source its deal flow?

Deal flow originates from the founders' deep professional networks in the German automotive, industrial engineering, and technology sectors — relationships built over their tenure scaling in-tech into an engineering services platform serving large industrial OEMs. The firm does not publicly solicit investment opportunities through a broad origination funnel.

## Related profiles

- [Friedom Partners](https://altss.com/profile/friedom-partners)
- [Friend Capital](https://altss.com/profile/friend-capital)

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Last updated: 2026-06-03T20:00:00.000Z

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