# Penguin Capital Management GmbH

Penguin Capital Management GmbH is a Multi Family Office based in Munich, Germany.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Munich, Germany
- **Region:** Europe
- **Address:** Liebigstraße 8, 80538 München, Germany
- **Founded:** 2010
- **Assets under management:** Undisclosed
- **Website:** penguin.capital
- **LinkedIn:** https://www.linkedin.com/company/penguin-capital

## About

Penguin Capital Management GmbH was established in 2010 by Nico Zeifang, who previously co-founded Team Internet AG. The firm channels entrepreneurial proceeds from that exit and from more than fifty additional families into a globally diversified book. Strategy centers on lower mid-market private equity accessed via two vehicles. A diversified fund-of-funds program targets top-quartile managers across sectors and vintages. A parallel co-investment vehicle selects individual assets alongside those managers. Geographic reach includes the United States, the European Union, and the United Kingdom. Portfolio construction applies Modern Portfolio Theory to balance risk across 64 metrics drawn from 51.5 million data points. The firm maintains its sole office in Munich and employs an internal data platform called Northstar. Recent activity includes the launch of Penguin Capital Co-Invest I and the oversubscribed close of Vintage 24. No philanthropic vehicles or additional offices appear in public materials.

## Sectors

- Private Equity

## People

- Nico Zeifang — Founder
- Angela Liebenow — Head of Investor Relations

## Questions

### Who runs investment decisions at Penguin Capital Management GmbH?

Nico Zeifang serves as founder and leads investment decisions. Angela Liebenow heads investor relations and supports LP communications.

### How does Penguin Capital Management GmbH source proprietary deal flow?

The firm relies on data analytics across 51.5 million data points to screen managers. Relationships with oversubscribed lower mid-market sponsors provide access to co-investment opportunities.

### Is Penguin Capital Management GmbH structured as a single family office or does it operate more like a venture firm?

It operates as a multi-family office backed by 130 entrepreneurial families. The structure combines a fund-of-funds program with a co-investment vehicle rather than early-stage venture commitments.

### Does Penguin Capital Management GmbH participate in fund commitments or only direct deals?

The firm runs both a diversified fund-of-funds sleeve and a targeted co-investment vehicle. Capital is deployed through primary fund commitments and selected direct positions.

## Related profiles

- [Pelagic Capital Partners](https://altss.com/profile/pelagic-capital-partners-llc-nicholas-stancu-family-office)
- [Penrose](https://altss.com/profile/penrose-llc-rosenthal-family-office)

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Last updated: 2026-06-03T20:00:00.000Z

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