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Two Rivers Capital in the media

Interviews, articles and podcasts featuring Two Rivers Capital and its partners, in publications such as Het Financieele Dagblad, Quote and De Telegraaf.

Maasbert Schouten (left) and Denzell Melles (right), partners at Two Rivers Capital
QuoteArticle, 2 March 2026

‘Two Rivers closes first SME fund well ahead of schedule and above target’

Clusterfonds I closed with €80 million in commitments, 60% above target.

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Maasbert Schouten (left) and Denzell Melles (right), partners at Two Rivers Capital
M&AArticle, 2 March 2026

‘First Two Rivers PE fund 60 per cent oversubscribed within six months’

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Maasbert Schouten, illustration by Het Financieele Dagblad
Het Financieele DagbladInterview, 18 February 2026

‘Indirectly, Schouten is invested in almost 500 mainly Dutch SMEs.’

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Maasbert Schouten
De TelegraafInterview, 2 November 2025

‘Managers of small funds have a large network and, facing less competition, can secure better deals.’

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Maasbert Schouten, Quote
QuoteArticle, 30 September 2025

Maasbert Schouten: ‘I don't like paying the highest price’

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Dutch Dragons podcast, episode 80
Dutch DragonsPodcast, episode 80, 8 April 2026

Maasbert Schouten: ‘I always look ahead’

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As seen in

Het Financieele DagbladQuote De Telegraaf M&A Dutch Dragons

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

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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).
  6. 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).
  7. 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.
  8. 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.
  9. Through MaasInvest and Schouten Investments.
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