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Teleios Capital Partners
Teleios Capital Partners was founded in 2013 by Maxim Bril and Adam Epstein, establishing its headquarters in Zug, Switzerland. The firm operates as an...
Teleios Capital Partners
Teleios Capital Partners was founded in 2013 by Maxim Bril and Adam Epstein, establishing its headquarters in Zug, Switzerland. The firm operates as an independent, partner-led investment manager with a concentrated, research-intensive approach to European public equities. The firm deploys capital through a long-only, concentrated value strategy across Western European mid-cap equities. Teleios builds positions in companies where it believes a valuation discount exists relative to intrinsic value, often engaging constructively with management and boards to catalyze change. Public record confirms the firm has held significant positions in companies spanning the technology, industrial, and media sectors, including Software AG, TeamViewer, and G4S. The geographic footprint centers on the DACH region, the UK, and the Nordics. Teleios runs a lean team from its Zug office. In May 2024, the firm publicly opposed the terms of Silver Lake's take-private offer for Software AG, a position that reinforced its reputation for active shareholder engagement (per Reuters, May 2024). Rather than spreading across hundreds of names, the partnership concentrates on a small portfolio, allowing deep fundamental work on each holding. Teleios's governance-engagement model distinguishes it from broader passive funds. The firm takes large minority stakes — often becoming a top-three shareholder — and uses that position to advocate for operational improvements, capital allocation changes, or strategic sales, a concentrated-activism approach that demands direct relationships with European corporate boards.
General information
Firm type
Bank / Wealth / Trust
Year founded
2013
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Zug
Corporate office
Zug, Switzerland
Principals
Maxim Bril
Co-Founder & Managing Partner
Adam Epstein
Co-Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Teleios Capital Partners?
Investment decisions are led by co-founders Maxim Bril and Adam Epstein, who serve as the firm's managing partners. Teleios operates with a flat, partner-led investment committee structure from its single office in Zug. The concentrated portfolio — typically under a dozen positions — means both co-founders are directly involved in every investment and subsequent engagement campaign.
What is Teleios Capital Partners' investment strategy?
Teleios is a long-only, concentrated public-equity investor focused on Western European mid-cap companies. The firm identifies undervalued businesses and takes significant minority stakes, often becoming a top-three shareholder. The strategy relies on constructive engagement with management and boards to improve operations, capital allocation, or corporate structure. Teleios does not run a diversified fund-of-funds or private-market strategy.
Does Teleios Capital Partners invest outside of Europe?
Teleios's mandate is primarily focused on Western Europe, with particular concentration in the DACH region (Germany, Austria, Switzerland), the United Kingdom, and the Nordics. The firm has not disclosed a dedicated vehicle for North American or Asian equities.
How does Teleios engage with portfolio company management?
Teleios practices constructive shareholder activism. Because the firm holds concentrated positions and is often among the largest shareholders, it gains direct access to management and supervisory boards. The firm's May 2024 opposition to the Silver Lake-Software AG deal terms illustrates the approach: Teleios uses its shareholder rights to argue for higher value realization for all shareholders, not just the controlling parties.
Is Teleios a family office or an asset manager?
Teleios Capital Partners is an independent asset manager, not a family office. The firm was founded in 2013 by Maxim Bril and Adam Epstein as an investment partnership. It does not manage a single family's wealth, nor has it disclosed an original wealth source from prior industrial or entrepreneurial liquidity.
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