Access to European lower mid-market private equity
Two Rivers is a fund of funds. With one investment in a ClusterfundA fund of funds. You invest alongside other investors in one Clusterfund, which spreads across around 10 specialised buyout funds and so across more than 100 companies. you invest in more than 100 profitable lower mid-marketEstablished, profitable mid-sized companies, typically with €1 to €8 million in EBITDA (earnings before interest, taxes, depreciation and amortisation) a year. companies, from €500,000You do not pay this in one go. The first payment is at least €100,000; we call the rest in stages, spread over around 5 years. In total you usually pay in around 80%, because the first distributions are offset against later calls.. We spread your money across around 10 specialised buyout funds.
See how it works in 3 minutesHow a Clusterfund works
One investment in more than 100 companies, spread across around 10 specialised funds.
Illustrative. Numbers and regions are examples.
Why spread across multiple funds
Historically, private equity has returned more than the stock market. But a single fund can disappoint. Spreading across several funds makes the difference.
Around 9 percentage points a year above the stock market
Historical net return per year, Europe7
Chance of a loss: from almost 1 in 4 to less than 1 in 100
Historical simulation. That is why a Clusterfund spreads across around 10 funds8
Invest across the European lower mid-market
Every Clusterfund follows the same approach, with its own underlying funds.
Clusterfonds II
One commitment, spread across around 10 specialised European lower mid-market buyout funds.
The target net return is after all fees and costs, including those of the underlying funds.1 Details are in the brochure.
Clusterfonds I (2025)
Our approach in practice.
Why we choose the lower mid-market
Fewer buyers, a lower price and less debt. That helps explain why buyout funds in the lower mid-market have historically returned more.
- 1
Less competition
Of every €100 that funds in Europe raise to buy companies5
- 2
Lower price
Purchase price as a multiple of annual operating profit (EBITDA)3
- 3
Less debt
Debt at purchase as a multiple of annual operating profit (EBITDA)6
- 4
Higher return
Historical return per year, after fees (median)4
Market data for European buyout funds.
From more than 300 funds to around 10
A strong track record alone is not enough. We also look at the team, the managers' own investment in their fund and how the return was achieved.
- 300+European lower mid-market funds we follow
- Meetingswith the fund managers
- Assessmentinto the team, results and approach
- Around 10funds per Clusterfund
Illustrative.
We bring experience, relationships and capital to the table
Two Rivers Capital is led by Maasbert Schouten and Denzell Melles. They combine entrepreneurship with experience in private equity and investment banking.
Experience
More than 20 years of relevant investment experience between them. Maasbert built his own company to more than 1,000 employees. Denzell worked at Morgan Stanley in London on large international transactions.
Relationships
The team has been investing in lower mid-market funds for more than 15 years and has built strong relationships with fund managers along the way. That gets us a place in funds that are hard for an individual investor to reach.
Capital
Maasbert Schouten has previously invested more than €200 million in lower mid-market private equity.9 The team invests €10 million of its own in each Clusterfund.
Tax-efficient through a Dutch entity
- In the ClusterfundThe Clusterfund is a Dutch cooperative (coöperatie). It aims to invest only in funds to which the Dutch participation exemption applies. In principle, it then pays no corporate income tax on the proceeds from those funds.
- Through a Dutch companyIf you invest through a Dutch entity that pays corporate income tax, such as a BV, NV or cooperative, your interest in the Clusterfund in principle also falls under the participation exemption.
The companies themselves still pay tax on their profits. Private individuals and foreign companies are taxed differently. Not tax advice.2
Read more in the brochure
Get the brochureTwo Rivers Capital in the media
Maasbert Schouten: ‘I always look ahead’
Listen to the podcast
‘Two Rivers closes first SME fund well ahead of schedule and above target’
Read the article
‘Indirectly, Schouten is invested in almost 500 mainly Dutch SMEs.’
Read the interview
‘Managers of small funds have a large network and, facing less competition, can secure better deals.’
Read the interviewAs seen in
An investor meeting every quarter
The partners discuss the portfolio and the market with our investors. A fund manager or entrepreneur then gives a presentation, and you meet other investors.
Pillows Grand Boutique Hotel
Hotel de l’Europe
Restaurant de Bokkedoorns
Museum van Loon
