Private markets
Infrastructure / Private Debt / Private Equity
Our services
„Ideas are the beginning points of all fortunes.“
Napoleon Hill (1883-1970, American writer)
YIELCO Investments – our offering
Institutional investors face the challenge of generating sustainable and stable returns in a volatile capital market environment. Investment products listed on a stock exchange are exposed to market forces and often have to deal with price volatility, which is based more on psychological than fundamental factors.
Our approach
YIELCO Investments focuses on alternative investments that generate attractive and long-term predictable income. Asset classes with stable, ongoing returns and a conservative risk profile such as infrastructure and private debt are the focal point of our service offering. In addition, YIELCO invests in the segment of private equity with emphasis on special situations such as restructuring, carve-outs and distressed debt. The focus is on achieving an attractive total return. For all product areas, YIELCO prefers smaller and mid-sized transactions, as the ratio of capital supply and demand is generally the most favourable and therefore more likely to generate attractive risk premiums. For all investment programs and investment solutions, we place importance on optimal diversification over time.
Our network
With more than 20 years of a global network that YIELCO’s partners have built up, investors gain access to the world’s leading fund managers through multi-manager portfolios or customized investment solutions called “managed accounts”. The manager selection follows a systematic selection process with a long proven track record. A proprietary scoring model ensures high transparency and comparability. In addition, YIELCO offers its clients asset management and advisory services for alternative investments in the areas of asset allocation, market research and monitoring as well as specific structuring solutions, especially with regard to the requirements of institutional investors in Germany.
„If you want to achieve something, you have to dig deep, distinguish sharply, connect in many ways and persevere.“
Friedrich von Schiller (1759-1805, poet, philosopher)
The company
„To be successful, you have to have your heart in your business, and your business in your heart.“
Thomas John Watson, Sr. (1874-1956, Chairman of the board IBM)
YIELCO Investments is led by experienced investment experts who have been assisting institutional investors in all areas of alternative investments for an average of 15 years. This experience explains the deep knowledge of the relevant tax and regulatory frameworks. On this basis, YIELCO has developed an innovative product and service offering characterized by attractive conditions and a high degree of alignment of interests with customers. An international advisory board complements the expertise with extensive experience in direct investments. Optimally diversified multi-manager portfolios and individual requirements-based managed accounts enable investors to set up fund portfolios cost-effectively in the following segments:
Infrastructure (equity investments in core, core plus and opportunistic investments)
Private debt (first and subordinated loans for SMEs, specialty lending, distressed debt)
Private equity focusing on special situations (equity investments for complex buyouts, carve-outs and restructurings)
YIELCO’s customer base consists of leading insurance companies, pension funds, financial service providers and (multi) family offices.
Our management
„Anyone who teams up with others, can achieve anything.“
(Author unknown)
Uwe Fleischhauer
is a member of the executive board at YIELCO Investments AG. Between 1998 and 2011 he was self-employed at Fleischhauer, Hoyer & Partner (FHP), Private Equity Consultants, where he focused exclusively on the asset classes private equity, infrastructure, mezzanine and private debt. Besides advising institutional investors, he regularly conducted widely regarded market studies and empirical studies. Prior to becoming self-employed, he was a consultant/project leader at international consulting firms (Mercer Management Consulting and Arthur D. Little). He holds a degree in business administration and a postgraduate degree in “European Enterprise Management” after periods of study in the United Kingdom and Spain.
Claudio Ghisu
is a partner at YIELCO Investments AG and managing director at YIELCO Investments (Switzerland) AG. Before joining YIELCO, Claudio worked as a portfolio manager for private equity at UBS Asset Management for over 5 years. He was responsible for the latest fund of funds flagship products and for several institutional mandates. During this time, he also covered investments in Asia. Before joining UBS, Claudio was a co-founder and partner at Diamond Asset Advisors, an investment boutique in the private markets sector. Claudio began his career in the private market industry at Adveq Management AG (today SchroderAdveq) in 2005. Claudio holds an MBA from the William E. Simon Graduate School of Business Administration at the University of Rochester, New York (USA) and a master’s degree from the University of Bern (Switzerland). He also holds a federal certificate as a specialist in finance and accounting. Claudio Ghisu is fluent in German, English, French and Italian.
Boerge Grauel
is a member of the executive board at YIELCO Investments AG. From 2006 to 2018 he was a managing director at Golding Capital Partners, responsible for sourcing, assessing and selecting Private Debt funds (senior debt, mezzanine, credit opportunities, distressed) as well as portfolio management. Previously, Boerge was a consultant at L.E.K. Consulting in Munich and London, focusing on Private Equity. Boerge holds a degree in business administration and international management (Diplom-Kaufmann) from the University of Bamberg and Madrid and is a CFA Charterholder.
Iwan Heiz
is partner at YIELCO Investments AG and managing director at YIELCO Investments (Switzerland) AG and will be responsible for Fund Finance at YIELCO. Prior to joining YIELCO, he was responsible for Product Management/Finance in the area of multi-manager products for infrastructure and private equity at UBS Asset Management for about 20 years (from 2002 to 2022). In addition, in 2017, as part of the merger with multi-manager Real Estate, he assumed technical responsibility for the entire platform. Since the beginning of 2021, he was additionally responsible for fund accounting of direct investments in Real Estate in Europe ex. UK. He represented the bank in various internal and external management bodies such as supervisory boards and management boards of funds and fund management companies. Previously, he was an analyst at Dow Jones Indexes in Zurich and worked at Nifco in Tokyo. He holds a BEc with specialization in Finance and Japanese language from Macquarie University in Sydney, Australia.
Dr. Peter Laib
is chairman of the supervisory board at YIELCO Investments AG. Up to 2011, Peter was managing director and member of the investment committee and executive at Adveq, a globally active private equity investment manager with € 4 billion of assets under management, for 11 years. He gained extensive experience in the establishment and management of the company as well as the conceptual design and management of alternative investment products. Prior to that, he was engaged in management activities in strategy consulting at A. T. Kearney and held operating positions at Robert Bosch GmbH and Siemens AG. He holds a degree in business administration (Diplom-Kaufmann) from the University of Augsburg, a master of arts in economics from Wayne State University, Detroit, and a PhD in strategic management from the University of Munich (LMU).
Dr. Armin Otterbach
is a member of the executive board and chief financial officer at YIELCO Investments AG. From 2007 until 2012, Armin worked in the finance and fund accounting department of the private equity funds-of-funds manager von Braun & Schreiber Private Equity Partners. As CFO, he was responsible for investor relations and a portfolio of over € 800 million. Prior to that, he worked for a mid-sized tax consulting and accounting firm focusing on auditing and advising corporations, real estate companies, special funds and high net worth individuals. He holds a degree in business administration (Diplom-Kaufmann) and wrote his PhD thesis on investment taxation law at the chair of Prof. Dr. F. Kirchhof, judge at the German Federal Constitutional Court.
María Sanz García
is a member of the executive board at YIELCO Investments AG. Prior to that, she was a partner and founding member of SwanCap Partners (2014-2018), where she assumed co-responsibility for the Private Equity investment program and business development. Prior to joining SwanCap Partners, Mrs. Sanz was a director of Unicredit´s Principal Investments division, where she helped build and oversee the bank´s Private Equity portfolio for over ten years. Mrs. Sanz began her career in 1997 as an Institutional Sales employee for FX and interest rate derivatives in the International Markets division of the HVB Group, where she worked for seven years, and assisted institutional investors and central banks in Europe, America and Africa from the Munich and London offices. Mrs. Sanz has a double degree in International Management from the Universidade Pontificia de Comillas (ICADE) in Madrid and the ESB Business School in Reutlingen and is a CFA Charterholder.
Dr. Matthias Unser
is a member of the executive board at YIELCO Investments AG. Between 2001 and 2011, he held senior management positions at leading European funds-of-funds managers (DB Private Equity, Sal. Oppenheim Private Equity Partners, VCM Capital Management) where he was responsible for private debt (mezzanine, distressed debt, credit opportunities and infrastructure) fund commitments totalling over € 800 million. Prior to that, he was a senior consultant for corporate finance at PricewaterhouseCoopers. He holds a degree in business administration (Diplom-Kaufmann), a PhD in finance from the University of Bamberg and is a CFA Charterholder.
Hans Allmandinger
Hans Allmandinger is a member of the Supervisory Board at YIELCO Investments AG and advisor to institutional investors. He has more than 35 years of experience in asset management, of which he spent 30 at SV SparkassenVersicherung Stuttgart in leading roles in investment management, strategy and risk management. Mr. Allmandinger is a former bank officer and holds a master in economics from the University of Stuttgart-Hohenheim.
Tanja Gharavi
is a member of the supervisory board at YIELCO Investments AG, an independent consultant, and acts as an advisor for several well-known investors. Between 2001 and 2019 she was responsible for asset management at Hamburger Pensionsverwaltung (HPV), a comprehensive service provider in the field of corporate pensions. The innovative investment strategy she developed at HPV starting in 2001, includes a large proportion of Private Markets investments, with a focus on Private Equity and Private Debt fund investments. Before joining the pension fund industry, Tanja Gharavi was a portfolio manager at C.H. Donner Bank, Metzler Invest and Berenberg and looked after large institutional and private investors.
Our Senior Professionals
Dominik Bub
is a managing director at YIELCO Investments AG. Previously, he was an investment director at SwanCap Partners where he focussed on primary as well as secondary investments within Private Equity. Prior to joining SwanCap, Dominik was an associate director in UniCredit’s Principal Investment group, where he formed part of the team building the bank’s Private Equity portfolio. Before the establishment of the Principal Investments group, Dominik was a member of the investment banking unit of HypoVereinsbank in New York and Munich. He holds a master degree in Business Administration (Dipl. Kaufmann) studying at the University of Bayreuth and Università Cattolica Milan.
Manuel Deimel
is a managing director and head of co-investments at YIELCO Investments AG. Mr. Deimel has more than 12 years of investment experience in direct and co-investments as well as private equity fund investments. A founding member of SwanCap, his focus was primarily in the area of direct co-investments, in his most recent role as a Senior Investment Director. Before that, he was active in the Principal Investments and Leveraged Finance at UniCredit / HVB AG for 9 years, where he was responsible for various co-investments and debt financings with well-known private equity firms. Mr. Deimel started his career in equity research and M&A at ING/BHF Group and HypoVereinsbank. Mr. Deimel holds a degree in business administration (University of Regensburg and European Management and Business School Swansea) and is a Chartered European Financial Analyst (CEFA).
Natalie Gnesa
is managing director and COO at YIELCO Investments AG. She previously worked at UniCredit Bank AG as a director in various departments for 13 years. There, Natalie’s focus was on private equity investments, where she was responsible for valuation, accounting, tax, reporting and structuring of private equity co-/direct investments as well as for managing the principal investments area. Natalie was also active in structured finance on the loan side within portfolio management and has held board and management positions at subsidiaries of UniCredit Bank AG. Natalie began her professional career at EY and was a team leader in auditing and consulting from 2001 to 2007. She graduated with a diploma in Business Administration from the University of Bamberg.
Alexander Kurth
is a managing director finance at YIELCO Investments AG. From 2010 until 2017 he was responsible for the administration of von Braun & Schreiber Private Equity Partners, a private equity fund of funds manager. Simultaneously, starting from 2012, he was employed at AssetMetrix, a financial service company for private capital investors. For both companies he headed the operations teams as an authorized representative. His duties ranged from data collection and reporting to investor relations for customer portfolios with a total volume of € 7 bn at the end of 2017. In the eight years prior to this, Alexander Kurth worked in leading roles as controller/group controller for companies in various industry areas. Mr. Kurth holds a business degree (Diplom Kaufmann – equivalent to MBA) of the University of Bayreuth.
Julián Álvarez
is a director at YIELCO Investments AG, and Country Head of the Spanish subsidiary, located in Madrid. Between 2012 and 2023, he worked as Investment Manager in alternatives for Mutua Madrileña, a leading Spanish insurance company based in Madrid, where he participated in the construction of the illiquid alternative investments portfolio in Private Equity, Infrastructure and Private Debt. In addition, he was involved in the set-up of alternative investment vehicles for third parties with the Group asset manager (Mutuactivos) in Private Equity. He worked previously as a Senior manager in Transaction Services for EY in Madrid between 2006 and 2012. He began his career in Banco Santander between 2000 and 2005. Julián holds a bachelor in business administration in CUNEF (Madrid) and specialized programs in alternative investment.
Malte Frederichs
is an investment director at YIELCO Investments AG. Between 2017 and 2020 Mr. Frederichs worked at Siemens Fonds Invest. He helped with the selection of private equity fund investments and supported with the expansion of the global alternative assets program. Previously, he was employed by AssetMetrix (2015-2017), a financial service company for private capital investors. Mr. Frederichs holds a master of science in business management and economics of the University of Würzburg and a bachelor of arts in international business studies of the University of Paderborn.
Cédric Frei
is a director at YIELCO Investments (Switzerland) AG, a subsidiary of YIELCO Investments AG, Munich. Between 2016 and 2019, he worked as a private equity product specialist at UBS Asset Management (Zurich), where he supported the set-up of several new products and served institutional clients. Previously, Mr. Frei worked in auditing at KPMG in Zurich. During his studies, he gathered almost three years of experience in an investment boutique in the field of real asset investing. Cédric Frei holds a bachelor of business administration and master’s degree in accounting & finance from the University of St. Gallen (HSG), Switzerland.
Andrej Gustin
is director at YIELCO Investments AG and is responsible for the distribution of all the YIELCO fund products and for the investor relations in the Swiss market. Before joining YIELCO, Mr. Gustin was working for 7 years as Advisor to the Board of a regulated Investment Banking Boutique in London with focus on Venture Capital and Private Equity and was mainly responsible for parts of the Due Dilligence Process as well as the organisation of the whole fundraising process. Mr. Gustin also advised institutional clients in relation to Venture Capital and Private Equity funds. Prior to this Mr. Gustin was working in Sales and Advisory for structured investment products in Investment Banking, amongst others for HSBC Global Markets in London. From 2002 to 2006 Mr. Gustin worked in Sales and Advisory for Fixed Income at Credit Suisse and built-up the Fixed Income Sales and Advisory Desk for Credit Suisse Asia Pacific in Hong Kong and Singapore. Mr. Gustin started his career as portfolio manager at Zürcher Kantonalbank and Credit Suisse. Mr. Gustin holds a BA in Business Administration from the University of Applied Sciences in Zurich and a Dual Masters (MA/MSc) of Finance and Investments from the London School of Business and Finance with specialisation in Investment Banking.
Dr. Marc Hennies
Dr. Hennies is a sales executive at YIELCO Investments AG and founder of Hennies Alternatives Advisory GmbH. From 2018-2021, he was head of the sales department at Helaba Invest. He joined Helaba Invest in 2008 as a relationship manager responsible for the acquisition and support of institutional investors across all three business areas (Master-KVG, securities and real estate/alternative assets). He was previously a relationship manager in the public sector sales division at Helaba-Landesbank Hessen-Thüringen. He started his professional career in the investment management division of Goldman Sachs in Frankfurt. He holds a degree in business administration (Diplom-Kaufmann) from the University of Erlangen-Nuremberg and a PhD in auditing from the University of Erlangen-Nuremberg
Daniel Höltschl
is a director at YIELCO Investments AG and jointly responsible for the Business Development/Sales Germany. He started his career in 2006 with Societe Generale Investment Bank, London as a sales specialist for structured investment products to institutional clients in Germany and Austria. Via several stations at internationally active banks, he was most recently from 2017 to 2022 responsible for the distribution of fixed income and cross asset products to German Pension Funds at Deutsche Bank AG, Frankfurt. Daniel holds a master’s degree in business administration from the University of Passau, Germany.
Dr. Britta Lorenz
is a director and General Counsel at YIELCO Investments AG. Dr. Lorenz has many years of legal expertise in the areas of private equity, stock corporation and corporate law and corporate governance. She started her career at UniCredit Bank AG in the legal department with a focus on international legal issues and structured finance, where she advised on numerous large acquisition and project finance transactions. Subsequently, as a director in the Principal Investments department, she was responsible for structuring and negotiating co-/direct fund investments as well as for legal support of the private equity portfolio. Last, she headed the Corporate Office – Supervisory Board of UniCredit Bank AG and advised the Management Board and Supervisory Board on all issues of stock corporation and supervisory law as well as corporate governance. Dr. Lorenz completed her doctorate in corporate law at the University of Hamburg and she is admitted to the Munich bar.
Dr. Volker van Rüth
is a director at YIELCO Investments AG and is responsible in particular for the segments savings banks, VR banks and independent asset managers. Before joining YIELCO, Dr. van Rüth was managing director of Warburg Invest in Hamburg from 2011 and CEO of BayernInvest in Munich from 2015, where he was responsible, among other things for the areas of fund management and sales. From 2005 to 2010, he was a personally liable partner of the private bank Hauck & Aufhäuser in Frankfurt and responsible for the (customer) segments “Independent Asset Managers”, “Institutional Clients / Asset Management” and “Treasury”. Between 1993 and 2004, he worked for the Landesbank Baden-Württemberg in various areas of the securities business, most recently as spokesman for the management of the then SüdKapitalanlagesellschaft in Frankfurt and as head of the institutional asset management division in Stuttgart. Dr. van Rüth is a banker and graduate in business administration and gained his doctorate in banking and business management at the University of Mannheim.
Konstantin Schuster
is an investment director at YIELCO Investments AG. Between 2012 and 2015, he studied economics and holds a bachelor of science in economics from the University of Regensburg. Alongside his work, Konstantin earned a master’s degree in finance and accounting at the FOM Munich in 2019. As part of his thesis, he analysed the risk-return profile of pivate debt investments.
Michael Stachowski
is an investment director at YIELCO Investments AG and in the infrastructure team at YIELCO. Between 2014 and 2022, he was a product manager at Wealthcap Kapitalverwaltungsgesellschaft (100% subsidiary of UniCredit Bank AG) for about 8 years, where he was responsible for the set-up of several new (alternative investment) products and headed the Alternative Investments Product Management team, focusing on private equity and infrastructure. Previously, Michael was part of UniCredit’s Principal Investments unit with his focus on Private Equity Co-Investments and bespoke financing solutions. Additional previous positions were in UniCredit Bank AG’s Corporate Finance and Research & Strategy departments. Michael holds a Bachelor of Business Administration in International Business & Management from the Hanzehogeschool Groningen, Netherlands and is a CFA Charterholder.
Our industry board
„Half of success is being able to listen.“
Calvin Coolidge (1872-1933, American politician, 30th president of the United States (1923-1929))
Dajana Brodmann
has been active in the asset management of the E.ON Group since November 2015 and is responsible for investments in private equity and infrastructure for the German Pension Fund (CTA). Prior to joining E.ON SE, she spent four years as head of alternative investments and equities at the Pension Fund of the Auditors and Chartered Accountants in the state of North-Rhine Westphalia (WPV) and over six years as the deputy head of alternative investments at the Bayerische Versorgungskammer (BVK) in Munich. Dajana is a graduate in business administration, a CAIA charterholder and lecturer at the EBS Executive Education of the EBS University of Economics and Law, in Wiesbaden/Rheingau.
Axel Veeser
is head of the wind energy business unit of the BayWa r.e. Group, Munich. Within the BayWa Group, the BayWa r.e. Group is engaged in the global activities of renewable energies in the core segments of agriculture, energy and construction. Axel is responsible for the planning, realisation and sale of wind turbines worldwide. Previously, he worked in different positions within transaction and asset management for renewable energies, including Hideal Partners, Babcock & Brown and Unicredit. He holds a degree in business from the University of Stuttgart.
Dr. Ludger Vonnahme
has over 15 years of experience in mergers & acquisitions and financial services. He has also held senior management positions for more than 25 years, including Nordsee (CFO), Rodenstock (CFO), Lufthansa (Board Appointee at Director Level), Thomas Cook (Director and Head of Controlling) and Karstadt (Deputy Head Corporate Development). Until 2017, Dr. Vonnahme was CEO and owner of Capital Management Partners GmbH, a leading Special Situations fund manager in Germany. Additionally, he is Deputy Chairman of the Advisory Board of Hamburger Pensionsverwaltung, Chairman of the Advisory Board of the UKM Group and Chairman of the Board of Directors of River Opportunity Invest. Dr. Vonnahme is a graduate of the University of Cologne (Dr. rer. pol.), the University of Wisconsin, Madison (Master of Science in Economics) and the University of Bonn (Diplom-Volkswirt).
Jürgen Zirn
has over 30 years of management and leadership experience in institutional asset management. He started his career in 1990 in Asset Management at the Group Treasury of the former Daimler-Benz AG. There he was responsible for the securities investments of the group’s liquidity as well as the investments of the various pension funds. In 2000, his responsibilities included the establishment of a broadly diversified private equity portfolio for the pension funds. In 2007, he joined the investment fund company LBBW Asset Management as Managing Director, where he was consistently responsible for client relationship and institutional sales activities. In addition, he was responsible for risk management, IT and accounting for several years. After 13 years with LBBW Asset Management Mr. Zirn left at the end of 2020, at which time the company managed assets under management in the amount of approximately EUR 80 billion. Today he is active as a consultant and advisory board member. Mr. Zirn is a trained banker and holds a degree in business administration (University of Bayreuth).
Sustainability
„You may never know what results come of your action, but if you do nothing there will be no result.“
Mahatma Gandhi
For YIELCO, consideration of sustainable investment criteria when investing is an integral part of its corporate philosophy as well as in the selection of target funds. This sense of responsibility is also reflected in its overall strategy – the aim is to generate long-term, sustainable, and stable income.
In order to achieve such a sustainable risk-return profile, YIELCO avoids investments that have a general negative impact on the environment and society (risk minimization). At the same time, taking into account ESG factors in the due diligence process, targeted investments are made that address generally accepted sustainability standards in order to achieve the best possible risk-adjusted return (return optimization).
As a signatory to the UN Principles for Responsible Investment (UNPRI), YIELCO commits to implementing practical consideration of the sustainability concept with respect to the global sustainability agenda.
As part of our ongoing efforts to foster sustainable investing, YIELCO Investments is proud to supporter and signatory of the United Nations-supported Principles for Responsible Investment (PRI) since 2017.
The PRI is an international global network of asset managers, owners and service providers working together to put responsible investment into practice. The principles, which are voluntary, aim to provide a framework for integrating environmental, social and corporate governance (ESG) considerations into investment decision-making and monitoring process. We are committed to report on progress and achievements relating to the principles.
We are convinced that sustainable investments are a guarantee for long-term value creation and therefore have a positive impact on the performance of our investment programs in the long term.
We are proud to be a committed member of the ESG Data Convergence Initiative (EDCI), an industry-led initiative which aims to streamline the private investment industry’s historically fragmented approach to collecting ESG data and to create a critical mass of meaningful, performance-based, comparable ESG data from private companies.
We are delighted to be a Sponsor of Level 20, the not-for-profit organization established to inspire women to join and succeed in the private markets industry.
YIELCO Investments supports Level 20’s mission to encourage greater female representation across the private equity industry with the goal of having 20% of senior positions in the industry held by women and with a particular focus on increasing the number of women in investment roles.
We support Level 20’s five key initiatives to achieve this mission: mentoring and development; networking and events; outreach; advocacy; and research. We encourage our employees irrespective of gender to be active members of Level 20 by contributing to Level 20-led research, discussion groups and outreach events and participating in the annual mentoring program. Our firm’s engagement with these activities is led by our internal Level 20 Lead Partner Sponsor.
Career
YIELCO Investments AG is an independent and leading investment manager for infrastructure, private debt and private equity investments.
We are looking for employees in the following areas as soon as possible:
Not the right job here?
Then feel free to send us your unsolicited application. As an expanding company, we are always looking for open-minded, committed and professional employees. Start the conversation by emailing your detailed application documents to:
YIELCO Investments AG
Human Resource Management
Promenadeplatz 12
80333 Munich
Tel. +49 (0) 89 – 2323 9297 0
jobs@yielco.com
We look forward to receiving your application!
News
„Reliable information is key to successful ventures”
Christoph Kolumbus
