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Clusterfonds I

Clusterfonds I (2025) closed with €80 million in commitments, 60% above target. The fund is spread across around 10 European lower mid-market buyout funds.

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€80m

Committed

60%

Above target

100+

Investors

€10m

Team's own investment

Who invests in Clusterfonds I

Entrepreneurs and owner-directors

Family offices

High-net-worth individuals

Advisers investing for clients

Spread across Europe

Funds grouped by main region.

The Benelux forms the core of our portfolio, complemented by carefully selected funds elsewhere in Europe. The emphasis is on funds of under €250 million.

Size of the selected funds

< €250m

majority

€250m to €500m

a few

> €500m

a few

All funds buy majority stakes in profitable European lower mid-market companies.

A selection from the portfolio

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Companies across a range of sectors

Examples of the kind of companies Clusterfonds I invests in through the underlying funds.

ManufacturingSpecialist manufacturers with a strong market position

Healthcare and medical technologyPractice chains and niche players in healthcare

Digital infrastructureSoftware, data and networks

Around 10Funds in the portfolio

Together, the funds buy more than 100 companies, spread across sectors and countries in Europe.

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Investing involves risk. You may lose some or all of your investment. Private equity is illiquid.

The target net return (net IRR and net multiple) is an objective of Two Rivers Capital, not a forecast or a guarantee. Past performance is no guarantee of future results. The actual return depends on the underlying funds and companies and may be lower or negative. The net multiple is total distributions divided by total contributions, after all costs.
Not tax advice. A Two Rivers Clusterfund is a cooperative (coöperatie) and aims to invest only in funds to which the participation exemption applies. In principle, the Clusterfund then owes no corporate income tax on the proceeds from those funds. If 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 falls under the participation exemption, regardless of its size. If you invest privately or through a foreign company, different tax treatment applies. For foreign funds, whether the participation exemption applies is assessed case by case. The manager may deviate from the policy of investing only in such funds. Have your situation reviewed by your own tax adviser.
Purchase price as a multiple of EBITDA. Lower mid-market: companies with €1 to €8 million EBITDA, around 5.0 to 7.5x. Large companies: €100 to €250 million EBITDA, around 11.0 to 16.0x. Sources: Oaklins (January 2022), FS Investments, Pitchbook, Preqin, Bain & Company. Indicative: the actual price differs by company, sector and timing.
Median net IRR of European buyout funds, vintages up to and including 2016: funds up to €250 million 20.0% (245 funds), funds of €5 billion or more 13.1% (64 funds). Source: Preqin, September 2026. After fees of the underlying fund, before fees of Two Rivers. Past performance is no guarantee of future results.
Share of the total size of European buyout funds, vintages 2015 to 2026 (Preqin, September 2026). Lower mid-market: micro and small-cap buyout. For comparison: companies with fewer than 250 employees generate 51% of value added in the EU (Eurostat, 2023).
Median net debt as a multiple of EBITDA at purchase, Europe: enterprise value up to €200 million 2.8x, €500 million or more 6.2x (Qualitas Insight, European transactions).
Net return per year of European buyout funds (Cambridge Associates European Buy-out Index, around 1,700 funds) compared with the MSCI Europe using the same timing of contributions and distributions (PME), over 5, 10 and 20 years, in euros. Source: Bain & Company, Global Private Equity Report 2025 (data up to and including the third quarter of 2024). Before fees of Two Rivers. Past performance is no guarantee of future results.
Chance that a portfolio returns less than was paid in (TVPI below 1.0x). Historical simulation based on 3,077 funds from 1991 to 2005, equally weighted (Cambridge Associates). Before fees of Two Rivers. Past performance is no guarantee of future results.
Through MaasInvest and Schouten Investments.

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