M Cap Finance

Investment decisions are made by the three managing directors: Lars Gehlhaar, Ronny Fechner, and Constantin Vogel, each of whom has served in that role since 2019. Founders Dr. Frank Golland and Dietmar Westermann remain listed separately as Gründers, though day-to-day management sits with the three Geschäftsführers.

M Cap Finance does not publicly detail its sourcing model, but the firm targets established Mittelstand companies across the DACH region and structures situations where existing shareholders need growth, succession, or recapitalisation capital without ceding control.

M Cap Finance conducts both direct investments and acts as an initiator of mezzanine and equity funds for institutional investors. The direct-investment practice writes single tickets up to €15 million, while the fund activity provides a pooled-mezzanine angle for investors seeking diversified DACH exposure.

The firm deploys mezzanine capital in the form of Genussrechte (participation rights) and takes minority direct-equity stakes. Its standard contractual tenor runs seven years, with a partial repayment option after year five.

M Cap Finance has not published a negative sector screen. Its published materials present a generalist appetite for Mittelstand companies, with no stated exclusion of particular industries.

The firm focuses on the German-speaking region — Germany, Austria, and Switzerland (DACH). It operates from a single office in Frankfurt am Main and has not disclosed any branch in other markets.

There is no publicly disclosed affiliation with a larger asset-management group. M Cap Finance operates as an independent mezzanine and equity house, founded by professionals whose prior firms included WestLB, Merrill Lynch, KPMG, and PwC.