# Novalpina Capital

Novalpina Capital is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** novalpina.com
- **LinkedIn:** https://www.linkedin.com/company/novalpinacapital

## Regulatory record

- **Reports private funds:** No

## About

Novalpina Capital is a mid-market investment firm with broad sector interests and geographic scope across the European continent. With an office in London and partners locally across Europe, it seeks to be a fast moving firm with local decision-making and a partnership orientated culture. It focuses on mid-market companies with enterprise values of €200m–€1bn and makes control-orientated equity investments, with equity and credit capabilities.

## Sectors

- Private Equity

## People

- Stephen Peel — Founder and Managing Partner
- Stefan Kowski — Founding Partner
- Bastian Lueken — Founding Partner

## Questions

### Who founded Novalpina Capital and what was their prior investment experience?

Stephen Peel, a former TPG partner who co-led the firm's European operations, launched Novalpina in 2017 alongside Stefan Kowski, also ex-TPG, and Bastian Lueken, who had been a senior dealmaker at KKR. The trio marketed their fund as a collaboration of three experienced investors who had collectively deployed significant capital across European control deals during their institutional careers (per Bloomberg, 2020).

### Has Novalpina Capital raised a second fund?

No second fund has been publicly reported or documented. Following the NSO governance crisis and loss of the asset to lenders, there has been no disclosed fundraising activity or new investment vehicle from the firm or its three named founders under the Novalpina brand.

### What was Novalpina's investment strategy when it launched?

The firm pursued control equity investments in European mid-market companies, targeting sectors including business services, technology, and regulated industries. The founders described a strategy centered on complex carve-outs and situations requiring active operational engagement, with three known platform companies from its debut fund: NSO Group, Zentiva, and Acronis.

### How did Novalpina structure its fund to hold NSO Group?

Novalpina created a special-purpose limited partnership within its debut fund structure specifically to hold NSO Group, a design intended to insulate fund investors from direct liability associated with the surveillance company. The structure was publicly documented in fund marketing materials and became a point of contention during the 2020 governance dispute between the founders (per Financial Times, 2019).

## Related profiles

- [Novak Capital](https://altss.com/profile/novak-capital)
- [Mandarine Gestion](https://altss.com/profile/mandarine-gestion)

---

Last updated: 2026-08-11T15:07:34.613Z

Canonical page: https://altss.com/profile/novalpina-capital

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology