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LP Capital Management
LP Capital Management, the Berlin-based investment firm run by Lars Michalak and Dr.
LP Capital Management
LP Capital Management was established in Berlin by Lars Michalak and Dr. Thomas Döring. The firm invests in asset-light businesses that serve international markets, favoring models with scalable digital distribution. Döring brings public-market governance experience from his board seat at HolidayCheck Group AG, the Munich-listed travel reviews platform. The firm pursues a generalist mandate across technology and digital consumer sectors. Its known portfolio includes komoot, the outdoor navigation platform acquired by Bending Spoons S.p.A., demonstrating an appetite for bootstrapped European software companies with global user bases. The partnership also maintains a Growth Secondary Directs Portfolio, indicating participation in structured liquidity transactions for late-stage private companies. Geographic focus spans the DACH region and broader Europe. Total assets and team size are not publicly disclosed. Thomas Döring's network extends to FMTG — Falkensteiner Michaeler Tourism Group AG, a hospitality operating group, suggesting cross-pollination between digital consumer investments and traditional tourism assets. No philanthropic foundation or club membership structures are publicly linked to the firm. Structurally, LP Capital Management functions as an entrepreneurial investment office rather than a traditional closed-end fund. The indefinite-life vehicle structure allows it to hold assets opportunistically, without artificial exit timelines, while the secondary directs capability provides a differentiated entry point into established companies bypassing primary fundraising rounds.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Germany
City
Berlin
Corporate office
Berlin, Germany
Principals
Lars Michalak
Managing Director
Dr. Thomas Döring
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at LP Capital Management?
Lars Michalak and Dr. Thomas Döring make investment decisions as the firm's principals. Michalak serves as Managing Director, while Döring is Managing Partner. Döring also holds board positions at HolidayCheck Group AG and OpenCampus, bringing public-market governance experience to the private portfolio.
What investment stages does LP Capital Management target?
The firm targets growth-stage and secondary direct opportunities. Its Growth Secondary Directs Portfolio indicates activity in acquiring existing stakes from early investors or employees. The komoot investment suggests willingness to back companies that have achieved product-market fit and international traction before a liquidity event.
Does LP Capital Management participate in fund commitments or only direct deals?
The firm operates primarily through direct equity investments and secondary transactions. There is no public evidence of fund-of-funds commitments or third-party GP relationships. The Bending Spoons acquisition of komoot demonstrates a path to exit through strategic sale rather than financial sponsor recapitalization.
Which sectors does LP Capital Management explicitly avoid?
The firm states a preference for asset-light businesses, which naturally excludes capital-intensive sectors like heavy manufacturing, mining, and large-scale real estate development. No explicit exclusion list is published, but the portfolio pattern suggests avoidance of hardware-centric and regulated industries such as financial services infrastructure or biotech.
How is LP Capital Management related to HolidayCheck Group and FMTG?
Dr. Thomas Döring serves on the Supervisory Board of HolidayCheck Group AG, a publicly listed travel reviews company. FMTG — Falkensteiner Michaeler Tourism Group AG — is part of Döring's broader professional network in the tourism and hospitality sector. These relationships provide sector-specific sourcing advantages in travel technology but are not direct portfolio holdings of the investment firm.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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