Attention! This investment falls outside AFM supervision. No license required for this activity.

Disclaimer

Use of the website www.tworivers.capital (the “Website”) is permitted only under the terms set out below. By visiting this Website, you agree to these terms.

Manager

Two Rivers Capital B.V. (the “Manager”) is a private limited company with its registered office in Amsterdam and its offices at Willemsparkweg 31, 1071 GP Amsterdam. The company is registered with the Chamber of Commerce under number 97459151.

Funds

The Manager acts as manager of Two Rivers Clusterfonds I Coöperatief U.A. and Two Rivers Clusterfonds II (together the “Funds”). Two Rivers Clusterfonds I Coöperatief U.A. is a cooperative with excluded liability, with its registered office in Amsterdam and located at the same address (Willemsparkweg 31, 1071 GP Amsterdam). It is registered in the trade register of the Chamber of Commerce under number 97540293.

AFM registration

The Manager operates under the so-called de minimis regime and is registered with the Dutch Authority for the Financial Markets (“AFM”). This means that the Manager is not subject to a licence requirement and is therefore not under direct supervision of the AFM or De Nederlandsche Bank. There is also no obligation to publish a prospectus.

Participation

The information on this Website is not investment advice. Participation in a Clusterfund is only possible on the basis of the fund documentation.

Acceptance of terms

By using the Website, you are deemed to have fully read, understood and accepted this disclaimer. If you do not agree with these terms, please do not use the Website.

Liability

Although the information on this Website has been compiled with the greatest possible care and is based on sources considered reliable, it cannot be guaranteed that the information is complete, current or correct at all times. The Manager, the Funds and their directors and employees accept no liability for inaccuracies or for any damage arising from the use of the Website. Use of the Website is entirely at your own expense and risk.

No advice

The content of the Website is intended for general information only and should not be regarded as (investment) advice or as an offer of a product or service. For specific questions or decisions, we recommend that you seek professional advice.

Availability of the Website and communication

The Manager cannot guarantee that the Website is available at all times without errors or interruptions. Disruptions, delays or temporary interruptions may occur. Nor can it be guaranteed that emails or electronic messages are sent or received on time or without errors. Electronic communication may involve risks for which the Manager accepts no liability.

Intellectual property

All texts, images and other materials on the Website are protected by the copyright of the Manager, unless stated otherwise. Without the prior written consent of the Manager, it is not permitted to copy, edit, distribute or otherwise publish the content.

Changes

The Manager reserves the right to change the content of the Website and/or this disclaimer at any time and without prior notice. We recommend that you consult this statement regularly.

Applicable law and complaints

This Website and this disclaimer are governed by Dutch law. For complaints or comments about the Website, please contact the Manager.

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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