TTF

Thuringian Transformation Fund

Capital for the realignment of Thuringian companies

The Thuringian Trans­for­ma­tion Fund (TTF) sup­ports eco­nom­i­cally viable com­pa­nies in realign­ing their busi­ness mod­els. It pro­vides equity cap­i­tal for inno­v­a­tive prod­ucts and tech­nolo­gies, mod­i­fied pro­duc­tion processes, alter­na­tive busi­ness areas, as well as growth and internationalization. 

Thuringian Transformation Fund

The fund tar­gets com­pa­nies with a reg­is­tered office, oper­at­ing facil­ity, or sub­sidiary in Thuringia. The focus is on projects in the areas of decar­boniza­tion, mobil­ity tran­si­tion, and dig­i­tal­iza­tion. Other trans­for­ma­tion projects are also con­sid­ered.

Financ­ing is pro­vided at mar­ket-stan­dard con­di­tions and with a focus on returns. The goal is to secure or expand com­pet­i­tive­ness, loca­tions, and jobs with good work­ing con­di­tions in Thuringia.

At a glance:

  • Start: Novem­ber 2026
  • Fund assets: €40.0 million
  • Decar­boniza­tion, mobil­ity tran­si­tion, and digitalization
  • Invest­ment hori­zon: 7 years
  • Exit: IPO, trade sale or MBO/MBI
  • estab­lished medium-sized and large companies
  • open minor­ity par­tic­i­pa­tions
    silent partnerships/loans with TIB share­holder status
  • Par­tic­i­pa­tion quota < 49.9%, tar­get > 10%
  • Invest­ment amount < €5.0 mil­lion
    > €5.0 mil­lion after sep­a­rate review
  • mar­ket-stan­dard and return-oriented

»With the new Trans­for­ma­tion Fund, the state gov­ern­ment has launched a fur­ther fund that sup­ports the Thuringian econ­omy with 40 mil­lion euros in suc­cess­fully fac­ing inter­na­tional mod­ern­iza­tion and trans­for­ma­tion pressure.« 

»With the new Trans­for­ma­tion Fund, the state gov­ern­ment has launched a fur­ther fund that sup­ports the Thuringian econ­omy with 40 mil­lion euros in suc­cess­fully fac­ing inter­na­tional mod­ern­iza­tion and trans­for­ma­tion pressure.« 

Mario Voigt · Thüringer Ministerpräsident
Mario Voigt – Thuringian Minister President Photo: © Guido Werner

Which companies are eligible for the TTF?

Pre­req­ui­sites for equity financ­ing through the TTF are

  • Eco­nomic via­bil­ity, demon­strated by objec­tive key figures
  • The gen­eral indi­ca­tor is at least one pos­i­tive EBITDA in the last three years or an expected pos­i­tive EBITDA within the next three years; alter­na­tively, equiv­a­lent indicators.
  • A realign­ment of the busi­ness model that promises sus­tain­able eco­nomic success

The fund is par­tic­u­larly aimed at com­pa­nies with trans­for­ma­tion projects in the areas of

  • Decar­boniza­tion
  • Mobil­ity transition
  • Dig­i­tal­iza­tion

The realign­ment of busi­ness mod­els is financed through the devel­op­ment of inno­v­a­tive prod­ucts and tech­nolo­gies, the con­ver­sion of pro­duc­tion processes, the estab­lish­ment and expan­sion of alter­na­tive busi­ness areas, as well as growth and inter­na­tion­al­iza­tion. The fund is not lim­ited to the afore­men­tioned the­matic priorities. 

The fund is avail­able for invest­ments in com­pa­nies with a Thuringia connection.

The tar­get company:

    • has its reg­is­tered office in the Free State of Thuringia or
    • oper­ates an oper­at­ing facil­ity or sub­sidiary in Thuringia or
    • plans to open an oper­at­ing facil­ity or sub­sidiary in Thuringia that will enable jobs and value cre­ation in Thuringia in the long term.

The invest­ments are intended to secure or expand jobs with good work­ing con­di­tions, com­pet­i­tive­ness, and loca­tions in Thuringia.

Changes of loca­tion that lead to the aban­don­ment of loca­tions in Thuringia require the approval of the TIB.

Open par­tic­i­pa­tions are pos­si­ble in GmbHs and stock cor­po­ra­tions. The fol­low­ing guide­lines apply: 

  • Minor­ity par­tic­i­pa­tion of a max­i­mum of 49.9% of the share cap­i­tal or basic capital
  • Tar­get par­tic­i­pa­tion quota of at least 10% to closely accom­pany the realign­ment and actively con­tribute to value creation

Funds & volumes

Thüringer Indus­triebeteili­gungs-GmbH & Co. KG (TIB) pro­vides financ­ing from the Thuringian Trans­for­ma­tion Fund at mar­ket-stan­dard con­di­tions. The invest­ment hori­zon should be a max­i­mum of seven years. 

Forms of participation

  • Open minor­ity participation
  • Silent par­tic­i­pa­tion, pro­vided that TIB already holds a share­holder posi­tion in the company
  • Loans, pro­vided that TIB already holds a share­holder posi­tion in the company

Co-Investment and Market Standard Conditions

If no mar­ket val­u­a­tion is avail­able for an open par­tic­i­pa­tion, TIB gen­er­ally invests jointly and simul­ta­ne­ously with inde­pen­dent pri­vate investors on pari passu terms. TIB’s invest­ment is thereby at most as high as that of the inde­pen­dent pri­vate investors. 

Found­ing share­hold­ers, man­agers, and other per­sons asso­ci­ated with the com­pany are not con­sid­ered inde­pen­dent pri­vate investors.

The TTF reg­u­la­tions also pro­vide for a stock mar­ket price as proof of mar­ket stan­dard con­di­tions. For silent par­tic­i­pa­tions and loans, this proof is pro­vided by apply­ing the ref­er­ence inter­est rate method. 

Ralf-Uwe Bauer – President of the IHK Ostthüringen

»Our com­pa­nies must develop new prod­ucts, mod­ern­ize their pro­duc­tion, and open up new mar­kets. With the TTF, the state pro­vides urgently needed equity cap­i­tal pre­cisely for this pur­pose, thereby improv­ing the con­di­tions for value cre­ation and jobs to remain in Thuringia. 

Thank you very much, you are doing a really good job. Because you don’t just explain, you act! «

Ralf-Uwe Bauer
Pres­i­dent of the IHK Ostthüringen

Investment Process

The TTF is not a sub­sidy, but an exit-ori­ented cap­i­tal par­tic­i­pa­tion with a focus on profit. The deci­sion on fund par­tic­i­pa­tion is made within the frame­work of a struc­tured  par­tic­i­pa­tion process with indi­vid­ual in-depth due dili­gence.

Participation request

In the first step, please send us a mean­ing­ful sum­mary of your com­pany and project for a pre­lim­i­nary review to deter­mine if your com­pany fits the TTF’s invest­ment focus.

Funding Strategy

Dur­ing a pre­sen­ta­tion by man­age­ment, we eval­u­ate the busi­ness model and strat­egy and deter­mine the financ­ing strat­egy. In fur­ther dis­cus­sions with the share­hold­ers, we jointly develop pos­si­bil­i­ties for par­tic­i­pa­tion and conditions. 

Term Sheet or Letter of Intent

If the invest­ment team decides a poten­tial invest­ment is worth pur­su­ing fur­ther, we will pro­vide a Term Sheet or Let­ter of Intent that out­lines the terms of a poten­tial bm|t investment.

Due Diligence

After an ini­tial pos­i­tive pre­lim­i­nary assess­ment, a pre-due dili­gence is car­ried out. If this con­firms the poten­tial, a com­pre­hen­sive due dili­gence fol­lows with a detailed exam­i­na­tion of the legal, eco­nomic, finan­cial, and tech­ni­cal circumstances. 

Investment Agreement

If the due dili­gence process has a pos­i­tive out­come, we will then pre­pare and nego­ti­ate an Invest­ment Agreement.

Investment Decision

Before sign­ing, the invest­ment is sub­mit­ted to the ThüB board for res­o­lu­tion. For par­tic­i­pa­tions > €5.0 mil­lion, the ThüB Board of Trustees must also approve. 

Contract Conclusion

Payout

After sign­ing the invest­ment agree­ment, the invest­ment will be paid out accord­ing to nego­ti­ated milestones.

TTF Information Sheet 

PDF-Down­load 3,6MB (Stand 14. Okto­ber 2026) 

TTF Participation Principles 

PDF Down­load 2.4MB (as of Sep­tem­ber 24, 2026) 

Contact us

Note on the legally binding nature of the information

The con­tent pro­vided on this page is for ori­en­ta­tion and pre­lim­i­nary infor­ma­tion regard­ing the Thuringian Trans­for­ma­tion Fund. It does not con­sti­tute a legally bind­ing assur­ance of char­ac­ter­is­tics or ser­vices. The invest­ment prin­ci­ples of Thüringer Indus­triebeteili­gungs-GmbH & Co. KG, includ­ing the spe­cial reg­u­la­tions for the Thuringian Trans­for­ma­tion Fund, are decisive. 

There is no legal enti­tle­ment to financ­ing. Deci­sions on par­tic­i­pa­tion are made by the com­mit­tees respon­si­ble accord­ing to the invest­ment principles. 

© Photo Mario Voigt: Guido Werner
© Photo Ralf-Uwe Bauer: IHK Ostthüringen