ND Industrial Investments BV

ND Group operates through a network built primarily around its founder and leadership team rather than a formal fund-raising cycle. Its portfolio companies — such as Next.e.GO Mobile and Ecolog International — are acquired or incubated through direct negotiations, often with an emphasis on operational turnaround or geographic expansion. The firm’s presence in Germany, the UAE, the U.K., and the U.S. enables cross-border deal flow, particularly in logistics, mobility, and resource-tech sectors.

ND Group positions itself as an international private equity and portfolio holding company. It does not disclose its capital source, but its founder-led nature, absence of outside limited-partner fund structures on its public materials, and direct operating-company investments give it characteristics of a founder-anchored principal investor. The leadership list includes a full finance and compliance team, suggesting an institutional governance approach rather than a classic family office.

Next.e.GO Mobile is a core ND Group portfolio company and a central pillar of its e-mobility thesis. ND Group backed e.GO through early production milestones, its Series B and C funding rounds, and the 2022 business combination with Athena Consumer Acquisition Corp. to list on the NYSE. The EV maker has launched two vehicles — the urban e.wave X and the commercial e.Xpress last-mile delivery van — and uses an industry-of-partners micro-factory model.

The publicly available material describes ND Group exclusively in terms of direct portfolio holdings. There is no mention of fund-of-funds placements, LP commitments to external managers, or co-investment club vehicles. The group appears to acquire or build operating companies across its chosen verticals rather than acting as a limited partner.

ND Group does not publish an explicit exclusion list, but its portfolio reveals a concentration on climate-resilient, resource-efficient and mobility sectors. It currently shows no publicly disclosed investments in defense, consumer packaged goods, traditional fossil-fuel extraction, or advertising technology.