Welcome to Lennertz & Co.

Lennertz & Co. is an owner-managed family office with a clear focus on the further development and value growth of its clients’ assets.

To this end, our team of more than 20 employees conducts a detailed and ongoing review of the entire family situation, taking into account the legal and tax-related framework conditions.

Our investment recommendations are fully aligned with the clients’ personal preferences. Given our complete independence, the clients are able to fully benefit from our unbiased assessment of global investment opportunities, their selection and their discreet implementation.

As an entrepreneurial family office, we appreciate our clients’ need for quick, profound and safe decisions. Lennertz & Co. has a number of licenses from BaFin (German Federal Financial Supervisory Authority - Bundesanstalt für Finanzdienstleistungsaufsicht) and is therefore subject to numerous quality and regulatory requirements of both BaFin and the Deutsche Bundesbank.

Our Services

  • Independent overall consideration of the clients’ family, business and financial situation, taking into account the legal and tax-related framework conditions
  • Advice on the strategic (long-term) and tactical (short-term) asset structuring in line with the clients’ preferences
  • Definition of a target structure of the total assets and appropriate implementation measures
  • Definition and discreet implementation of investment opportunities in line with the short-term and long-term target structure of the total assets
  • Independent assessment of investment opportunities based on our experience, external professional resources and expert opinions
  • Selection and coordination of custodian banks, asset managers and advisers based on the defined target structure of the total assets
  • Identification and implementation of direct and indirect investments in both US and European venture capital and growth funds, direct and fund investments in German and European small- and mid-cap companies as well as pre-IPO investments
  • Access to exclusive agriculture and forestry investments, infrastructure investments, and movable and property investments
  • Succession planning taking into account tax-related framework conditions
  • Introduction to asset successors
  • Creation of a family governance structure
  • Advice on and establishment of foundations, particularly charitable or family foundations
  • Execution of wills
Asset
Structuring
  • Independent overall consideration of the clients’ family, business and financial situation, taking into account the legal and tax-related framework conditions
  • Advice on the strategic (long-term) and tactical (short-term) asset structuring in line with the clients’ preferences
  • Definition of a target structure of the total assets and appropriate implementation measures
Asset Development
and Growth
  • Definition and discreet implementation of investment opportunities in line with the short-term and long-term target structure of the total assets
  • Independent assessment of investment opportunities based on our experience, external professional resources and expert opinions
  • Selection and coordination of custodian banks, asset managers and advisers based on the defined target structure of the total assets
  • Identification and implementation of direct and indirect investments in both US and European venture capital and growth funds, direct and fund investments in German and European small- and mid-cap companies as well as pre-IPO investments
  • Access to exclusive agriculture and forestry investments, infrastructure investments, and movable and property investments
Asset Transition
  • Succession planning taking into account tax-related framework conditions
  • Introduction to asset successors
  • Creation of a family governance structure
  • Advice on and establishment of foundations, particularly charitable or family foundations
  • Execution of wills

The Management

Philipp Lennertz

Philipp Lennertz founded Lennertz & Co. GmbH as managing partner in April 2015. Meanwhile, he now looks back on a fourteen year professional career working in the family office sector.

From 2010 to 2015, he was a member of the management of the Hamburg family office Spudy & Co. He previously worked for the Hamburg-based family office UBS Sauerborn. During this time, he has been able to gain valuable international experience working in New York, Hong Kong and Singapore.

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Oliver Piworus

Oliver Piworus joined Lennertz & Co. GmbH as a managing partner in May 2015. He looks back on a 28-year professional career working in the family office and banking sectors.

Before joining Lennertz & Co., he worked for the Hamburg-based family office Spudy & Co. from 2011 to 2015. He previously worked as deputy branch manager of the Hamburg branch of Vontobel Europe AG. His earlier professional career included positions at Dresdner Bank Lateinamerika AG, UBS Deutschland AG and the Hamburg-based family office UBS Sauerborn.

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Presse

FAZ
(04/2020)

Private Equity without Funds | Lennertz Family Office is investing directly

mho. FRANKFURT. Family offices (or rather, multi-family offices) manage large assets, usually for businesses. Private equity – as a direct investment in companies – is therefore more or less a natural investment form of their clientele. The fact that it promises higher returns due to the low liquidity makes it even more attractive for the clients. It is no wonder then that many family offices have ratcheted up their activity in the past few years. Mainly in America, however, they have been relying less and less on the services of private equity funds. Instead, they have meanwhile started managing more than half of their investments on their own. Yet this is not yet as widespread in Germany. Lennertz & Co. of Hamburg is one office that has ventured to make own investments for its clients. “Many business families in Germany often only have liquid assets in addition to their companies and properties. This is the result of traditional bank consultation,” says founder Philipp Lennertz. “We want to introduce them to illiquid investments as well.” Naturally, this is not without investments in traditional private equity funds – but own investments are included as well. With Lennertz, clients do not necessarily have to take a back seat in such endeavors. Last summer, most of this was done using the special online dealer, including for Stein HGS, a provider of barrier technology and construction site and operational requirements based in Seevetal, Germany. The clients do not gain direct ownership with this, as it is via a fund and trust structure instead. “After we sold our first investment in brillen.de, our clients still had to undertake many subsequent certifications. The process is simpler via a trustee,” says Lennertz. Business is not any easier right now because of the corona crisis. “Our clients tend to see this in one of two ways. On the one hand, they are concerned about the health aspects and woes of small independent businesses, while they see opportunities that are useful for them even with their capital on the other.” Even for entrepreneurs if they were to see possibilities of acquiring one or more companies below fair value, thereby being opportunities that could pay off in a few years. “When we invest in a company, we give the previous owners the option of re-investing in order to profit from the future further development of the company.” The sellers then invest part of the purchase price to invest in the acquiring company. All in all, Lennertz is optimistic in the current crisis for other reasons as well. Central banks and policies are acting with greater resolve than ever, and that will have a positive effect. “I am absolutely certain that we will rise up out of the misery we’re in very quickly,” the asset manager believes.

About Lennertz & Co. Lennertz & Co. is an owner-run family office with a clear focus on developing and increasing the value of its clients’ assets. This is achieved by constantly reviewing in depth their specific family, corporate and portfolio circumstances and taking the legal and tax framework into consideration.Investment recommendations match clients’ personal preferences. They benefit from the independence of Lennertz & Co. in assessing and selecting investment opportunities and discreetly putting them into practice. As an entrepreneurial multi-family office, Lennertz & Co. shares the aspirations of its clients to take rapid, well-founded and secure decisions. The Lennertz & Co. Family Equity Fund has an expert team with many years of experience to analyse in depth on behalf of clients the opportunities which arise in the private equity segment. Team members and advisers formerly worked for Bain Capital, Bain Consulting, BC Partners, Capiton, EMC, Goldman Sachs, McKinsey, MIG, Roland Berger, Swift Capital and 3i. There is also an advisory board comprising well known industrial and private equity experts such as Heinrich von Pierer, Klaus Wucherer, Stefan Theis, Daniel Milleg and Florian Heinemann.

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Wallstreet Online
(02/2020)

Lennertz & Co. acquires BPE Fund Investors

Hamburg family office Lennertz & Co. is acquiring the established fund of funds specialist for US technology funds BPE Fund Investors, also from Hamburg. Since 2001 the management team of Dr Andreas Odefey, Aman Miran Khan and Arne Fiederling at BPE Fund Investors have built up a network giving exclusive access to the top names in US technology funds. Over that period German institutional investors and high net worth individuals have subscribed to three funds of funds investing in pioneering venture capital funds in the USA such as Bain Capital Ventures, Canaan Partners, Khosla Ventures, Kleiner Perkins, NEA and TCV. This meant investors had a stake at a very early stage in companies like Beyond Meat, Facebook, FitBit, Netflix, Square, Twitter, Tesla and Workday, with corresponding profits from the massive increase in the value of these firms.

“BPE Fund Investors have worked hard to build an extremely robust bridge from Hamburg to the attractive venture capital market in the USA. We look forward to continuing the existing BPE Fund Investors funds of funds under the Lennertz & Co. banner,” says Philipp Lennertz, managing partner at the Hamburg family office Lennertz & Co. “Disruptive technologies are mainly financed in the USA and still offer great growth potential, for instance in artificial intelligence, big data, digital health, precision medicine, connectivity and consumer behavior,” says Dr Odefey of BPE Fund Investors. “As a succession solution for our company, we strongly believe that the Hamburg family office will continue to tap into the potential offered by the US venture capital industry, which BPE Fund Investors feels is considerable over the long term,” comments Dr Odefey.

Arne Fiederling, managing director at BPE Fund Investors, is joining the team at Lennertz &Co. He will ensure continuity in running the existing BPE funds and will also work with the expert team at Lennertz & Co. on further developing the fund of funds concept. Just like Mr Fiederling, the team at Lennertz & Co. boast many years of experience in venture capital and private equity gained at firms such as Bain Capital, BC Partners, Goldman Sachs, McKinsey and Swift Capital.

“The acquisition of BPE Fund Investors marks a successful and targeted expansion of our existing alternative investments platform for clients,” states Mr Lennertz. Just a few weeks ago the family office set up the Lennertz & Co. US Venture and Growth Fund I for its clients. This fund of funds is aiming to have a portfolio consisting of at least 70% US early stage and growth capital funds. A maximum of 30% will be allocated to direct and co-investments. Holding several funds will also provide broad diversification, with stakes in more than 100 portfolio companies. The product will be investing in funds from well known firms such as Horowitz, FirstMark, Insight Partners, Kleiner Perkins and NEA.

In addition to the ability to put money into major US venture capital funds, clients can also take positions in European VC funds. They can further gain exposure to German and European small and midcap companies through the Lennertz & Co. Family Equity Fund. Access to pre-IPO investments completes the offering on the platform. In the recent past Lennertz & Co. has invested on behalf of clients in such companies at Pinterest, Airbnb, 23andMe and Meituan.

About Lennertz & Co. Lennertz & Co. is an owner-run family office with a clear focus on developing and increasing the value of its clients’ assets. This is achieved by constantly reviewing in depth their specific family, corporate and portfolio circumstances and taking the legal and tax framework into consideration.Investment recommendations match clients’ personal preferences. They benefit from the independence of Lennertz & Co. in assessing and selecting investment opportunities and discreetly putting them into practice. As an entrepreneurial multi-family office, Lennertz & Co. shares the aspirations of its clients to take rapid, well-founded and secure decisions. The Lennertz & Co. Family Equity Fund has an expert team with many years of experience to analyse in depth on behalf of clients the opportunities which arise in the private equity segment. Team members and advisers formerly worked for Bain Capital, Bain Consulting, BC Partners, Capiton, EMC, Goldman Sachs, McKinsey, MIG, Roland Berger, Swift Capital and 3i. There is also an advisory board comprising well known industrial and private equity experts such as Heinrich von Pierer, Klaus Wucherer, Stefan Theis, Daniel Milleg and Florian Heinemann.

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Jobs

Asset Controlling (m/f/d)
Assistant

We are looking for an assistant (m/f) for our team. You’ll provide assistance in all aspects of business operations and take on project-related, organisational and general tasks. Do you have vocational training in business and excellent organisational abilities? If so, then we look forward to receiving your application materials, including your earliest possible start date and salary expectations.

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Initiativ

We look forward to receiving your speculative application. Please send us your completed documents, indicating your earliest possible start date and your expected salary.

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Contact Us

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Lennertz & Co. GmbH
Düsternstraße 10
20355 Hamburg
Germany

Imprint

Information according to § 5 TMG:

Lennertz & Co. GmbH
Düsternstraße 10
20355 Hamburg
Germany

Represented by:

Philipp Lennertz, Oliver Piworus

Contact:

Tel: +49 40 210 91 33-20
Fax: +49 40 210 91 33-21
Email: info@lennertz.com

Register entry:

Office: Hamburg
Register number: HRB 137568

VAT ID:

VAT Identification Number in accordance with §27a Value Added Tax Act:
DE 255 807 053

Supervisory authority:

Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht)
Marie-Curie-Str. 24-28
60439 Frankfurt

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