Seedfonds Schleswig-Holstein

The firm operates with a lean team structure; Stefan Sieck is the named client-facing professional on the website and serves as the primary contact for prospective portfolio companies. Investment decisions are made internally through MBG Schleswig-Holstein’s management, often in coordination with co-financing partners and under the oversight of public-guarantee frameworks tied to each fund.

It operates as a regional public-private investment company, not a traditional venture firm or family office. MBG Schleswig-Holstein manages eight separate funds, each with distinct mandates, financing silent and open equity participations rather than pursuing majority-stake venture capital. The capital is backed by public guarantees rather than limited-partner commitments.

Ticket sizes span from €10,000 through the Mikromezzaninfonds Deutschland up to €3.5 million via the Mittelstandsfonds Schleswig-Holstein. The wide range reflects the firm’s coverage of all company stages — from seed startups to established Mittelstand succession and growth financings.

The firm exclusively makes direct investments into companies, using either silent participations — a subordinated, non-voting instrument with a fixed term — or open equity stakes. It does not invest as a limited partner in third-party funds.

The firm states its portfolio spans all sectors, but each of its eight funds carries sector-specific eligibility rules tied to public guarantee conditions. There is no publicly stated list of excluded sectors; constraints are determined at the individual fund level rather than by a firm-wide exclusion policy.

The firm primarily uses silent participations with fixed 10-year terms, a fixed interest component, and a profit-linked return — instruments that resemble mezzanine debt more than equity. It has historically held no direct board seats or voting rights in most deals, though it has recently announced plans to shift toward open equity stakes and a more active governance role.

The funds are capitalized with backing from public guarantee institutions, particularly the Bürgschaftsbank Schleswig-Holstein, rather than from private limited partners or family wealth. This public-guarantee architecture defines its mandate to serve companies across the state regardless of sector or size.