A Guide for German GPs: Raising Global Capital Without Operational Burden
- Titanbay
- Jun 9
- 5 min read
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.
Thank you
For more information on how Titanbay can support your firm’s capital raising,
contact Richard Kiddle
📄 Download the full whitepaper: A Guide for German GPs: Raising Global Capital Without Operational Burden
Footnotes & Important Disclosures
Important Disclosures This material has been prepared by Titanbay Ltd and its affiliates (together, “Titanbay”) for informational purposes only, for sophisticated and eligible investors only. It is not and may not be relied on in any manner as legal, tax or investment advice, any recommendation or opinion regarding the appropriateness or suitability of any investment strategy, or as an offer to sell or a solicitation of an offer to buy any financial instrument. Titanbay does not provide investment advice or make recommendations. All information and any statements presented herein are considered to be accurate at the time of production unless otherwise stated and have been prepared from sources we believe to be reliable. No representation or warranty or guarantee, expressed or implied, is given as to the truth, accuracy or completeness of the information or opinions contained herein. No reliance may be placed for any purposes on the information or opinions contained in this communication and material aspects of descriptions contained in the communication and supporting materials are subject to change without notice. Non-affiliated entities mentioned are for informational purposes only and should not be construed as an endorsement by or sponsorship of Titanbay. Any forecasts, figures, investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. Any views, opinions and estimates expressed herein constitute personal judgments of the presenters, are based on current market conditions and are subject to change without notice. This communication in no way constitutes Titanbay research and should not be treated as such. Investment in private placements, and private equity via feeder funds in particular are complex, highly illiquid, and speculative in nature and involve a high degree of risk. The value of an investment may go down as well as up, and investors may not get back their money originally invested. Investors who cannot afford to lose their entire investment should not invest. Past performance is not indicative of future performance. There can be no assurance that any current or future investments will achieve results comparable to historic results or that any investment objectives or return targets will be met. For private equity investments via feeder funds, investors will typically receive illiquid and/or restricted membership interests that may be subject to holding period requirements and/or liquidity concerns. Investments in private equity are highly illiquid and those investors who cannot hold an investment for the long term (at least 10 years) should not invest. This material is strictly confidential and may not be disclosed, reproduced, copied, distributed, or published (in whole or in part) by the recipient without the prior written consent of Titanbay unless required by law or a regulatory authority. This material is not for distribution in any jurisdiction or country where such distribution would be contrary to local law or regulation. Titanbay is not responsible for any error or omission in this material, nor do they accept liability (including in negligence) for any losses arising out of or in connection with the use of or reliance on this material. Titanbay Ltd is an appointed representative of Brooklands Fund Management Limited, which is authorised and regulated by the Financial Conduct Authority in the UK (FRN: 757575).
