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Open for commitments

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
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As seen in
Het Financieele DagbladQuote De Telegraaf M&A Dutch Dragons

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Key figures

Minimum commitment€500,000First payment at least €100,000, the rest in stages
Target net return115%+ per year and 2.0x+Net IRR and net multiple, after all costs
PortfolioAround 10 fundsSelected from more than 300 European lower mid-market buyout funds that we track
Team's own investment€10mIn each Clusterfund
Target size€80mTarget total commitments
StructureCooperativeStructured for the participation exemption, also for your company2
Read the FAQ

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. 1

    Less competition

    Of every €100 that funds in Europe raise to buy companies5

  2. 2

    Lower price

    Purchase price as a multiple of annual operating profit (EBITDA)3

  3. 3

    Less debt

    Debt at purchase as a multiple of annual operating profit (EBITDA)6

  4. 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
View our strategy

Spread across Europe

Benelux DACH Nordics Western Europe Southern Europe
Intended allocation.

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 we select funds

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.

Fund termaround 12 years
Paid in80%of your commitment, typically
Target net return115%+ and 2.0x+Net IRR per year and net multiple
You pay inYou receiveNet position
  1. 1You commitAn amount from €500,000. You do not transfer it all at once.
  2. 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%.
  3. 3Distributions beginThe funds sell their first companies and distribute the proceeds. Your net position starts to recover.
  4. 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.

See how it works in 3 minutes

How to invest

  1. 1
    Introductory callA half-hour introductory call, online or at our office in Amsterdam.
  2. 2
    DocumentsYou receive the fund document with all the terms. Take your time to read it, and feel free to discuss it with your adviser.
  3. 3
    SubscriptionYou sign the subscription documents. We then carry out the required identity check.
  4. 4
    Paying in stagesWe call your commitment in stages. Every quarter you receive a report and there is an investor meeting.
Book an introductory call

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.

Meet the teamBook an introductory call
Denzell Melles
Denzell MellesManaging Partner

Want to know more about Clusterfonds II?

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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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