HV Capital Manager

Investment decisions are led by founding General Partners Rolf Dienst and Dr. Hendrik Brandis, who have run the firm together since 2000. In April 2024, the firm elevated a cohort of internal partners across its early and growth-stage investment teams, indicating a succession architecture that distributes decision-making authority while the founders remain actively involved in deal committees (per the firm's official communications, April 2024).

HV Capital invests from pre-seed through Series C, with the majority of its historical returns concentrated in early-stage entry points. The firm raised its ninth fund generation in 2023 and has historically closed funds roughly every two to three years, creating a consistent deployment cadence. Its later-stage practice, built after 2010, allows HV to follow winning portfolio companies into growth rounds, though the firm remains weighted toward initial checks.

HV Capital operates as a managing-partner-owned independent firm with no corporate parent. This distinguishes it from many large German venture platforms that are captive to banks or industrial conglomerates. The independence has allowed the same leadership — Rolf Dienst and Dr. Hendrik Brandis — to stay in place through three market cycles without the mandate shifts that often accompany corporate-affiliated venture arms.

HV Capital is broadly sector-agnostic but has concentrated its most successful investments in enterprise software, fintech, digital health, and mobility. Notable positions include Zalando, Delivery Hero, Flix, HelloFresh, and Personio. The firm does not publish explicit exclusion lists, but its investment history shows limited exposure to deep tech hardware, life sciences, and resource-heavy cleantech.

HV Capital invests exclusively through direct equity positions in companies. The firm does not operate a fund-of-funds program and has not publicly committed capital as a limited partner into other venture funds. Its network of co-investors includes major US funds active in European venture rounds, but HV itself plays a direct investment role.

Public records and the firm's own communications place the portfolio tally at 18 or more companies that reached unicorn valuations, led by Zalando (per Reuters, 2014 IPO) and Delivery Hero. Other exits and high-value positions include HelloFresh, Personio, Flix, and Sennder. This hit rate is among the highest in German venture over the 2000–2024 period.

Founding partners Brandis and Dienst remain at the firm in their seventh decade and are actively engaged in investment decisions. The April 2024 promotions of internal partners across early and growth stages represent the most visible step in a multi-year succession plan. The firm has not disclosed a specific retirement timeline for either founder, but the expanded partner group now shares material deal authority.