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Capital, experience and vision

European lower mid-market buyout funds are hard for private investors to reach. Two Rivers Capital makes them accessible through a Clusterfund, with a team that combines investment experience with entrepreneurship.

20+ yearsRelevant investment experience in the team
€200m+Previously invested by Maasbert Schouten in lower mid-market private equity9
€10mThe team's own investment in each Clusterfund
Benelux & EuropeNetwork in the lower mid-market
Denzell Melles

Denzell Melles

Managing Partner

Denzell started at a Dutch private equity fund focused on small and medium-sized companies. He then worked at Morgan Stanley in London, in Investment Banking, on international billion-euro transactions for large companies and private equity houses.

At Two Rivers, he uses that experience to select the fund managers who consistently outperform. He sits on the advisory committee (LPAC) of 4 lower mid-market funds.

Denzell studied Economics & Management at King's College London (BSc) and Finance at University College London (MSc).

Maasbert Schouten

Maasbert Schouten

Founding Partner

Maasbert has more than 25 years of experience as an entrepreneur and investor. As an entrepreneur, he grew his own business from a sole proprietorship into an organisation with more than 1,000 employees, twice named a Best Managed Company. As an investor, he focuses on lower mid-market private equity and has built a strong track record in fund selection.

He has personally committed more than €200 million to European lower mid-market private equity, through more than 100 funds.9 He sits on the advisory board of several lower mid-market funds and chairs the jury for Best Small Cap Deal at the M&A Awards.

Together with Denzell, he leads the investment committee, and he invests in each Clusterfund himself.

Tom Beyer, Investment Associate at Two Rivers Capital

Tom Beyer

Investment Associate

Tom assesses fund managers and their portfolios, leads the in-depth research (due diligence) on new funds and maintains contact with the funds we invest in. He previously worked at Bregal Anthos and Degroof Petercam.

Tom studied Management at Católica Lisbon (MSc) and at Rotterdam School of Management (BBA).

Wisse Staas, Investment Analyst at Two Rivers Capital

Wisse Staas

Investment Analyst

Wisse carries out analysis and market research for fund selection. He earned his BSc at Erasmus School of Economics and is combining an MSc in Financial Economics with an LLB in Tax Law.

Working at Two Rivers

Two Rivers is growing. Would you like to work with us in investment, operations or investor relations? We would be glad to hear from you, even if there is no vacancy at the moment.

Email info@tworivers.capital

How we select fund managers

  • Past results: demonstrably achieved by the current team, and repeatable
  • Specialism: sectors and companies the team knows inside out
  • Strategy and value creation: value from better companies, not from high debt
  • Alignment of interests: managers invest substantial sums of their own and earn mainly when their investors do too

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Thank you

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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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