# HV Capital Manager

HV Capital Manager is an Asset Manager based in Munich, Bavaria, Germany.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Munich, Bavaria, Germany
- **Region:** Europe
- **Address:** Munich, Germany
- **Founded:** 2000
- **Assets under management:** Undisclosed
- **Website:** hvv.capital
- **LinkedIn:** https://www.linkedin.com/company/hvcapital

## Regulatory record

- **CRD number:** 301966
- **SEC file number:** 802-118092
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/301966

## About

HV CAPITAL MANAGER GMBH is a Munich-based investment adviser registered with the SEC since 2020.

## Sectors

- Enterprise Software
- FinTech
- AI/ML
- Digital Health
- Mobility & Transportation

## Offices

- Berlin, Germany

## People

- Rolf Dienst — General Partner
- Dr. Hendrik Brandis — General Partner

## Questions

### How does HV Capital structure its funds and what stages does it target?

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.

### What is HV Capital's relationship to any corporate parent?

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.

### Which sectors does HV Capital explicitly target?

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.

### Does HV Capital participate in fund commitments or only direct deals?

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.

### How many unicorns has HV Capital backed and which are the most notable?

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.

### What is the current governance and succession status at HV Capital?

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.

## Related profiles

- [HURST CAPITAL MANAGEMENT](https://altss.com/profile/hurst-capital-management)
- [HV Fund I Management Co](https://altss.com/profile/hv-fund-i-management-co-llc)

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

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