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

Our funds

Every 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. follows the same approach, with its own underlying funds.

New to private equity? See how it works in 3 minutes
Open for commitments

Clusterfonds II

One commitment, spread across around 10 specialised European lower mid-market buyout funds.

Minimum commitment€500,000
Target net return115%+ per year, 2.0x+
Team's own investment€10m
Target size€80m

The target net return is after all fees and costs, including those of the underlying funds.1 Details are in the brochure.

Get the brochureView the open fund
Closed to new investors

Clusterfonds I (2025)

Our approach in practice.

€80mCommitted
60%Above target
100+Investors
€10mTeam's own investment
Portfolio includes
365CapitalIntersactionLexar PartnersValUDELTA Equity Partners
View the closed fund

Our funds side by side

Clusterfonds IIClusterfonds I (2025)
StatusOpen for commitmentsClosed
SizeTarget size €80m€80m committed (target €50m)
Number of fundsAround 10Around 10
CompaniesMore than 100 (intended)More than 100 (intended)
RegionEurope, with the Benelux at its coreEurope, with the Benelux at its core
Team's own investment€10m€10m
Tax-efficient through a Dutch entity2How it worksYesYes
Minimum commitment€500,000Closed to new investors

Get the brochure

After your request, we will contact you personally. You can read how we handle your data in our privacy statement.

Thank you

Download the brochure (PDF)

Would you like to discuss the brochure? Book a half-hour introductory call.

Book an introductory call

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.
Get the brochureBook a call
This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.