Clusterfonds II
One investment 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, spread across around 10 specialised buyout funds.
- Target net return of 15%+ per year and more than twice your money back1
- 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., called in stages
- The team invests €10 million of its own

Key figures
Why the lower mid-market
Fewer buyers, a lower price and less debt. That helps explain why lower mid-market buyout funds 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.
Where your money goes
Profitable European lower mid-market companies, bought by specialised buyout funds, many of which we have known for years.
- Companies typically with €1 to €8 million in EBITDA a year
- Europe, with the Benelux at its core
- Value creation through professionalisation, buy-and-buildGrowing by acquiring smaller companies in the same industry and combining them into one stronger group. and digitalisation
Spread across Europe
How we diversify
- Fund managersAround 10, each with its own specialism
- SectorsFrom manufacturing to healthcare and software, varying by fund manager
- RegionsThe Benelux at the core, and beyond that mainly DACH, the Nordics and Western Europe
- StrategiesFrom succession and buy-and-build to professionalisation and international growth
- TimingThe funds buy their companies over a period of around 5 years
How your investment unfolds
You do not pay in all at once, and you do not receive everything back at once. In the early years, we call your commitment in instalments. Distributions then begin, once the underlying funds start selling companies. This pattern is known as the J-curve.
- 1You commitAn amount from €500,000. You do not transfer it all at once.
- 2You pay in stagesFor around 5 years, we call part of it each time the funds buy companies. Because the first distributions are offset, you usually pay in around 80%.
- 3Distributions beginThe funds sell their first companies and distribute the proceeds. Your net position starts to recover.
- 4The aim: more than twice your money back1Distributions continue until the end of the fund term.
Illustrative example, not a forecast. The timing and size of capital calls and distributions vary by fund and are not guaranteed.
How to invest
- 1Introductory callA half-hour introductory call, online or at our office in Amsterdam.
- 2DocumentsYou receive the fund document with all the terms. Take your time to read it, and feel free to discuss it with your adviser.
- 3SubscriptionYou sign the subscription documents. We then carry out the required identity check.
- 4Paying in stagesWe call your commitment in stages. Every quarter you receive a report and there is an investor meeting.
Who you will speak to
You will speak to Denzell Melles, Managing Partner of Two Rivers. Together, the team has more than 20 years of relevant investment experience, and it invests €10 million of its own in each Clusterfund.
