# Tennor Tennor is a Private Equity based in London, Netherlands. ## Overview - **Organization type:** Private Equity - **Headquarters:** London, Netherlands - **Region:** Europe - **Address:** Amsterdam, Netherlands - **Founded:** 2009 - **Assets under management:** Undisclosed - **Website:** tennor.com - **LinkedIn:** https://www.linkedin.com/company/tennor-international-ag ## Regulatory record - **Reports private funds:** No ## About Lars Windhorst launched Tennor in 2009, rebooting his career as a financial operator after the widely reported implosion of his earlier ventures. Windhorst, who became one of Germany's youngest CEOs at age 16 with Windhorst Electronics, later saw his conglomerate, Windhorst Technologies, enter insolvency in the mid-2000s. Tennor was built as a clean-slate vehicle, headquartered in Amsterdam with additional offices in Berlin and Zurich, raising capital from sovereign, institutional, and private investors rather than from a disclosed single-family wealth base. The firm's identity remains closely tied to Windhorst's personal reputation and network. Tennor pursues a conviction-heavy strategy spanning public and private markets, with a focus on control and influential minority positions. The firm deploys across buyouts, growth equity, special situations, and restructurings — a mandate that allows it to pivot across capital structures when opportunities arise. Publicly disclosed portfolio activity has included a major stake in German football club Hertha BSC, the acquisition of yacht builder Nobiskrug, and a significant but contentious position in Dutch payments company Adyen through margin loans that later unwound under public scrutiny (per Financial Times, 2020). Tennor has also engaged in direct lending and has placed capital into distressed industrial assets, underscoring a multiform approach rather than a standard fund structure. Tennor's scale and team size are not publicly disclosed. Windhorst has historically cultivated relationships with sovereign wealth funds and ultra-high-net-worth individuals to back specific deals, often structuring investments on a deal-by-deal or co-investment basis. The firm does not publicly market commingled fund vehicles, and its operational cadence is closely tied to Windhorst's own activity. In recent years, legal disputes with creditors and former partners have periodically surfaced in European commercial courts (per Handelsblatt, 2023), framing a risk profile defined by Windhorst's personal entity. Tennor's structural differentiator lies in its operation as a personal investment company with sovereign-grade backing, rather than as a traditional private equity fund manager. This configuration grants Windhorst unilateral decision-making authority and the ability to move quickly on off-market situations — particularly in distressed or complex European assets where institutions move slowly. The flip side is an unusually concentrated governance risk tied to a single principal, making the firm as much a trading vehicle for Windhorst's financial and reputational recovery as it is a conventional asset manager. ## Sectors - Buyout - Growth - Special Situations - Restructuring ## Offices - Berlin, Germany - Zurich, Switzerland ## People - Lars Windhorst — Founder ## Questions ### Who controls investment decisions at Tennor? Lars Windhorst, as founder and sole named principal, retains ultimate control over Tennor's investment decisions. The firm does not publicly disclose an investment committee or partner group independent of Windhorst, and its deal activity consistently reflects his personal network and strategic interests. This concentrated governance means counterparties and co-investors are effectively underwriting Windhorst himself. ### What is Tennor's relationship with Hertha BSC? Tennor, through Lars Windhorst, acquired a significant minority stake in Hertha BSC starting in 2019, ultimately investing a reported €374 million into the Berlin-based Bundesliga club. The relationship soured amid public and legal disputes over governance, financing terms, and performance. By 2023, a Dutch court had ruled against Windhorst in related bondholder litigation, and the club moved to distance itself from the investor (per Financial Times, 2023). ### Where does Tennor's capital come from? Tennor accesses capital from private, sovereign, and institutional investors. Specific limited-partner or co-investor identities are not publicly disclosed in a consolidated form. Windhorst's career-long relationships with sovereign wealth funds, particularly in the Middle East, have been cited in media reports as a recurring source of backing for his ventures (per Financial Times, 2020). ### What sectors does Tennor typically avoid? Tennor does not publish an explicit exclusion list. Its deal history shows a bias toward industrial, consumer, and special-situation assets in Europe, with limited evidence of activity in early-stage technology, biotech, or regulated financial services. The firm's avoidance patterns are best inferred from the opportunistic, distressed-adjacent nature of its completed transactions rather than from stated policy. ## Related profiles - [TenNine.vc](https://altss.com/profile/tennine-vc) - [TenOneTen Ventures](https://altss.com/profile/tenoneten-ventures) --- Last updated: 2026-08-11T02:43:31.692Z Canonical page: https://altss.com/profile/tennor Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology