{"id":1888,"date":"2025-09-08T19:58:11","date_gmt":"2025-09-08T19:58:11","guid":{"rendered":"https:\/\/tworivers.capital\/home\/"},"modified":"2026-11-11T10:34:53","modified_gmt":"2026-11-11T10:34:53","slug":"home","status":"publish","type":"page","link":"https:\/\/staging.tworivers.capital\/en\/","title":{"rendered":"Home"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1888\" class=\"elementor elementor-1888 elementor-391\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-db0b7f2 e-con-full trc e-flex e-con e-parent\" data-id=\"db0b7f2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f892afd elementor-widget elementor-widget-html\" data-id=\"f892afd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<main id=\"content\"><article class=\"page is-active\" data-page=\"home\">\n\n  <section class=\"hero\">\n    <div class=\"hero__media\">\n      <video id=\"heroVideo\" aria-hidden=\"true\" data-bgv-defer preload=\"none\" muted loop playsinline poster=\"\/wp-content\/uploads\/2026\/09\/trc-home-hero-poster.webp\"><source src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-home-hero-m.mp4\" type=\"video\/mp4\" media=\"(max-width:440px)\"><source src=\"\/wp-content\/uploads\/2026\/09\/trc-home-hero.mp4\" type=\"video\/mp4\"><\/video>\n      <canvas id=\"heroCanvas\" aria-hidden=\"true\" style=\"display:none\"><\/canvas>\n    <\/div>\n    <div class=\"wrap hero__in\">\n      <a class=\"hero__tag is-in\" href=\"\/en\/funds\/clusterfonds-ii\/\"><span class=\"pill pill--open\"><\/span>Clusterfonds\u00a0II is open for\u00a0commitments <svg width=\"14\" height=\"14\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\"><path d=\"M5 12h14M13 6l6 6-6 6\"\/><\/svg><\/a>\n      <h1 class=\"is-in\">Access to European lower mid-market private\u00a0equity<\/h1>\n      <p class=\"lead is-in\">Two Rivers is a fund of funds. With one investment in a <span class=\"begrip\" tabindex=\"0\">Clusterfund<span class=\"begrip__tip\" role=\"tooltip\">A 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\u00a0companies.<\/span><\/span> you invest in more than 100 profitable <span class=\"begrip\" tabindex=\"0\">lower mid-market<span class=\"begrip__tip\" role=\"tooltip\">Established, profitable mid-sized companies, typically with \u20ac1 to \u20ac8\u00a0million in EBITDA (earnings before interest, taxes, depreciation and amortisation) a\u00a0year.<\/span><\/span> companies, from <span class=\"begrip\" tabindex=\"0\">\u20ac500,000<span class=\"begrip__tip\" role=\"tooltip\">You do not pay this in one go. The first payment is at least \u20ac100,000; 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\u00a0calls.<\/span><\/span>. We spread your money across around 10 specialised buyout\u00a0funds.<\/p>\n      <div class=\"btn-row is-in\">\n        <a class=\"btn btn--primary\" href=\"\/en\/funds\/clusterfonds-ii\/#brochure\" data-scroll-contact>Get the\u00a0brochure <svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"><path d=\"M5 12h14M13 6l6 6-6 6\"\/><\/svg><\/a>\n        <a class=\"btn btn--ghost\" href=\"\/en\/book-an-introductory-call\/\">Book an introductory\u00a0call<\/a>\n      <\/div>\n      <a class=\"hero__play is-in\" href=\"\/en\/how-it-works\/\"><i><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M8 5.5v13l10.5-6.5z\"\/><\/svg><\/i><span>See how it works in 3\u00a0minutes<\/span><\/a>\n    <\/div>\n    <button type=\"button\" class=\"hero__scroll\" data-scroll-next aria-label=\"Scroll down\"><span class=\"hero__scroll-mouse\"><span><\/span><\/span><\/button>\n  <\/section>\n\n  <section class=\"section section--dark section--tight\" style=\"padding-top:64px\">\n    <div class=\"wrap\">\n      <div class=\"stats stats--5\">\n        <div class=\"stat rv\"><div class=\"stat__n\">\u20ac80m<\/div><div class=\"stat__l\">Assets under\u00a0management<\/div><\/div>\n        <div class=\"stat rv rv-d1\"><div class=\"stat__n\">\u20ac10m<\/div><div class=\"stat__l\">The team's own investment in each\u00a0Clusterfund<\/div><\/div>\n        <div class=\"stat rv rv-d2\"><div class=\"stat__n\">15%+<\/div><div class=\"stat__l\">Target net return per year\u00a0(IRR)<sup>1<\/sup><\/div><\/div>\n        <div class=\"stat rv rv-d2\"><div class=\"stat__n\">2.0x+<\/div><div class=\"stat__l\">Target: more than twice your money back,\u00a0net<sup>1<\/sup><\/div><\/div>\n        <div class=\"stat rv rv-d3\"><div class=\"stat__n\">20+\u00a0years<\/div><div class=\"stat__l\">Relevant investment experience in the\u00a0team<\/div><\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--compact\" id=\"home-hoe\" data-anc-sec=\"how-it-works\"><span class=\"anc\" id=\"how-it-works\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>How a Clusterfund\u00a0works<\/h2><p class=\"lead\">One investment in more than 100 companies, spread across around 10 specialised\u00a0funds.<\/p><\/div>\n      <figure class=\"cfx\" data-cfx>\n        <div class=\"cfx__side\">\n          <div class=\"cfx__seg\" aria-hidden=\"true\"><span><i><\/i><\/span><span><i><\/i><\/span><span><i><\/i><\/span><span><i><\/i><\/span><span><i><\/i><\/span><span><i><\/i><\/span><\/div>\n          <div class=\"cfx__rail\" aria-hidden=\"true\"><i class=\"cfx__fill\"><\/i><\/div>\n          <ol class=\"cfx__steps\">\n            <li data-cfx-step=\"0\"><button type=\"button\"><span class=\"cfx__n\">1<\/span><span class=\"cfx__t\"><b>You commit an\u00a0amount<\/b><span>From \u20ac500,000. You pay in stages, as money is\u00a0needed.<\/span><\/span><\/button><\/li>\n            <li data-cfx-step=\"1\"><button type=\"button\"><span class=\"cfx__n\">2<\/span><span class=\"cfx__t\"><b>Together in one\u00a0Clusterfund<\/b><span>With other investors. The team itself invests \u20ac10\u00a0million alongside\u00a0you.<\/span><\/span><\/button><\/li>\n            <li data-cfx-step=\"2\"><button type=\"button\"><span class=\"cfx__n\">3<\/span><span class=\"cfx__t\"><b>Around 10\u00a0funds<\/b><span>Specialised lower mid-market buyout funds, chosen from more than\u00a0300.<\/span><\/span><\/button><\/li>\n            <li data-cfx-step=\"3\"><button type=\"button\"><span class=\"cfx__n\">4<\/span><span class=\"cfx__t\"><b>More than 100\u00a0companies<\/b><span>Together, the funds buy more than 100 profitable companies, in different countries and\u00a0sectors.<\/span><\/span><\/button><\/li>\n            <li data-cfx-step=\"4\"><button type=\"button\"><span class=\"cfx__n\">5<\/span><span class=\"cfx__t\"><b>Growth over around 5\u00a0years<\/b><span>The fund managers make the companies larger and more\u00a0professional.<\/span><\/span><\/button><\/li>\n            <li data-cfx-step=\"5\"><button type=\"button\"><span class=\"cfx__n\">6<\/span><span class=\"cfx__t\"><b>Sale and\u00a0distribution<\/b><span>The funds sell the companies. The proceeds come back to you through the\u00a0Clusterfund.<\/span><\/span><\/button><\/li>\n          <\/ol>\n          <button type=\"button\" class=\"cfx__play\" data-cfx-play><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\"><path class=\"cfx__ico-play\" d=\"M8 5.5v13l10.5-6.5z\"\/><path class=\"cfx__ico-pause\" d=\"M7 5h3.5v14H7zM13.5 5H17v14h-3.5z\"\/><path class=\"cfx__ico-again\" d=\"M12 5a7 7 0 1 1-6.6 4.7\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\"\/><path class=\"cfx__ico-again\" d=\"M4.2 4.6l1.3 5.1 5-1.5\"\/><\/svg><span data-cfx-playtxt>Play<\/span><\/button>\n        <\/div>\n        <div class=\"cfx__stage\"><canvas class=\"cfx__cv\" role=\"img\" aria-label=\"Your commitment is pooled with those of other investors and the team in one Clusterfund. It spreads across around 10 specialised buyout funds, which together buy more than 100 companies in different countries and sectors. They grow the companies over around 5 years and sell them again. The proceeds come back to you.\"><\/canvas><p class=\"cfx__note\">Illustrative. Numbers and regions are\u00a0examples.<\/p><\/div>\n        <div class=\"cfx__lab\" hidden><span data-cfx-l=\"cf\">Two Rivers\u00a0Clusterfund<\/span><span data-cfx-l=\"play\">Play<\/span><span data-cfx-l=\"pause\">Pause<\/span><span data-cfx-l=\"again\">Play\u00a0again<\/span><span data-cfx-l=\"team\">Team<\/span><span data-cfx-l=\"teamAmt\">\u20ac10m<\/span><span data-cfx-l=\"u\">You<\/span><span data-cfx-l=\"uT\">Your\u00a0commitment<\/span><span data-cfx-l=\"uS\">from\u00a0\u20ac500,000<\/span><span data-cfx-l=\"teamT\">The\u00a0team<\/span><span data-cfx-l=\"teamS\">\u20ac10m own\u00a0investment<\/span><span data-cfx-l=\"othT\">Fellow\u00a0investors<\/span><span data-cfx-l=\"othS\">entrepreneurs, family\u00a0offices<\/span><span data-cfx-l=\"year\">Year<\/span><span data-cfx-l=\"co1\">company in\u00a0portfolio<\/span><span data-cfx-l=\"coN\">companies in\u00a0portfolio<\/span><span data-cfx-l=\"c0\">Benelux<\/span><span data-cfx-l=\"c1\">DACH<\/span><span data-cfx-l=\"c2\">Nordics<\/span><span data-cfx-l=\"c3\">Southern\u00a0Europe<\/span><span data-cfx-l=\"cc0\">Benelux<\/span><span data-cfx-l=\"cc1\">DACH<\/span><span data-cfx-l=\"cc2\">North<\/span><span data-cfx-l=\"cc3\">South<\/span><span data-cfx-l=\"s0\">Industrials<\/span><span data-cfx-l=\"s1\">Healthcare<\/span><span data-cfx-l=\"s2\">Software<\/span><span data-cfx-l=\"s3\">Business\u00a0services<\/span><span data-cfx-l=\"s4\">Consumer<\/span><span data-cfx-l=\"s5\">Logistics<\/span><\/div>\n      <\/figure>\n      <\/div>\n  <\/section>\n\n  <section class=\"section section--mist\" id=\"home-spreiding\" data-anc-sec=\"why-diversify\"><span class=\"anc\" id=\"why-diversify\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>Why spread across multiple\u00a0funds<\/h2><p class=\"lead\">Historically, private equity has returned more than the stock market. But a single fund can disappoint. Spreading across several funds makes the\u00a0difference.<\/p><\/div>\n      <div class=\"riskx\">\n        <div class=\"riskx__c rv\">\n          <span class=\"riskx__eye\">Return<\/span>\n          <h3>Around 9 percentage points a year above the stock\u00a0market<\/h3>\n          <div class=\"riskx__ch\" role=\"img\" aria-label=\"Net return per year, Europe: over 5 years stock market 6% against private equity 15%, over 10 years 8% against 17%, over 20 years 7% against 16%\"><div class=\"riskx__grp\" style=\"--trc-i:0\"><div class=\"riskx__b riskx__b--m\" style=\"--trc-h:35.3\"><b>6%<\/b><\/div><div class=\"riskx__b riskx__b--p\" style=\"--trc-h:88.2\"><b>15%<\/b><\/div><span>5\u00a0years<\/span><\/div><div class=\"riskx__grp\" style=\"--trc-i:1\"><div class=\"riskx__b riskx__b--m\" style=\"--trc-h:47.1\"><b>8%<\/b><\/div><div class=\"riskx__b riskx__b--p\" style=\"--trc-h:100.0\"><b>17%<\/b><\/div><span>10\u00a0years<\/span><\/div><div class=\"riskx__grp\" style=\"--trc-i:2\"><div class=\"riskx__b riskx__b--m\" style=\"--trc-h:41.2\"><b>7%<\/b><\/div><div class=\"riskx__b riskx__b--p\" style=\"--trc-h:94.1\"><b>16%<\/b><\/div><span>20\u00a0years<\/span><\/div><\/div>\n          <div class=\"riskx__key\" aria-hidden=\"true\"><span class=\"riskx__k riskx__k--m\">Stock market (MSCI\u00a0Europe)<\/span><span class=\"riskx__k riskx__k--p\">Private equity\u00a0(buyout)<\/span><\/div>\n          <p>Historical net return per year,\u00a0Europe<sup>7<\/sup><\/p>\n        <\/div>\n        <div class=\"riskx__arrow\" aria-hidden=\"true\"><\/div>\n        <div class=\"riskx__c riskx__c--hi rv rv-d1\">\n          <span class=\"riskx__eye\">Risk<\/span>\n          <h3>Chance of a loss: from almost 1 in 4 to less than 1 in\u00a0100<\/h3>\n          <div class=\"riskx__two\" role=\"img\" aria-label=\"Historical chance of a loss: with 1 fund 23.6%, with 9 funds 0.7%\">\n            <div><b>23.6%<\/b><span>with 1\u00a0fund<\/span><div class=\"riskx__dots riskx__dots--a\" aria-hidden=\"true\"><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i class=\"on\"><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><\/div><\/div>\n            <div><b>0.7%<\/b><span>with 9\u00a0funds<\/span><div class=\"riskx__dots riskx__dots--b\" aria-hidden=\"true\"><i class=\"on\"><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><\/div><\/div>\n          <\/div>\n          <p>Historical simulation. That is why a Clusterfund spreads across around 10\u00a0funds<sup>8<\/sup><\/p>\n        <\/div>\n      <\/div><\/div>\n  <\/section>\n\n  <section class=\"section\" id=\"home-fondsen\" data-anc-sec=\"clusterfunds\"><span class=\"anc\" id=\"clusterfunds\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>Invest across the European lower\u00a0mid-market<\/h2><p class=\"lead\">Every Clusterfund follows the same approach, with its own underlying\u00a0funds.<\/p><\/div>\n      <div class=\"fundlead\">\n        <div class=\"fund fund--open fund--lead rv\">\n          <span class=\"pill pill--open\">Open for\u00a0commitments<\/span>\n          <h3>Clusterfonds\u00a0II<\/h3>\n          <p class=\"lead\">One commitment, spread across around 10 specialised European lower mid-market buyout\u00a0funds.<\/p>\n          <div class=\"termline\">\n            <div><span>Minimum\u00a0commitment<\/span><b>\u20ac500,000<\/b><\/div>\n            <div><span>Target net\u00a0return<sup>1<\/sup><\/span><b>15%+ per year,\u00a02.0x+<\/b><\/div>\n            <div><span>Team's own\u00a0investment<\/span><b>\u20ac10m<\/b><\/div>\n            <div><span>Target\u00a0size<\/span><b>\u20ac80m<\/b><\/div>\n          <\/div>\n          <p class=\"fund__cost\">The target net return is after all fees and costs, including those of the underlying funds.<sup>1<\/sup> Details are in the\u00a0brochure.<\/p>\n          <div class=\"btn-row\" style=\"margin-top:6px\"><a class=\"btn btn--primary\" href=\"\/en\/funds\/clusterfonds-ii\/#brochure\" data-scroll-contact>Get the\u00a0brochure<\/a><a class=\"btn btn--white\" href=\"\/en\/funds\/clusterfonds-ii\/\">View the open\u00a0fund<\/a><\/div>\n        <\/div>\n        <div class=\"fund--proof rv rv-d1\">\n          <span class=\"pill pill--closed\">Closed to new\u00a0investors<\/span>\n          <h3>Clusterfonds\u00a0I\u00a0<span class=\"fund__yr\">(2025)<\/span><\/h3>\n          <p>Our approach in\u00a0practice.<\/p>\n          <div class=\"proofline\">\n            <div><b>\u20ac80m<\/b><span>Committed<\/span><\/div>\n            <div><b>60%<\/b><span>Above\u00a0target<\/span><\/div>\n            <div><b>100+<\/b><span>Investors<\/span><\/div>\n            <div><b>\u20ac10m<\/b><span>Team's own\u00a0investment<\/span><\/div>\n          <\/div>\n          <div class=\"pfstrip pfstrip--card\"><span class=\"pfstrip__t\">Portfolio\u00a0includes<\/span><div class=\"pfstrip__l\"><span class=\"pfstrip__i pfstrip__i--365\"><img loading=\"lazy\" decoding=\"async\" width=\"304\" height=\"208\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-logo-365capital.png\" alt=\"365Capital\" loading=\"lazy\"><\/span><span class=\"pfstrip__i pfstrip__i--int\"><img loading=\"lazy\" decoding=\"async\" width=\"517\" height=\"180\" src=\"\/wp-content\/uploads\/2026\/09\/trc-logo-intersaction.webp\" alt=\"Intersaction\" loading=\"lazy\"><\/span><span class=\"pfstrip__i pfstrip__i--lex\"><img loading=\"lazy\" decoding=\"async\" width=\"520\" height=\"146\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-logo-lexar-partners.png\" alt=\"Lexar Partners\" loading=\"lazy\"><\/span><span class=\"pfstrip__i pfstrip__i--valu\"><img loading=\"lazy\" decoding=\"async\" width=\"630\" height=\"174\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-logo-valu.png\" alt=\"ValU\" loading=\"lazy\"><\/span><span class=\"pfstrip__i pfstrip__i--delta\"><img decoding=\"async\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-logo-delta-equity-partners.svg\" alt=\"DELTA Equity Partners\" loading=\"lazy\"><\/span><\/div><\/div>\n          <a class=\"btn btn--navy\" href=\"\/en\/funds\/clusterfonds-i\/\">View the closed\u00a0fund<\/a>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--mist\" id=\"home-waarom\" data-anc-sec=\"why-lower-mid-market\"><span class=\"anc\" id=\"why-lower-mid-market\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>Why we choose the lower\u00a0mid-market<\/h2><p class=\"lead\">Fewer buyers, a lower price and less debt. That helps explain why <a href=\"\/en\/insight\/what-is-private-equity\/\">buyout\u00a0funds<\/a> in the lower mid-market have historically returned\u00a0more.<\/p><\/div>\n      <div class=\"mkbx rv\"><div class=\"mkbx__key\" aria-hidden=\"true\"><span class=\"mkbx__k mkbx__k--a\">Lower\u00a0mid-market<\/span><span class=\"mkbx__k mkbx__k--b\">Large\u00a0companies<\/span><\/div><ol class=\"mkbx__row\"><li class=\"mkbx__p\" style=\"--trc-i:0\"><div class=\"mkbx__top\"><span class=\"mkbx__i\">1<\/span><h3>Less\u00a0competition<\/h3><\/div><div class=\"mkbx__ch\" role=\"img\" aria-label=\"Of every \u20ac100 that funds in Europe raise to buy companies, \u20ac4 goes to the lower mid-market and \u20ac96 to large companies\"><div class=\"mkbx__bar mkbx__bar--a\" style=\"--trc-h:4.2\"><b>\u20ac4<\/b><\/div><div class=\"mkbx__bar mkbx__bar--b\" style=\"--trc-h:100.0\"><b>\u20ac96<\/b><\/div><\/div><p>Of every \u20ac100 that funds in Europe raise to buy\u00a0companies<sup>5<\/sup><\/p><\/li><li class=\"mkbx__p\" style=\"--trc-i:1\"><div class=\"mkbx__top\"><span class=\"mkbx__i\">2<\/span><h3>Lower\u00a0price<\/h3><\/div><div class=\"mkbx__ch\" role=\"img\" aria-label=\"Purchase price as a multiple of annual profit: lower mid-market 5 to 7.5 times, large companies 11 to 16 times\"><div class=\"mkbx__bar mkbx__bar--a\" style=\"--trc-h:46.3\"><b class=\"is-long\">5 to\u00a07.5x<\/b><\/div><div class=\"mkbx__bar mkbx__bar--b\" style=\"--trc-h:100.0\"><b class=\"is-long\">11 to\u00a016x<\/b><\/div><\/div><p>Purchase price as a multiple of annual operating profit\u00a0(EBITDA)<sup>3<\/sup><\/p><\/li><li class=\"mkbx__p\" style=\"--trc-i:2\"><div class=\"mkbx__top\"><span class=\"mkbx__i\">3<\/span><h3>Less\u00a0debt<\/h3><\/div><div class=\"mkbx__ch\" role=\"img\" aria-label=\"Debt at purchase as a multiple of annual profit: lower mid-market 2.8 times, large companies 6.2 times\"><div class=\"mkbx__bar mkbx__bar--a\" style=\"--trc-h:45.2\"><b>2.8x<\/b><\/div><div class=\"mkbx__bar mkbx__bar--b\" style=\"--trc-h:100.0\"><b>6.2x<\/b><\/div><\/div><p>Debt at purchase as a multiple of annual operating profit\u00a0(EBITDA)<sup>6<\/sup><\/p><\/li><li class=\"mkbx__p mkbx__p--hi\" style=\"--trc-i:3\"><div class=\"mkbx__top\"><span class=\"mkbx__i\">4<\/span><h3>Higher\u00a0return<\/h3><\/div><div class=\"mkbx__ch\" role=\"img\" aria-label=\"Historical net return per year, median: lower mid-market funds 20.0%, large-company funds 13.1%\"><div class=\"mkbx__bar mkbx__bar--a\" style=\"--trc-h:100.0\"><b>20.0%<\/b><\/div><div class=\"mkbx__bar mkbx__bar--b\" style=\"--trc-h:65.5\"><b>13.1%<\/b><\/div><\/div><p>Historical return per year, after fees\u00a0(median)<sup>4<\/sup><\/p><\/li><\/ol><p class=\"mkbx__note\">Market data for European buyout\u00a0funds.<\/p><\/div><div class=\"btn-row btn-row--center\" style=\"margin-top:30px\"><a class=\"btn btn--navy\" href=\"\/en\/strategy\/\">View our\u00a0strategy<\/a><\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section\" id=\"home-selectie\" data-anc-sec=\"fund-selection\"><span class=\"anc\" id=\"fund-selection\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>From more than 300 funds to around\u00a010<\/h2><p class=\"lead\">A strong track record alone is not enough. We also look at the team, the managers' own investment in their fund and how the return was\u00a0achieved.<\/p><\/div>\n      <div class=\"selx rv\" role=\"img\" aria-label=\"From more than 300 European lower mid-market funds we follow, through meetings and in-depth research, to around 10 funds per Clusterfund\"><ol class=\"selx__row\"><li class=\"selx__s\" style=\"--trc-i:0\"><svg class=\"selx__svg\" viewBox=\"0 0 160 150\" aria-hidden=\"true\"><g class=\"selx__g selx__g--1\"><circle cx=\"7.8\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.76\"\/><circle cx=\"15.4\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.45\"\/><circle cx=\"23.0\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.09\"\/><circle cx=\"30.6\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.43\"\/><circle cx=\"38.2\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.45\"\/><circle cx=\"45.8\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.95\"\/><circle cx=\"53.4\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.03\"\/><circle cx=\"61.0\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.38\"\/><circle cx=\"68.6\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.03\"\/><circle cx=\"76.2\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.50\"\/><circle cx=\"83.8\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.22\"\/><circle cx=\"91.4\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.02\"\/><circle cx=\"99.0\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.64\"\/><circle cx=\"106.6\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.86\"\/><circle cx=\"114.2\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.72\"\/><circle cx=\"121.8\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.42\"\/><circle cx=\"129.4\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.30\"\/><circle cx=\"137.0\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.85\"\/><circle cx=\"144.6\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.03\"\/><circle cx=\"152.2\" cy=\"21.8\" r=\"2.3\" style=\"--trc-d:0.41\"\/><circle cx=\"7.8\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.70\"\/><circle cx=\"15.4\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.44\"\/><circle cx=\"23.0\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.52\"\/><circle cx=\"30.6\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.03\"\/><circle cx=\"38.2\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.98\"\/><circle cx=\"45.8\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.17\"\/><circle cx=\"53.4\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.77\"\/><circle cx=\"61.0\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.23\"\/><circle cx=\"68.6\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.58\"\/><circle cx=\"76.2\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.55\"\/><circle cx=\"83.8\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.78\"\/><circle cx=\"91.4\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.74\"\/><circle cx=\"99.0\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.56\"\/><circle cx=\"106.6\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.87\"\/><circle cx=\"114.2\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.50\"\/><circle cx=\"121.8\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.35\"\/><circle cx=\"129.4\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.61\"\/><circle cx=\"137.0\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.23\"\/><circle cx=\"144.6\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.86\"\/><circle cx=\"152.2\" cy=\"29.4\" r=\"2.3\" style=\"--trc-d:0.82\"\/><circle cx=\"7.8\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.67\"\/><circle cx=\"15.4\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.01\"\/><circle cx=\"23.0\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.11\"\/><circle cx=\"30.6\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.07\"\/><circle cx=\"38.2\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.17\"\/><circle cx=\"45.8\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.45\"\/><circle cx=\"53.4\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.02\"\/><circle cx=\"61.0\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.19\"\/><circle cx=\"68.6\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.51\"\/><circle cx=\"76.2\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.82\"\/><circle cx=\"83.8\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.15\"\/><circle cx=\"91.4\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.70\"\/><circle cx=\"99.0\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.22\"\/><circle cx=\"106.6\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.52\"\/><circle cx=\"114.2\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.39\"\/><circle cx=\"121.8\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.63\"\/><circle cx=\"129.4\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.97\"\/><circle cx=\"137.0\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.86\"\/><circle cx=\"144.6\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.74\"\/><circle cx=\"152.2\" cy=\"37.0\" r=\"2.3\" style=\"--trc-d:0.01\"\/><circle cx=\"7.8\" cy=\"44.6\" r=\"2.3\" style=\"--trc-d:0.82\"\/><circle cx=\"15.4\" cy=\"44.6\" r=\"2.3\" style=\"--trc-d:0.17\"\/><circle cx=\"23.0\" cy=\"44.6\" r=\"2.3\" style=\"--trc-d:0.70\"\/><circle cx=\"30.6\" cy=\"44.6\" r=\"2.3\" style=\"--trc-d:0.35\"\/><circle cx=\"38.2\" cy=\"44.6\" r=\"2.3\" style=\"--trc-d:0.43\"\/><circle cx=\"45.8\" cy=\"44.6\" r=\"2.3\" style=\"--trc-d:0.67\"\/><circle cx=\"53.4\" cy=\"44.6\" r=\"2.3\" 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cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.91\"\/><circle cx=\"106.6\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.73\"\/><circle cx=\"114.2\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.55\"\/><circle cx=\"121.8\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.26\"\/><circle cx=\"129.4\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.08\"\/><circle cx=\"137.0\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.64\"\/><circle cx=\"144.6\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.02\"\/><circle cx=\"152.2\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.71\"\/><circle cx=\"7.8\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.60\"\/><circle cx=\"15.4\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.43\"\/><circle cx=\"23.0\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.94\"\/><circle cx=\"30.6\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.81\"\/><circle cx=\"38.2\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.20\"\/><circle cx=\"45.8\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.51\"\/><circle cx=\"53.4\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.88\"\/><circle cx=\"61.0\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.04\"\/><circle cx=\"68.6\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.19\"\/><circle cx=\"76.2\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.01\"\/><circle cx=\"83.8\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.89\"\/><circle cx=\"91.4\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.54\"\/><circle cx=\"99.0\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.53\"\/><circle cx=\"106.6\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.95\"\/><circle cx=\"114.2\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.31\"\/><circle cx=\"121.8\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.59\"\/><circle cx=\"129.4\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.16\"\/><circle cx=\"137.0\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.74\"\/><circle cx=\"144.6\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.40\"\/><circle cx=\"152.2\" cy=\"128.2\" r=\"2.3\" style=\"--trc-d:0.67\"\/><\/g><\/svg><b>300+<\/b><span>European lower mid-market funds we\u00a0follow<\/span><\/li><li class=\"selx__s\" style=\"--trc-i:1\"><svg class=\"selx__svg\" viewBox=\"0 0 160 150\" aria-hidden=\"true\"><g class=\"selx__g selx__g--2\"><circle cx=\"21.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.06\"\/><circle cx=\"34.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.74\"\/><circle cx=\"47.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.61\"\/><circle cx=\"60.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.16\"\/><circle cx=\"73.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.72\"\/><circle cx=\"86.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.54\"\/><circle cx=\"99.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.04\"\/><circle cx=\"112.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.32\"\/><circle cx=\"125.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.53\"\/><circle cx=\"138.5\" cy=\"42.5\" r=\"3.6\" style=\"--trc-d:0.02\"\/><circle cx=\"21.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.51\"\/><circle cx=\"34.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.18\"\/><circle cx=\"47.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.73\"\/><circle cx=\"60.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.79\"\/><circle cx=\"73.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.96\"\/><circle cx=\"86.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.72\"\/><circle cx=\"99.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.49\"\/><circle cx=\"112.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.83\"\/><circle cx=\"125.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.90\"\/><circle cx=\"138.5\" cy=\"55.5\" r=\"3.6\" style=\"--trc-d:0.92\"\/><circle cx=\"21.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.22\"\/><circle cx=\"34.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.17\"\/><circle cx=\"47.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.91\"\/><circle cx=\"60.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.71\"\/><circle cx=\"73.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.65\"\/><circle cx=\"86.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.21\"\/><circle cx=\"99.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.62\"\/><circle cx=\"112.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.73\"\/><circle cx=\"125.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.74\"\/><circle cx=\"138.5\" cy=\"68.5\" r=\"3.6\" style=\"--trc-d:0.27\"\/><circle cx=\"21.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.11\"\/><circle cx=\"34.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.24\"\/><circle cx=\"47.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.42\"\/><circle cx=\"60.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.36\"\/><circle cx=\"73.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.08\"\/><circle cx=\"86.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.73\"\/><circle cx=\"99.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.81\"\/><circle cx=\"112.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.69\"\/><circle cx=\"125.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.99\"\/><circle cx=\"138.5\" cy=\"81.5\" r=\"3.6\" style=\"--trc-d:0.34\"\/><circle cx=\"21.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.11\"\/><circle cx=\"34.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.45\"\/><circle cx=\"47.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.90\"\/><circle cx=\"60.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.71\"\/><circle cx=\"73.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.66\"\/><circle cx=\"86.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.45\"\/><circle cx=\"99.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.58\"\/><circle cx=\"112.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.14\"\/><circle cx=\"125.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.61\"\/><circle cx=\"138.5\" cy=\"94.5\" r=\"3.6\" style=\"--trc-d:0.56\"\/><circle cx=\"21.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.03\"\/><circle cx=\"34.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.64\"\/><circle cx=\"47.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.93\"\/><circle cx=\"60.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.44\"\/><circle cx=\"73.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.62\"\/><circle cx=\"86.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.26\"\/><circle cx=\"99.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.00\"\/><circle cx=\"112.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.11\"\/><circle cx=\"125.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.10\"\/><circle cx=\"138.5\" cy=\"107.5\" r=\"3.6\" style=\"--trc-d:0.22\"\/><\/g><\/svg><b>Meetings<\/b><span>with the fund\u00a0managers<\/span><\/li><li class=\"selx__s\" style=\"--trc-i:2\"><svg class=\"selx__svg\" viewBox=\"0 0 160 150\" aria-hidden=\"true\"><g class=\"selx__g selx__g--3\"><circle cx=\"40.0\" cy=\"45.0\" r=\"5.4\" style=\"--trc-d:0.37\"\/><circle cx=\"60.0\" cy=\"45.0\" r=\"5.4\" style=\"--trc-d:0.07\"\/><circle cx=\"80.0\" cy=\"45.0\" r=\"5.4\" style=\"--trc-d:0.26\"\/><circle cx=\"100.0\" cy=\"45.0\" r=\"5.4\" style=\"--trc-d:0.47\"\/><circle cx=\"120.0\" cy=\"45.0\" r=\"5.4\" style=\"--trc-d:0.64\"\/><circle cx=\"40.0\" cy=\"65.0\" r=\"5.4\" style=\"--trc-d:0.87\"\/><circle cx=\"60.0\" cy=\"65.0\" r=\"5.4\" style=\"--trc-d:0.67\"\/><circle cx=\"80.0\" cy=\"65.0\" r=\"5.4\" style=\"--trc-d:0.59\"\/><circle cx=\"100.0\" cy=\"65.0\" r=\"5.4\" style=\"--trc-d:0.87\"\/><circle cx=\"120.0\" cy=\"65.0\" r=\"5.4\" style=\"--trc-d:0.88\"\/><circle cx=\"40.0\" cy=\"85.0\" r=\"5.4\" style=\"--trc-d:0.39\"\/><circle cx=\"60.0\" cy=\"85.0\" r=\"5.4\" style=\"--trc-d:0.94\"\/><circle cx=\"80.0\" cy=\"85.0\" r=\"5.4\" style=\"--trc-d:0.14\"\/><circle cx=\"100.0\" cy=\"85.0\" r=\"5.4\" style=\"--trc-d:0.44\"\/><circle cx=\"120.0\" cy=\"85.0\" r=\"5.4\" style=\"--trc-d:0.51\"\/><circle cx=\"40.0\" cy=\"105.0\" r=\"5.4\" style=\"--trc-d:0.59\"\/><circle cx=\"60.0\" cy=\"105.0\" r=\"5.4\" style=\"--trc-d:0.68\"\/><circle cx=\"80.0\" cy=\"105.0\" r=\"5.4\" style=\"--trc-d:0.99\"\/><circle cx=\"100.0\" cy=\"105.0\" r=\"5.4\" style=\"--trc-d:0.86\"\/><circle cx=\"120.0\" cy=\"105.0\" r=\"5.4\" style=\"--trc-d:0.57\"\/><\/g><\/svg><b>Assessment<\/b><span>into the team, results and\u00a0approach<\/span><\/li><li class=\"selx__s\" style=\"--trc-i:3\"><svg class=\"selx__svg\" viewBox=\"0 0 160 150\" aria-hidden=\"true\"><g class=\"selx__g selx__g--4\"><g style=\"--trc-d:0.00\"><circle cx=\"20\" cy=\"59\" r=\"12.5\"\/><text x=\"20\" y=\"63.3\">1<\/text><\/g><g style=\"--trc-d:0.06\"><circle cx=\"50\" cy=\"59\" r=\"12.5\"\/><text x=\"50\" y=\"63.3\">2<\/text><\/g><g style=\"--trc-d:0.12\"><circle cx=\"80\" cy=\"59\" r=\"12.5\"\/><text x=\"80\" y=\"63.3\">3<\/text><\/g><g style=\"--trc-d:0.18\"><circle cx=\"110\" cy=\"59\" r=\"12.5\"\/><text x=\"110\" y=\"63.3\">4<\/text><\/g><g style=\"--trc-d:0.24\"><circle cx=\"140\" cy=\"59\" r=\"12.5\"\/><text x=\"140\" y=\"63.3\">5<\/text><\/g><g style=\"--trc-d:0.30\"><circle cx=\"20\" cy=\"91\" r=\"12.5\"\/><text x=\"20\" y=\"95.3\">6<\/text><\/g><g style=\"--trc-d:0.36\"><circle cx=\"50\" cy=\"91\" r=\"12.5\"\/><text x=\"50\" y=\"95.3\">7<\/text><\/g><g style=\"--trc-d:0.42\"><circle cx=\"80\" cy=\"91\" r=\"12.5\"\/><text x=\"80\" y=\"95.3\">8<\/text><\/g><g style=\"--trc-d:0.48\"><circle cx=\"110\" cy=\"91\" r=\"12.5\"\/><text x=\"110\" y=\"95.3\">9<\/text><\/g><g style=\"--trc-d:0.54\"><circle cx=\"140\" cy=\"91\" r=\"12.5\"\/><text x=\"140\" y=\"95.3\">10<\/text><\/g><\/g><\/svg><b>Around\u00a010<\/b><span>funds per\u00a0Clusterfund<\/span><\/li><\/ol><p class=\"selx__note\">Illustrative.<\/p><\/div><div class=\"btn-row btn-row--center\" style=\"margin-top:36px\"><a class=\"btn btn--navy\" href=\"\/en\/strategy\/#selectie\">How we select\u00a0funds<\/a><\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--dark\" id=\"home-toegang\" data-anc-sec=\"team\"><span class=\"anc\" id=\"team\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"split split--team\">\n        <div class=\"rv\">\n          <h2>We bring <em>experience<\/em>, <em>relationships<\/em> and <em>capital<\/em> to the\u00a0table<\/h2>\n          <p class=\"lead\" style=\"margin-top:14px\">Two Rivers Capital is led by Maasbert Schouten and Denzell Melles. They combine entrepreneurship with experience in private equity and investment\u00a0banking.<\/p>\n          <div class=\"access access--trio\">\n            <div>\n              <h3><em>Experience<\/em><\/h3>\n              <p>More than 20 years of relevant investment experience between them. Maasbert built his own company to more than 1,000 employees. Denzell worked at Morgan Stanley in London on large international\u00a0transactions.<\/p>\n            <\/div>\n            <div>\n              <h3><em>Relationships<\/em><\/h3>\n              <p>The team has been investing in lower mid-market funds for more than 15 years and has built strong relationships with fund managers along the way. That gets us a place in funds that are hard for an individual investor to\u00a0reach.<\/p>\n            <\/div>\n            <div>\n              <h3><em>Capital<\/em><\/h3>\n              <p>Maasbert Schouten has previously invested more than \u20ac200\u00a0million in lower mid-market private equity.<sup>9<\/sup> The team invests \u20ac10\u00a0million of its own in each\u00a0Clusterfund.<\/p>\n            <\/div>\n          <\/div>\n          <div class=\"btn-row\"><a class=\"btn btn--white\" href=\"\/en\/team\/\">Meet the\u00a0team<\/a><a class=\"btn btn--ghost\" href=\"\/en\/book-an-introductory-call\/\">Book an introductory\u00a0call<\/a><\/div>\n        <\/div>\n        <div class=\"split__media split__media--team rv rv-d1\">\n          <img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"1000\" src=\"\/wp-content\/uploads\/2026\/09\/trc-partners-maasbert-schouten-denzell-melles.jpg\" alt=\"Maasbert Schouten (left) and Denzell Melles (right), partners at Two Rivers Capital\">\n          <div class=\"split__cap\"><b>Maasbert\u00a0Schouten<\/b> and <b>Denzell\u00a0Melles<\/b><span>Partners, Two Rivers\u00a0Capital<\/span><\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--compact\" id=\"home-dvs\" data-anc-sec=\"tax\"><span class=\"anc\" id=\"tax\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"dvsband rv\">\n        <div>\n          <h2>Tax-efficient through a Dutch\u00a0entity<\/h2>\n          <ol class=\"dvs2\"><li><b>In the\u00a0Clusterfund<\/b><span>The Clusterfund is a Dutch cooperative (co\u00f6peratie). It aims to invest only in funds to which the Dutch participation exemption applies. In principle, it then pays no corporate income tax on the proceeds from those\u00a0funds.<\/span><\/li><li><b>Through a Dutch\u00a0company<\/b><span>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 also falls under the participation\u00a0exemption.<\/span><\/li><\/ol><p class=\"dvs2__n\">The companies themselves still pay tax on their profits. Private individuals and foreign companies are taxed differently. Not tax\u00a0advice.<sup>2<\/sup><\/p>\n        <\/div>\n        <div class=\"dvsband__cta\"><a class=\"btn btn--navy\" href=\"\/en\/frequently-asked-questions\/#deelnemingsvrijstelling\">Read the\u00a0explanation<\/a><a class=\"tlink\" href=\"\/en\/strategy\/#rekenvoorbeeld\">See the worked\u00a0example<\/a><\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--tight section--mist\">\n    <div class=\"wrap\">\n      <div class=\"broch rv\">\n        <div class=\"ph ph--img\" aria-hidden=\"true\" data-bg=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-brug-duotoon.webp\"><\/div>\n        <div class=\"broch__box\">\n          <h2>Read more in the\u00a0<em>brochure<\/em><\/h2>\n          <a class=\"btn btn--primary\" href=\"\/en\/funds\/clusterfonds-ii\/#brochure\" data-scroll-contact>Get the\u00a0brochure <svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"><path d=\"M12 4v12M6 10l6 6 6-6M4 20h16\"\/><\/svg><\/a>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section\" id=\"home-media\" data-anc-sec=\"media\"><span class=\"anc\" id=\"media\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>Two Rivers Capital in the\u00a0media<\/h2><\/div>\n      <div class=\"media media--swipe\">\n        <a class=\"mcard rv\" href=\"https:\/\/open.spotify.com\/episode\/5xnMzyI15IrHcXr06bFG8a\" target=\"_blank\" rel=\"noopener\">\n  <div class=\"mcard__pic\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"320\" height=\"180\" src=\"\/wp-content\/uploads\/2026\/09\/trc-media-dutch-dragons.jpg\" alt=\"Dutch Dragons podcast, episode 80\" style=\"object-position:50% 40%\"><\/div>\n  <div class=\"mcard__b\"><div class=\"mcard__src\"><b>Dutch\u00a0Dragons<\/b><span>8 April\u00a02026<\/span><\/div><h3>Maasbert Schouten: \u2018I always look\u00a0ahead\u2019<\/h3><span class=\"mcard__link\">Listen to the\u00a0podcast <svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"><path d=\"M5 12h14M13 6l6 6-6 6\"\/><\/svg><\/span><\/div>\n<\/a><a class=\"mcard rv rv-d1\" href=\"https:\/\/www.quotenet.nl\/financien\/investeren\/a70569289\/two-rivers-capital-eerste-mkb-fonds-denzell-melles-maasbert-schouten\/\" target=\"_blank\" rel=\"noopener\">\n  <div class=\"mcard__pic\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"500\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-media-quote-partners-denzell-melles-maasbert-schouten.webp\" alt=\"Maasbert Schouten (left) and Denzell Melles (right), partners at Two Rivers Capital\"><\/div>\n  <div class=\"mcard__b\"><div class=\"mcard__src\"><b>Quote<\/b><span>2 March\u00a02026<\/span><\/div><h3>\u2018Two Rivers closes first SME fund well ahead of schedule and above\u00a0target\u2019<\/h3><span class=\"mcard__link\">Read the\u00a0article <svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"><path d=\"M5 12h14M13 6l6 6-6 6\"\/><\/svg><\/span><\/div>\n<\/a><a class=\"mcard rv rv-d2\" href=\"https:\/\/fd.nl\/financiele-markten\/1586367\/investeerder-maasbert-schouten-een-britse-voetbalclub-dat-lijkt-me-leuk\" target=\"_blank\" rel=\"noopener\">\n  <div class=\"mcard__pic\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"500\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-media-fd-maasbert-schouten.webp\" alt=\"Maasbert Schouten, illustration by Het Financieele Dagblad\"><\/div>\n  <div class=\"mcard__b\"><div class=\"mcard__src\"><b>Het Financieele\u00a0Dagblad<\/b><span>18 February\u00a02026<\/span><\/div><h3>\u2018Indirectly, Schouten is invested in almost 500 mainly Dutch\u00a0SMEs.\u2019<\/h3><span class=\"mcard__link\">Read the\u00a0interview <svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"><path d=\"M5 12h14M13 6l6 6-6 6\"\/><\/svg><\/span><\/div>\n<\/a><a class=\"mcard rv rv-d3\" href=\"https:\/\/www.telegraaf.nl\/financieel\/maasbert-schouten-54-raakte-half-miljard-euro-kwijt-kwestie-van-tijd-voor-ik-weer-in-quote-500-sta\/95309810.html\" target=\"_blank\" rel=\"noopener\">\n  <div class=\"mcard__pic\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"480\" height=\"300\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-media-telegraaf-maasbert-schouten-2.webp\" alt=\"Maasbert Schouten\"><\/div>\n  <div class=\"mcard__b\"><div class=\"mcard__src\"><b>De\u00a0Telegraaf<\/b><span>2 November\u00a02025<\/span><\/div><h3>\u2018Managers of small funds have a large network and, facing less competition, can secure better\u00a0deals.\u2019<\/h3><span class=\"mcard__link\">Read the\u00a0interview <svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"><path d=\"M5 12h14M13 6l6 6-6 6\"\/><\/svg><\/span><\/div>\n<\/a>\n      <\/div>\n      <p class=\"seenin rv\">As seen\u00a0in<\/p>\n      <div class=\"logo-strip rv\"><span class=\"logo-strip__i logo-strip__i--fd\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-logo-fd-kort.png\" alt=\"Het Financieele Dagblad\" width=\"124\" height=\"78\"><\/span><span class=\"logo-strip__i logo-strip__i--quote\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml;base64,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\" alt=\"Quote\" width=\"81\" height=\"25\"><\/span><span class=\"logo-strip__i logo-strip__i--tel\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2026\/09\/trc-logo-telegraaf.png\" alt=\"De Telegraaf\" width=\"128\" height=\"27\"><\/span><span class=\"logo-strip__i logo-strip__i--ma\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2026\/09\/trc-logo-mena.png\" alt=\"M&amp;A\" width=\"74\" height=\"25\"><\/span><span class=\"logo-strip__i logo-strip__i--dd\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2026\/09\/trc-logo-dutch-dragons.png\" alt=\"Dutch Dragons\" width=\"92\" height=\"32\"><\/span><\/div>\n      <div class=\"btn-row btn-row--center\" style=\"margin-top:36px\"><a class=\"btn btn--navy\" href=\"\/en\/media\/\">All\u00a0publications<\/a><\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--mist\" id=\"home-community\" data-anc-sec=\"investor-events\"><span class=\"anc\" id=\"investor-events\" aria-hidden=\"true\"><\/span>\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>An investor meeting every\u00a0quarter<\/h2><p class=\"lead\">The partners discuss the portfolio and the market with our investors. A fund manager or entrepreneur then gives a presentation, and you meet other\u00a0investors.<\/p><\/div>\n      <div class=\"comm2__tiles comm2__tiles--row rv\">\n        <div class=\"comm__item\"><b>Update from the\u00a0partners<\/b><span>In person, on the progress of the funds and\u00a0companies.<\/span><\/div>\n        <div class=\"comm__item\"><b>Quarterly\u00a0report<\/b><span>A written report on the funds and the\u00a0companies.<\/span><\/div>\n        <div class=\"comm__item\"><b>Dedicated\u00a0contact<\/b><span>You have one dedicated point of contact at Two\u00a0Rivers.<\/span><\/div>\n        <div class=\"comm__item\"><b>Fellow\u00a0investors<\/b><span>You meet entrepreneurs and family offices who also invest through Two\u00a0Rivers.<\/span><\/div>\n      <\/div>\n      <div class=\"events rv rv-d1\">\n        <article class=\"event\">\n          <div class=\"event__img\" data-bg=\"\/wp-content\/uploads\/2026\/09\/trc-event-pillows.webp\"><\/div>\n          <div class=\"event__b\"><span class=\"event__badge\">3 December\u00a02025<\/span><h3>Pillows Grand Boutique\u00a0Hotel<\/h3><div class=\"event__logos\"><span class=\"event__logo\"><img loading=\"lazy\" decoding=\"async\" width=\"304\" height=\"208\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-logo-365capital.png\" alt=\"365Capital\" loading=\"lazy\"><\/span><\/div><\/div>\n        <\/article>\n        <article class=\"event\">\n          <div class=\"event__img\" data-bg=\"\/wp-content\/uploads\/2026\/09\/trc-event-hotel-de-leurope.webp\"><\/div>\n          <div class=\"event__b\"><span class=\"event__badge\">8 April\u00a02026<\/span><h3>Hotel de\u00a0l&rsquo;Europe<\/h3><div class=\"event__logos\"><span class=\"event__logo\"><img loading=\"lazy\" decoding=\"async\" width=\"517\" height=\"180\" src=\"\/wp-content\/uploads\/2026\/09\/trc-logo-intersaction.webp\" alt=\"Intersaction\" loading=\"lazy\"><\/span><\/div><\/div>\n        <\/article>\n        <article class=\"event\">\n          <div class=\"event__img\" data-bg=\"\/wp-content\/uploads\/2026\/09\/trc-event-bokkedoorns.webp\"><\/div>\n          <div class=\"event__b\"><span class=\"event__badge\">23 June\u00a02026<\/span><h3>Restaurant de\u00a0Bokkedoorns<\/h3><div class=\"event__logos\"><span class=\"event__logo\"><img loading=\"lazy\" decoding=\"async\" width=\"260\" height=\"73\" src=\"\/wp-content\/uploads\/2026\/09\/trc-logo-lexar.webp\" alt=\"Lexar Partners\" loading=\"lazy\"><\/span><\/div><\/div>\n        <\/article>\n        <article class=\"event\">\n          <div class=\"event__img\" data-bg=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-event-museum-van-loon-tuin-2026.webp\" role=\"img\" aria-label=\"Guests in the garden of Museum van Loon\"><\/div>\n          <div class=\"event__b\"><span class=\"event__badge\">29 September\u00a02026<\/span><h3>Museum van\u00a0Loon<\/h3><div class=\"event__logos event__logos--2\"><span class=\"event__logo\"><img loading=\"lazy\" decoding=\"async\" width=\"630\" height=\"174\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-logo-valu.png\" alt=\"ValU\" loading=\"lazy\"><\/span><span class=\"event__logo\"><img loading=\"lazy\" decoding=\"async\" width=\"416\" height=\"196\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-logo-rb-family-capital-wit.png\" alt=\"RB Family Capital\" loading=\"lazy\"><\/span><\/div><\/div>\n        <\/article>\n      <\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section cta-sec section--dark\" id=\"contact\">\n    <div class=\"wrap\">\n      <div class=\"rv cta-form\"><form class=\"form contact-anchor\" action=\"\/wp-admin\/admin-post.php\" method=\"post\" data-trc-form>\n  <div class=\"form__body\">\n    <h2 class=\"form__h\">Get the\u00a0brochure<\/h2>\n    <input type=\"hidden\" name=\"bron\" value=\"website\"><input type=\"hidden\" name=\"action\" value=\"trc_aanvraag\"><input type=\"hidden\" name=\"utm_source\" value=\"\"><input type=\"hidden\" name=\"utm_medium\" value=\"\"><input type=\"hidden\" name=\"utm_campaign\" value=\"\"><input type=\"hidden\" name=\"utm_content\" value=\"\"><input type=\"hidden\" name=\"ts\" value=\"\"><div class=\"trc-hp\" aria-hidden=\"true\" style=\"position:absolute;left:-10000px;top:auto;width:1px;height:1px;overflow:hidden\"><label>Leave this field empty <input type=\"text\" name=\"website_url\" tabindex=\"-1\" autocomplete=\"off\"><\/label><\/div><input type=\"hidden\" name=\"taal\" value=\"en\">\n    <input type=\"hidden\" name=\"wens\" value=\"brochure\">\n    <div class=\"f-row\">\n      <div class=\"f-field\"><label for=\"f-naam\">Name<\/label><input type=\"text\" id=\"f-naam\" name=\"naam\" required aria-describedby=\"f-err\" autocomplete=\"name\"><\/div>\n      <div class=\"f-field\"><label for=\"f-email\">Email\u00a0address<\/label><input type=\"email\" id=\"f-email\" name=\"email\" required aria-describedby=\"f-err\" autocomplete=\"email\"><\/div>\n    <\/div>\n    <div class=\"f-row\">\n      <div class=\"f-field\"><label for=\"f-tel\">Phone number\u00a0(optional)<\/label><input type=\"tel\" id=\"f-tel\" name=\"telefoon\" autocomplete=\"tel\"><\/div>\n      <div class=\"f-field\"><label for=\"f-bedrag\">Amount you are considering (optional)<\/label><select id=\"f-bedrag\" name=\"bedrag\"><option value=\"\">Please select<\/option><option>\u20ac500,000 to \u20ac1 million<\/option><option>\u20ac1 million to \u20ac2.5 million<\/option><option>\u20ac2.5 million or more<\/option><option>Not sure yet<\/option><\/select><\/div>\n    <\/div>\n    <label class=\"f-optin\"><input type=\"checkbox\" name=\"nieuwsbrief\" value=\"ja\"> <span>Keep me informed by email about Two Rivers and the\u00a0Clusterfunds.<\/span><\/label>\n    <button class=\"btn btn--primary\" type=\"submit\">Get the\u00a0brochure <svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"><path d=\"M5 12h14M13 6l6 6-6 6\"\/><\/svg><\/button><p class=\"trc-err\" id=\"f-err\" role=\"alert\" hidden style=\"margin:12px 0 0;font-size:.84rem;line-height:1.45;color:#b3261e\"><\/p>\n    <p class=\"f-privacy\">After your request, we will contact you personally. You can read how we handle your data in our <a href=\"\/en\/privacy-statement\/\" target=\"_blank\" rel=\"noopener\">privacy\u00a0statement<\/a>.<\/p>\n  <\/div>\n  <div class=\"form__done\">\n    <h3>Thank\u00a0you<\/h3>\n    <p data-done-text role=\"status\" style=\"color:var(--trc-ink-2);margin-bottom:20px\"><\/p>\n    <a class=\"btn btn--navy\" href=\"\/en\/funds\/clusterfonds-ii\/#brochure\" data-brochure=\"\">Download the brochure\u00a0(PDF)<\/a>\n    <div class=\"form__next\"><p>Would you like to discuss the brochure? Book a half-hour introductory\u00a0call.<\/p><a class=\"btn btn--outline\" href=\"\/en\/book-an-introductory-call\/\">Book an introductory\u00a0call<\/a><\/div>\n  <\/div>\n<\/form><\/div>\n    <\/div>\n  <\/section>\n  \n<\/article><\/main>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Clusterfonds\u00a0II is open for\u00a0commitments Access to European lower mid-market private\u00a0equity Two Rivers is a fund of funds. With one investment in a 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\u00a0companies. you invest in more than 100 profitable [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1948,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1888","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Two Rivers Capital | Private equity fund of funds, Amsterdam<\/title>\n<meta name=\"description\" content=\"One fund, spread across specialised European lower mid-market buyout funds. For entrepreneurs, family offices and private investors, from \u20ac500,000.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Rivers Capital | Private equity fund of funds, Amsterdam\" \/>\n<meta property=\"og:description\" content=\"One fund, spread across specialised European lower mid-market buyout funds. For entrepreneurs, family offices and private investors, from \u20ac500,000.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.tworivers.capital\/en\/\" \/>\n<meta property=\"og:site_name\" content=\"Two Rivers Capital\" \/>\n<meta property=\"article:modified_time\" content=\"2026-11-11T10:34:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.tworivers.capital\/wp-content\/plugins\/trc-website\/assets\/og\/trc-og-home.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/staging.tworivers.capital\\\/en\\\/\",\"url\":\"https:\\\/\\\/staging.tworivers.capital\\\/en\\\/\",\"name\":\"Two Rivers Capital | Private equity fund of funds, Amsterdam\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/staging.tworivers.capital\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/staging.tworivers.capital\\\/en\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/staging.tworivers.capital\\\/en\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/staging.tworivers.capital\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/uitgelichte-afbeelding.png\",\"datePublished\":\"2025-09-08T19:58:11+00:00\",\"dateModified\":\"2026-11-11T10:34:53+00:00\",\"description\":\"One fund, spread across specialised European lower mid-market buyout funds. 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