# LP Capital Management

LP Capital Management is an Asset Manager based in Berlin, Germany.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Berlin, Germany
- **Region:** Europe
- **Address:** Berlin, Germany
- **Assets under management:** Undisclosed
- **Website:** liquidpartners.de

## Regulatory record

- **Latest Form ADV filing:** 2026-05-25T05:00:00.000Z
- **Private funds reported:** 0

## About

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. Geographic focus spans the DACH region and broader Europe. Total assets and team size are not publicly disclosed. 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.

## Sectors

- Enterprise Software
- Media & Entertainment
- Travel & Hospitality

## People

- Lars Michalak — Managing Partner
- Dr. Thomas Döring — Managing Partner

## 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.

### 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.

### 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.

## Related profiles

- [K8 Capital](https://altss.com/profile/k8-capital)
- [Midwich Ignite](https://altss.com/profile/midwich-ignite)

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Last updated: 2026-08-11T02:43:31.692Z

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