Our focus is on platform investments in DACH, Benelux and the Nordics. Add-on acquisitions are possible globally.

Software is at the centre of every digitalisation agenda and increasingly the layer through which AI reaches the end user. Tech-enabled services deliver and run that software - and turn technology into a measurable productivity uplift, often in traditionally people-intensive businesses. Both benefit from recurring revenue, high switching costs and scalable delivery models.

In software we invest in enterprise and vertical applications that own a defensible niche - typically mission-critical systems embedded in a customer's daily workflow. Tech-enabled services span two groups: specialised providers around the software ecosystem - from implementation and hosting to field service management and cybersecurity - and people-intensive service businesses whose output rises sharply once technology is embedded in delivery.

Automation, electrification and energy efficiency are reshaping industrial value chains, while persistent labour shortages accelerate the shift. We look for niche leaders whose technology is hard to replace.

We invest in automation and robotics, smart infrastructure and critical industrial components, as well as in industrial software and precision manufacturing for high-end applications - typically with an installed base that generates recurring service and consumables revenue.

Healthcare demand is essential, regulated and supported by demographics. Certification, approvals and intellectual property create high barriers to entry, and consumables add a recurring revenue layer.

We invest in healthcare services with clear consolidation and professionalisation potential, and in MedTech and healthcare IT where proprietary technology and regulatory approval build a durable competitive position.