Lars Hinrichs
About Lars Hinrichs
Lars Hinrichs (age 48) is an entrepreneur and investor serving as an independent director of Target Global Acquisition I Corp. (TGAAF) since 2021. He founded XING in 2003 and took it public in 2006, later launching pre-seed investor HackFwd in 2010; he currently leads Cinco Capital and sits on Deutsche Telekom’s Supervisory Board (since Oct-2013) and as chairman of xbAV AG (since 2016). He studied at Harvard Kennedy School of Government and the Yale Jackson Institute for Global Affairs .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| XING (ETR: NOW) | Founder; took public | Founded 2003; IPO in 2006 | Built career-oriented social network; public listing |
| HackFwd | Founder (pre-seed investor) | Founded 2010 | Supported European tech entrepreneurs |
| politik-digital.de | Founder (early venture) | Launched at age 22 | Award-winning platform for politics and new media |
External Roles
| Organization | Role | Status/Start |
|---|---|---|
| Cinco Capital GmbH | Founder & CEO | Current |
| Deutsche Telekom AG (ETR: DTE) | Supervisory Board Member | Since Oct-2013 |
| xbAV AG | Chairman/Deputy Chairman of Supervisory Board | Since 2016 |
| New Simsalasim Inc. (eSIM) | Supervisory Board Member | Current |
| Digital Art Museum GmbH | Managing Director; created museum | Current; “recently” founded |
| HackFwd Admin GmbH | Managing Director | Current |
| HackFwd Capital GmbH & Co. KG | Managing Director | Current |
| Heinz Boese Immobilien Verwaltungs GBR | Chairman/Managing Director | Current |
Board Governance
- Independent director under Nasdaq standards; board determined Hinrichs, Michael Abbott, Sigal Regev, and Jeffrey Clarke are independent .
- Committee assignments: Audit Committee member (chair: Sigal Regev); Compensation Committee member (chair: Michael Abbott); Nominating Committee member (chair: Michael Abbott). All three committees are comprised of independent directors .
- Classification/tenure: Class II director reappointed June 2024; term runs until the 2027 annual general meeting .
- Related-party oversight: Audit Committee charter includes formal review/approval of Item 404 related-party transactions with mandatory abstention of interested members .
- Control/attendance context: Initial shareholders (sponsors and certain officers/directors) control ~75.1% of votes, enabling quorum and approvals without public shareholder participation in certain matters; this dynamic can influence outcomes and highlights the importance of robust committee independence .
Fixed Compensation
| Component | Amount/Policy |
|---|---|
| Annual cash retainer | $0; no cash compensation paid to directors |
| Committee membership fees | $0 |
| Meeting fees | $0 |
| Reimbursements | Directors/officers may be reimbursed for out-of-pocket expenses related to identifying and diligencing combinations |
Performance Compensation
| Compensation Metrics | Structure | Notes |
|---|---|---|
| RSUs/PSUs | None disclosed | TGAAF states no compensation of any kind prior to completion of a business combination |
| Options | None disclosed | No director option awards disclosed; future post-combination plans to be set by independent comp committee |
| Performance goals (Revenue/EBITDA/TSR/ESG) | Not applicable | No performance-tied director pay pre-business combination |
| Lock-up/voting obligations (founder-derived shares) | Applicable | Founder-share derived holdings carry transfer restrictions and obligations (e.g., vote in favor of a business combination) |
Other Directorships & Interlocks
| Company Type | Entity | Role | Potential Interlock Notes |
|---|---|---|---|
| Public telecom | Deutsche Telekom AG | Supervisory Board | No disclosed TGAAF commercial relationship; oversight expertise potentially additive |
| Fintech/benefits | xbAV AG | Supervisory Board chair/deputy | No disclosed TGAAF relationship |
| Investment | Cinco Capital | CEO | Investor network may aid sourcing, subject to conflicts policy |
| Tech/Media | Digital Art Museum GmbH | Managing Director | No disclosed TGAAF relationship |
| Other entities | Various (HackFwd entities, eSIM) | Managing/Supervisory roles | Multiple external commitments; oversight per TGAAF conflict-of-interest framework |
Expertise & Qualifications
- Entrepreneurial/operator track record (XING IPO; HackFwd pre-seed investing; Cinco Capital leadership) relevant to tech and growth-stage governance .
- Public-company oversight through Deutsche Telekom Supervisory Board; benefits/fintech oversight via xbAV AG .
- Academic exposure to public policy and global affairs (Harvard Kennedy School; Yale Jackson Institute) strengthening governance perspective .
- Financial literacy confirmed by Audit Committee composition requirements (all members financially literate) .
Equity Ownership
| Holder | Class A Shares | Class B Shares | % of Outstanding |
|---|---|---|---|
| Lars Hinrichs | 25,000 | — | Less than 1% |
- Share provenance and restrictions: Sponsor transferred 25,000 Class B shares to each independent director (including Hinrichs) in March 2021; on June 11, 2023 these were converted into Class A with legacy founder-share restrictions, including transfer limitations, waiver of redemption/liquidating distributions, and obligation to vote in favor of a business combination .
- Hedging policy: Company has not adopted any hedging policy for employees/officers/directors .
Governance Assessment
-
Strengths
- Independent status across three standing committees supports board oversight in a SPAC context; committee charters include RPT controls .
- Multi-industry and public-company supervisory experience (telecom/fintech) adds relevant expertise for target diligence and post-combination governance .
- Audit Committee composition ensures financial literacy; Compensation Committee independence allows post-combination pay alignment .
-
Concerns and RED FLAGS
- Founder-share derived holdings carry obligations (e.g., voting in favor of a business combination and waiver of certain rights), potentially biasing decision-making; while small in size (25,000 shares), these terms warrant disclosure in investor alignment analysis .
- Initial shareholders hold ~75.1% of outstanding shares, enabling approvals regardless of public votes, which increases reliance on independent committee integrity and may reduce external accountability .
- Company-level risk context: TGAAF was delisted from Nasdaq for SPAC 36-month rule non-compliance and trades OTC; a material weakness in internal controls exists (operating expenses/accruals and related party completeness), both of which can erode investor confidence and require vigilant audit oversight.
RED FLAG: Delisting to OTC and material weakness in ICFR elevate governance risk and the need for strong audit committee performance .
RED FLAG: No hedging policy; combined with founder-share restrictions and high insider voting control, alignment risks persist until a business combination resets governance . -
Implications for board effectiveness
- Hinrichs’ independence and committee memberships are positives; however, SPAC-specific structures (founder-share restrictions; sponsor control) and company-level issues (OTC listing; ICFR weakness) heighten the importance of demonstrable committee rigor on related-party reviews, financial reporting quality, and target diligence .