Moonfare
Moonfare is a digital private-markets investment platform that gives eligible investors access to private-equity and venture-capital funds through feeder-fund structures.
Last updated August 31, 2026
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Overview
Moonfare is a Germany-based digital investment platform focused on private markets. Founded in 2016 by Dr. Steffen Pauls, Heinrich von Liechtenstein, and Alexander Argyros, the company was created to make selected private-equity and venture-capital opportunities more accessible to investors who could not ordinarily meet the very high minimum commitments or institutional eligibility requirements associated with many private funds. The platform generally obtains allocations in private-equity and venture-capital funds and uses feeder-fund vehicles to divide those allocations into smaller investment tranches. This structure allows eligible investors to participate at lower minimums than would normally be required for a direct commitment to a major private fund. The minimum investment levels described for Moonfare offerings have included approximately £50,000 in the United Kingdom, €50,000 in Europe, and $75,000 in the United States, although the terms depend on the individual fund and jurisdiction. Moonfare’s proposition combines digital onboarding, fund access, reporting, portfolio administration, and selected liquidity mechanisms in a single platform. The business expanded beyond its original European base during a period of rapid growth in private-market technology. It launched in the United States in January 2022 and opened a New York office, entered Singapore in April 2022, and added Paris and Zurich operations in October 2022. The company has also developed distribution and servicing relationships with banks, wealth managers, fund platforms, and other financial-services businesses. Reported partnerships have included Berenberg, Fidelity International, Fondsdepot Bank, Bordier & Cie, Raisin DS, and Quintet Private Bank. These relationships have helped Moonfare present private-market products to private-bank, wholesale, institutional, and high-net-worth client segments. Moonfare has raised several private funding rounds. Its investors have included Insight Partners, Fidelity International, Vitruvian Partners, Bordier & Cie, and individual investors with backgrounds in financial services and private equity. The company reported growth in assets under management from €500 million in 2020 to €1 billion in 2021, €1.5 billion in March 2022, €2 billion in July 2022, and €3 billion in June 2024. Reference material states that assets under management reached approximately €3.7 billion in 2025 and €4 billion in 2026; these figures are company or reference-reported rather than independently verified in this dossier. Moonfare’s business is subject to the regulatory requirements applicable to private-market intermediation, investment advice, portfolio management, and fund distribution in the jurisdictions in which it operates. In May 2026, Moonfare Financial Services GmbH was reported to have received authorization from Germany’s Federal Financial Supervisory Authority, BaFin, to operate as an investment firm under the German Investment Firm Act. The authorization was described as covering investment broking, investment advice, and portfolio management under direct BaFin supervision. By 2026, the reference material described Moonfare as operating across 24 countries with approximately 200 employees and €4 billion in assets under management. Moonfare remains a privately held financial-technology and investment-services brand rather than a publicly listed company.
History
Moonfare was established in 2016 by Dr. Steffen Pauls, Heinrich von Liechtenstein, and Alexander Argyros. Its founding concept addressed a structural problem in private markets: many private-equity and venture-capital funds accept only institutional investors or require commitments far above the level available to most private clients. Moonfare’s platform sought to aggregate demand, secure allocations in selected funds, and use feeder-fund vehicles to divide those allocations into smaller interests. The resulting structure could reduce the minimum investment required from eligible investors while preserving access to professionally managed private-market portfolios. The company developed as a financial-technology and investment-distribution business rather than as a conventional asset manager launching its own operating companies or public securities. Its platform has combined digital investor onboarding with fund selection, subscription processes, reporting, and ongoing portfolio administration. In 2019, co-founder Alexander Argyros withdrew from operational responsibilities. Moonfare also completed a two-part Series A financing round that year, raising a reported combined $28 million. During 2020 and 2021, Moonfare expanded its institutional and wealth-management relationships. In June 2020, German bank Berenberg partnered with the platform to create a private-equity offering for private clients. In 2021, Moonfare reported reaching €1 billion in assets under management. Fidelity International acquired a minority stake through a Series B financing round in March 2021 and formed an exclusive distribution arrangement aimed at institutional and wholesale clients. Moonfare also developed relationships with Fondsdepot Bank, Bordier & Cie, and Lexington Partners. Lexington was described as a buyer of stakes in Moonfare funds, creating the possibility of periodic liquidity for investors rather than requiring every investor to hold an interest until the underlying fund’s final realization. Moonfare’s growth accelerated in late 2021 and 2022. Insight Partners led a reported $125 million Series C round in November 2021, with Fidelity International participating again. The company launched in the United States in January 2022 and opened a New York office, entered Singapore in April, and opened or launched operations in Paris and Zurich in October. A reported €35 million investment led by Vitruvian Partners followed in March 2022. Moonfare also partnered with Raisin DS, an investment and deposit marketplace, to add private equity as an asset class to that platform. In May 2022, Moonfare and Fidelity International expanded their strategic relationship into Asia. The company later raised a reported $15 million Series C extension in February 2023. In September 2023, Marine Eugène joined as Chief Commercial Officer. Moonfare continued to expand its financial-institution distribution network, including a partnership with Quintet Private Bank announced in October 2023 to broaden access for high-net-worth clients across Europe. Moonfare’s reported assets under management rose from €500 million in 2020 to €1 billion in 2021, €1.5 billion in March 2022, €2 billion in July 2022, and €3 billion in June 2024. Reference material reports approximately €3.7 billion in 2025 and €4 billion in 2026. In January 2025, Heike Hövekamp joined as Chief Legal & Compliance Officer, followed by Joanna Christie’s appointment as Chief Marketing Officer in March 2026. A significant regulatory development was reported in May 2026, when Moonfare Financial Services GmbH received authorization from Germany’s Federal Financial Supervisory Authority, BaFin, to operate as an investment firm under the German Investment Firm Act. The authorization was described as allowing investment broking, investment advice, and portfolio management under direct BaFin supervision. By 2026, Moonfare was described as operating in 24 countries from its Berlin headquarters and offices in several European, North American, and Asian locations, with approximately 200 employees. The company remained privately held and focused on digitally enabled access to private-equity and venture-capital investments.
- 2026
BaFin authorization reported
[1]Moonfare Financial Services GmbH is reported to receive BaFin authorization as an investment firm under Germany’s Investment Firm Act.
- 2025
Senior legal and compliance appointment
[1]Heike Hövekamp becomes Moonfare’s Chief Legal & Compliance Officer.
- 2024
Assets under management reach €3 billion
[1]Moonfare reports €3 billion in assets under management in June 2024.
- 2023
Series C extension and European private-bank partnership
[1]Moonfare raises a reported $15 million Series C extension, appoints Marine Eugène as Chief Commercial Officer, and partners with Quintet Private Bank.
- 2022
International expansion
[1]Moonfare launches in the United States and Singapore and expands to Paris and Zurich; it also reports €1.5 billion in assets under management in March and €2 billion in July.
- 2021
Fidelity International investment and Series C financing
[1]Fidelity International takes a minority stake through Series B financing, while Moonfare reports €1 billion in assets under management and later raises a reported $125 million Series C round led by Insight Partners.
- 2020
Assets under management reach €500 million
[1]Moonfare reports €500 million in assets under management and begins a private-client partnership with Berenberg.
- 2019
Series A financing and operational change
[1]Moonfare completes a reported two-part $28 million Series A financing, while co-founder Alexander Argyros withdraws from operational responsibilities.
- 2016
Moonfare is founded
[1]Dr. Steffen Pauls, Heinrich von Liechtenstein, and Alexander Argyros establish Moonfare as a digital platform for access to private-market funds.
Products and positioning
A digital private-markets access platform positioned between traditional institutional fund distribution and technology-enabled wealth management. Moonfare emphasizes simplified access, lower investment minimums, digital administration, and curated exposure to private-equity and venture-capital funds for eligible individual, wholesale, institutional, and high-net-worth investors.
Private markets
Private-equity fund access
Moonfare provides eligible investors with access to selected private-equity funds that may otherwise require institutional status or substantially larger commitments. The platform generally uses feeder-fund vehicles to aggregate investor participation and divide a larger fund allocation into smaller interests. Offerings can provide exposure to buyout, growth, or other private-equity strategies, but availability, fees, eligibility, liquidity, and minimum commitments vary by fund and jurisdiction.
Private markets
Venture-capital fund access
The platform also offers access to selected venture-capital funds through structures designed for eligible investors. These vehicles can make participation in professionally managed portfolios of private technology and growth companies more operationally accessible than a direct institutional commitment. Venture-capital investments remain illiquid and high risk, and the specific investment mandate depends on the underlying fund rather than on Moonfare itself.
Investment technology
Digital private-markets platform
Moonfare’s digital platform supports investor discovery, eligibility checks, onboarding, subscription administration, and portfolio reporting for private-market investments. It is designed to bring processes that have traditionally been handled through private banks, fund administrators, or institutional investment teams into a technology-enabled interface. The platform may be distributed directly or through financial-institution partnerships.
Investment services · 2026
Investment broking, advice, and portfolio management
Following the reported 2026 authorization of Moonfare Financial Services GmbH by BaFin, the company was described as able to provide investment broking, investment advice, and portfolio management under direct German regulatory supervision. The scope and availability of these services may depend on the relevant entity, client classification, product, and jurisdiction.
Brand decisions
2026
Operate under direct German investment-firm supervisionStrategyBackground
Moonfare’s expansion of investment-services activities increased the importance of a regulated operating framework in its home market.
Action taken
Moonfare Financial Services GmbH was reported to receive BaFin authorization under the German Investment Firm Act to provide investment broking, investment advice, and portfolio management.
Aftermath
The authorization was reported as enabling the relevant Moonfare entity to provide a broader set of regulated investment services under direct BaFin supervision.
2022
Accelerate international expansionStrategyBackground
Moonfare sought to extend its private-markets platform beyond its European base and reach investors and distribution partners in major financial centers.
Action taken
The company launched in the United States and Singapore and expanded operations to Paris and Zurich during 2022.
Aftermath
The expansion broadened Moonfare’s stated operating footprint and supported its strategy of working with international banks, wealth managers, and institutional distributors.
2021
Deepen institutional and wholesale distributionStrategyBackground
Moonfare aimed to use established financial institutions to distribute private-market opportunities beyond its direct digital channel.
Action taken
Moonfare formed an exclusive distribution arrangement with Fidelity International focused on institutional and wholesale clients and maintained partnerships with banks and investment platforms.
Aftermath
The arrangement strengthened Moonfare’s distribution model and expanded its access to professional and wealth-management channels.
Recent events
Moonfare joins Fondsdepot Bank liability umbrella[2]
Reported:
Moonfare joined Fondsdepot Bank's liability umbrella in Germany in July 2021 as part of a partnership intended to support Moonfare's further Europe-wide growth. Fondsdepot Bank also extended the license to 11 other European countries.
Sources2 sources
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