The milestones that shaped how we think about capital
We are a small, Munich-rooted team that has spent years listening to how portfolios are actually managed, how funds are actually governed, and how capital markets actually move. This is the path that brought us here.
CapSolutions GmbH began as a conversation among colleagues who felt that too much writing about finance was either overly technical or thin on substance. We wanted something in between: informational, careful, and genuinely useful to anyone trying to understand how portfolio management and capital markets solutions fit together.
Below is the timeline of how that idea grew — from a research desk in Munich to the practice we run today. Every milestone reflects a change in how we understood our own role: less as commentators, more as translators between complex markets and the people who want to understand them.
From a research desk to a full advisory practice
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2011 — Origins
A research desk takes shape in Munich
Three analysts began meeting weekly to compare notes on portfolio construction and fund governance. What started as an informal reading group slowly turned into a shared body of research on how capital markets actually function beneath the headlines.
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2014 — Formal foundation
CapSolutions GmbH is registered
We formalized our work under the CapSolutions name, choosing Munich as our home for its proximity to both established asset managers and a growing community of independent research voices.
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2016 — A dedicated fund advisory lens
We began studying fund governance in depth
As pooled investment vehicles grew more complex, we devoted a dedicated stream of our research to how funds are structured, monitored, and reported on — always from an educational, non-transactional standpoint.
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2018 — Capital markets research expands
Our capital markets coverage widened
We broadened our focus to include issuance activity, market liquidity, and the structuring choices companies weigh when they raise capital — building the foundation of what is now our expertise page.
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2021 — A larger team, a shared voice
Our team grew, and so did our narrative approach
New colleagues joined from research, risk, and client relations backgrounds. Together we settled on the warm, first-person voice you read across this site today — a deliberate choice to make dense subjects feel approachable.
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2024 — This website
We brought our research online
We built this site to gather everything we had been sharing in meetings and notes into one informational home — a place where anyone curious about portfolio management or capital markets could read our perspective directly.
Still a small team, still asking the same questions
We remain intentionally small. Our team is organized around research rather than sales, and every piece we publish passes through several colleagues before it reaches this site. That habit has not changed since our earliest days around a single table in Munich.
We continue to think of our work as a long conversation with anyone curious enough to read it — one milestone, and one explanation, at a time.
See what we study