A Guide for German GPs: Raising Global Capital Without Operational Burden

How Titanbay supported Picus Capital in raising ~€100M across multiple investor regimes - enabling a streamlined, scalable fundraising process.

For many German GPs, attracting capital from international investors is an increasingly important part of their growth strategy. Yet, doing so through a German-domiciled fund presents structural and operational challenges—from onboarding and compliance to fund marketing and documentation. Managing multiple investors can significantly slow a raise and divert internal resources away from investor engagement and capital deployment.

Titanbay is designed to address precisely this challenge.

Our recent partnership with Picus Capital, a leading Munich-based venture firm, demonstrates how a tailored fund structure—supported by a regulated, end-to-end platform—can unlock meaningful international capital in a compliant and operationally efficient way.

The Challenge: A German-Domiciled Fund with Global Investor Demand

Picus was in the process of raising Venture Fund II, their second flagship vehicle. While the fund ultimately closed at its €250 million hard cap - more than double the size of its predecessor - the team was equally focused on broadening access. Alongside strong institutional demand, they wanted to enable a wider set of investors to participate, including HNWIs, private wealth clients, and regulated institutions across Europe and beyond.

The challenge was clear: the German fund structure presented obstacles for onboarding global investors. Managing multiple subscription processes, varying regulatory classifications, and jurisdiction-specific requirements would have been slow, resource-heavy, and potentially disruptive to the core fundraise.

To execute efficiently and compliantly, Picus needed a way to simplify access, without changing the fund’s legal structure or overextending the team.

The Solution: A Bespoke Structure for Global Access

To meet this need, Titanbay established a fully managed Luxembourg feeder fund, designed specifically for German-domiciled funds seeking to raise international capital. The feeder fund was launched on our Luxembourg SCSp-RAIF platform and is managed by our in-house Alternative Investment Fund Manager (AIFM). This vehicle aggregated capital from global investors and committed into Venture Fund II as a single LP—preserving a clean governance and reporting line for Picus.

This structure created a clear, compliant path for a wide range of investors to access the fund—including leading institutions such as M&G and Wilshire, both of whom invested into Venture Fund II via Titanbay’s independent platform.

The Execution: ~€100M Raised across 46 Regimes

Through this structure, Titanbay successfully onboarded a diverse range of investing entities, spanning multiple investor regimes worldwide. Underlying investors included individuals, private companies, regulated institutions, trusts, partnerships, and LLCs, each requiring tailored onboarding, documentation, and compliance processes.

Titanbay managed the entire operational lifecycle:

• Investor onboarding and classification

• KYC/AML reviews across jurisdictions

• Subscription documentation, including side letters

• Capital call execution and investor servicing

• Regulatory-compliant marketing

• Digital access to reporting, portfolio tools and documents

  
  

All of this was delivered under Titanbay’s AIFM, removing the operational burden from Picus and enabling their team to focus entirely on capital deployment and fund formation.

Why This Matters for German GPs

For any German GP looking to access international capital, this model provides a proven, compliant, and low-touch solution.

It enables:

1. Global access

Through our Luxembourg platform, we can accommodate a broad range of international investor types and jurisdictions.

2. Operational efficiency

Titanbay acts as a single LP on your cap table, while managing dozens of underlying investors behind the scenes.

3. Full compliance

Our in-house AIFM’s regulatory permissions ensure all activity, from marketing to onboarding, is aligned with applicable regulations.

A Scalable Model for the Future

Picus’s experience demonstrates that it is not only possible to raise global capital through a German fund, it is possible to do so efficiently, at scale, and without internal disruption.

At Titanbay, we provide the infrastructure, regulatory expertise, and operational execution required to support successful fundraising from a broader investor base, whether for a first-time fund or a multi-billion platform.

If you are a German GP looking to accelerate your capital raising efforts and reduce the operational complexity that comes with managing multiple underlying investors, we would be pleased to speak with you.