DBAG ECF III (DBAG Expansion Capital Fund Second New Vintage) has structured three management buyouts of mid-market family businesses; two of the companies were sold by their founders. Two companies have a business model from the broadband telecommunications sector, the third is a software developer.


Company Sector Acquired Realised
Deutsche Infrastruktur und Netzgesellschaft mbH (DING); merger with vitronet in May 2021 Broadband/telecommunications November 2019  
Solvares IT services & software October 2018  
BTV Multimedia Broadband/telecommunications August 2018  



Since 2017, the investors renew their capital commitments every two years. The fund can thus commit to investments with a term of about ten year, which is important especially for growth financings.

DBAG ECF III ran from June 2018 to December 2020.


DBG Managing Partner GmbH & Co. KG, the manager of DBAG ECF II, adheres to the guidelines on “Sustainability and Responsible Investment” published on this website. When making investment decisions, it incorporates sustainability-related opportunities and risks and considers beneficial as well as detrimental impacts that such investment decisions can have on sustainability factors. Particular consideration is given to the following sustainability factors:

  • Environment: professionally managing and minimising damage to nature
  • Employment and social affairs: promoting good working conditions, high social standards as well as making a positive contribution to society
  • Corporate governance and business ethics: adherence to the highest possible standards and promoting good business practices.