What’s the largest German private equity family office by AUM?

After a detailed examination of the German family office market by the familyofficehub.io research team, we have identified Susanne Klatten’s investment vehicle, SKion GmbH, as the largest German family office with a private equity focus. While Klatten’s wealth is estimated at $25 billion, her family office was managing around $7 billion in 2023, which we estimate to have increased significantly since then. Due to the streamlined private equity strategy, we see SKion as the top private equity-focused family investment vehicle in Germany.

The investment focus of SKion

SKion GmbH, the investment company of German entrepreneur Susanne Klatten, pursues a long-term, strategic investment approach, focusing on companies with sustainable and proven business models, robust management structures, and a strong culture of leadership. The firm acts as a sparring partner for its portfolio companies, offering not only capital but also access to industrial networks and strategic expertise. Its investment horizon typically extends beyond a decade, aiming to accompany companies reliably through business, industry, and technology cycles.

Target sectors and investment size

SKion targets companies with revenues between €300 million and €2.5 billion, with a preference for sectors such as industrial goods and services, electrical engineering, optics, renewable energy and closed-loop material systems, IT and digitalization, and medical technology. In specific areas like water technology, SKion also invests in smaller firms through its specialized platform SKion Water. Sustainability and social responsibility are considered alongside financial returns when making investment decisions.

Portfolio Composition

SKion’s portfolio includes full ownership of ALTANA AG, a global specialty chemicals company, and SKion Water, a technology provider in water and wastewater treatment. It also holds significant minority stakes in publicly listed companies such as NORDEX SE (wind turbines) and SGL Carbon SE (carbon-based materials). Other private company investments include AVISTA OIL AG (oil and lubricant recycling), MultiMaterial-Welding AG (advanced bonding technologies), watttron GmbH (digital thermal management systems), BMZ Group (energy storage solutions), and Landa Digital Printing (digital printing technologies).

Regional Focus and Investment Structures

Geographically, SKion prioritizes investments in Germany, Austria, Switzerland, the Netherlands, the United Kingdom, and Scandinavia. The firm typically acquires significant minority stakes (over 25% of voting rights) to ensure governance rights, but it is also open to joint investments with other entrepreneurial families and like-minded investors. In several cases, such as with AVISTA OIL AG, SKion has structured acquisitions alongside partners like Bitburger Holding, securing 50% ownership each.

Water technology focus: SKion Water

Through SKion Water, the group has assembled a global portfolio of water technology companies, including full ownership of firms such as Paques (Netherlands), EnviroWater Group (Germany), Ovivo (Canada), Ecopreneur (Chile), and Enpure Limited (United Kingdom). These companies address both municipal and industrial water treatment challenges, and SKion Water actively supports collaboration and synergy realization across its holdings.

Picture Source: Getty Images, Unsplash+ (28.04.2025)