Target Partners

Investment decisions are made by the partnership group, which includes Kurt Müller, Berthold von Freyberg, Michael Münnix, Waldemar Jantz, and Johannes Landgraf. The firm's website lists them all as Partners, suggesting a flat, consensus-driven structure rather than a single CIO or CEO. The team is supplemented periodically by Venture Partners who extend sector expertise without altering the core decision-making unit.

Target Partners sources deal flow through a combination of technical networks, board relationships, and a proprietary event series called TechBrunch. TechBrunch events run across German cities — including Munich, Berlin, Leipzig, and Aachen — and gather entrepreneurs for informal networking. The firm also cites decades of combined software development experience among its partners, which allows them to evaluate technical founders and products earlier than most financial investors.

Target Partners operates as a pure venture firm, not a family office. It deploys its own partnership capital directly into early-stage technology companies and maintains board seats rather than providing family-office services such as tax, estate, or concierge planning. The firm is classified in Altss records as an Asset Manager, with a strategy covering Seed, Start-up, and Growth stages.

The firm's known activity is confined to direct equity investments in early-stage technology companies. There is no public record of Target Partners committing capital to external funds as a limited partner. Its investment model relies on direct equity rounds, co-investments alongside other venture firms, and ongoing board-level engagement.

Target Partners does not publicly list excluded sectors, but its portfolio reveals a strict focus on enterprise and deep technology. It has avoided consumer internet, fintech marketplaces, and biotechnology. The firm's own tagline — "Engineers at heart" — and its portfolio composition signal an aversion to non-technical business models or sectors that do not involve significant software and hardware R&D.

The firm co-invests routinely. Portfolio company funding rounds frequently list outside investors — for example, Intel Capital co-led the $12.5M Swarm64 Series B in 2018, and Amazon participated in a $46M round for tado° in 2021. Target Partners does not appear to operate a blind-pool fund; instead, it appears to syndicate each round directly with selected co-investors.