{"id":2447,"date":"2026-09-22T14:50:28","date_gmt":"2026-09-22T14:50:28","guid":{"rendered":"https:\/\/staging.tworivers.capital\/strategy\/"},"modified":"2026-11-11T10:12:54","modified_gmt":"2026-11-11T10:12:54","slug":"strategy","status":"publish","type":"page","link":"https:\/\/staging.tworivers.capital\/en\/strategy\/","title":{"rendered":"Strategy"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2447\" class=\"elementor elementor-2447 elementor-2388\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-defd712 e-con-full trc e-flex e-con e-parent\" data-id=\"defd712\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-26bbfcc elementor-widget elementor-widget-html\" data-id=\"26bbfcc\" 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=\"strategie\">\n  <section class=\"subhero\">\n    <div class=\"wrap subhero__grid\">\n      <div>\n        <h1>Why we choose the European lower\u00a0mid-market<\/h1>\n        <p class=\"lead\">We invest through specialised European buyout funds in the lower mid-market: established, profitable companies typically with \u20ac1 to \u20ac8\u00a0million in EBITDA a\u00a0year.<\/p>\n        <div class=\"btn-row\"><a class=\"btn btn--primary\" href=\"\/en\/funds\/clusterfonds-ii\/#brochure\" data-scroll-contact>Get the\u00a0brochure<\/a><a class=\"btn btn--ghost\" href=\"\/en\/book-an-introductory-call\/\">Book an introductory\u00a0call<\/a><\/div>\n      <\/div>\n      <div class=\"subhero__media subhero__media--strat\"><div class=\"ph ph--img\" role=\"img\" aria-label=\"Production line at a manufacturing company\"  style=\"position:absolute;inset:0;background-image:url(\/wp-content\/uploads\/2026\/09\/trc-strategie-productielijn.webp)\"><\/div><\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--mist\">\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>What a Clusterfund invests\u00a0in<\/h2><p class=\"lead\">You invest in one <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>. This way you invest in more than 100 profitable companies, spread across around 10 specialised European lower mid-market buyout\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 class=\"btn-row btn-row--center\" style=\"margin-top:40px\"><a class=\"btn btn--primary\" href=\"\/en\/funds\/clusterfonds-ii\/#brochure\" data-scroll-contact>Get the\u00a0brochure<\/a><a class=\"btn btn--navy\" href=\"\/en\/funds\/clusterfonds-ii\/\">View the open\u00a0fund<\/a><\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--mist\" id=\"spreiding\">\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\">\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>The difference between lower mid-market and larger buyout\u00a0funds<\/h2><p class=\"lead\">Fewer buyers, a lower price and less debt. That helps explain why lower mid-market buyout funds 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:34px\"><a class=\"btn btn--primary\" href=\"\/en\/funds\/clusterfonds-ii\/#brochure\" data-scroll-contact>Get the\u00a0brochure<\/a><\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--mist\">\n    <div class=\"wrap\">\n      <div class=\"head rv\"><h2>How value is created in a lower mid-market\u00a0company<\/h2><p class=\"lead\">The funds we select earn their returns mainly by making companies better, not by borrowing\u00a0more.<\/p><\/div>\n      <div class=\"tabs rv\" id=\"tabs-waarde\">\n        <div class=\"tabs__list\">\n          <button class=\"tab is-active\" data-tab=\"0\"><i>1<\/i><div><strong>Professionalisation<\/strong><\/div><\/button>\n          <button class=\"tab\" data-tab=\"1\"><i>2<\/i><div><strong>Acquisitions (buy-and-build)<\/strong><\/div><\/button>\n          <button class=\"tab\" data-tab=\"2\"><i>3<\/i><div><strong>Digitalisation<\/strong><\/div><\/button>\n          <button class=\"tab\" data-tab=\"3\"><i>4<\/i><div><strong>Limited\u00a0debt<\/strong><\/div><\/button>\n        <\/div>\n        <div class=\"tabs__panel\">\n          <div class=\"tabs__pane is-active\"><div class=\"ph ph--img\" role=\"img\" aria-label=\"Warehouse staff next to a forklift truck\" data-bg=\"\/wp-content\/uploads\/2026\/09\/trc-strategie-heftruck.webp\"><\/div><div class=\"tabs__cap\"><b>Professionalisation<\/b><span>For example, hiring a finance director and running the business on monthly\u00a0figures.<\/span><\/div><\/div>\n          <div class=\"tabs__pane\"><div class=\"ph ph--img\" role=\"img\" aria-label=\"Distribution centre\" data-bg=\"\/wp-content\/uploads\/2026\/09\/trc-distributiecentrum.webp\"><\/div><div class=\"tabs__cap\"><b>Acquisitions<\/b><span>For example, combining regional installation contractors into a single national\u00a0player.<\/span><\/div><\/div>\n          <div class=\"tabs__pane\"><div class=\"ph ph--img\" role=\"img\" aria-label=\"Vertical farming under LED lighting\" data-bg=\"\/wp-content\/uploads\/2026\/09\/trc-strategie-verticale-landbouw.webp\"><\/div><div class=\"tabs__cap\"><b>Digitalisation<\/b><span>For example, processing orders automatically and digitising\u00a0planning.<\/span><\/div><\/div>\n          <div class=\"tabs__pane\"><div class=\"ph ph--img\" role=\"img\" aria-label=\"Fertilisers in agriculture\" data-bg=\"\/wp-content\/uploads\/2026\/09\/trc-strategie-meststoffen.webp\"><\/div><div class=\"tabs__cap\"><b>Limited\u00a0debt<\/b><span>For example, funding growth from the company's own profits rather than with additional\u00a0loans.<\/span><\/div><\/div>\n        <\/div>\n      <\/div>\n      <div class=\"btn-row btn-row--center\" style=\"margin-top:40px\"><a class=\"btn btn--navy\" href=\"\/en\/funds\/clusterfonds-ii\/\">View the open\u00a0fund<\/a><a class=\"btn btn--primary\" href=\"\/en\/funds\/clusterfonds-ii\/#brochure\" data-scroll-contact>Get the\u00a0brochure<\/a><\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section\" id=\"selectie\">\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\" 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style=\"--trc-d:0.27\"\/><circle cx=\"76.2\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.03\"\/><circle cx=\"83.8\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.69\"\/><circle cx=\"91.4\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.39\"\/><circle cx=\"99.0\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.64\"\/><circle cx=\"106.6\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.94\"\/><circle cx=\"114.2\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.61\"\/><circle cx=\"121.8\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.06\"\/><circle cx=\"129.4\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.20\"\/><circle cx=\"137.0\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.66\"\/><circle cx=\"144.6\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.72\"\/><circle cx=\"152.2\" cy=\"105.4\" r=\"2.3\" style=\"--trc-d:0.98\"\/><circle cx=\"7.8\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.85\"\/><circle cx=\"15.4\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.09\"\/><circle cx=\"23.0\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.37\"\/><circle cx=\"30.6\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.53\"\/><circle cx=\"38.2\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.40\"\/><circle cx=\"45.8\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.02\"\/><circle cx=\"53.4\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.80\"\/><circle cx=\"61.0\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.38\"\/><circle cx=\"68.6\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.13\"\/><circle cx=\"76.2\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.86\"\/><circle cx=\"83.8\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.25\"\/><circle cx=\"91.4\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.34\"\/><circle cx=\"99.0\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.58\"\/><circle cx=\"106.6\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.45\"\/><circle cx=\"114.2\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.83\"\/><circle cx=\"121.8\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.90\"\/><circle cx=\"129.4\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.16\"\/><circle cx=\"137.0\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.10\"\/><circle cx=\"144.6\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.04\"\/><circle cx=\"152.2\" cy=\"113.0\" r=\"2.3\" style=\"--trc-d:0.31\"\/><circle cx=\"7.8\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.33\"\/><circle cx=\"15.4\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.53\"\/><circle cx=\"23.0\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.33\"\/><circle cx=\"30.6\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.98\"\/><circle cx=\"38.2\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.93\"\/><circle cx=\"45.8\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.93\"\/><circle cx=\"53.4\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.13\"\/><circle cx=\"61.0\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.99\"\/><circle cx=\"68.6\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.75\"\/><circle cx=\"76.2\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.64\"\/><circle cx=\"83.8\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.98\"\/><circle cx=\"91.4\" cy=\"120.6\" r=\"2.3\" style=\"--trc-d:0.15\"\/><circle cx=\"99.0\" 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=\"crit3__head rv\"><h3>Our selection\u00a0criteria<\/h3><p>A selection from more than 50\u00a0criteria.<\/p><\/div>\n      <div class=\"crit3 rv\">\n        <div><h3>Past\u00a0results<\/h3><ul><li>Demonstrably achieved by this\u00a0team<\/li><li>Source of returns: profit growth, debt or a higher sale\u00a0price<\/li><li>Repeatability<\/li><\/ul><\/div>\n        <div><h3>Team and alignment of\u00a0interests<\/h3><ul><li>Team stability and\u00a0succession<\/li><li>Managers' own investment in the\u00a0fund<\/li><li>Reference\u00a0calls<\/li><\/ul><\/div>\n        <div><h3>Strategy and value\u00a0creation<\/h3><ul><li>Purchase prices and debt\u00a0levels<\/li><li>Improvements within the companies\u00a0themselves<\/li><li>Growth through acquisitions (<span class=\"begrip\" tabindex=\"0\">buy-and-build<span class=\"begrip__tip\" role=\"tooltip\">Growing by acquiring smaller companies in the same industry and combining them into one stronger\u00a0group.<\/span><\/span>)<\/li><\/ul><\/div>\n      <\/div>\n      <div class=\"btn-row btn-row--center\" style=\"margin-top:34px\"><a class=\"btn btn--navy\" href=\"\/en\/team\/\">Who selects the\u00a0funds<\/a><a class=\"btn btn--outline\" href=\"\/en\/book-an-introductory-call\/\">Book an introductory\u00a0call<\/a><\/div>\n    <\/div>\n  <\/section>\n\n  <section class=\"section section--mist\" id=\"rekenvoorbeeld\">\n    <div class=\"wrap\">\n      <div class=\"dvs\">\n        <div class=\"rv\">\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 class=\"btn-row\"><a class=\"btn btn--navy\" href=\"\/en\/frequently-asked-questions\/#deelnemingsvrijstelling\">Read the\u00a0explanation<\/a><\/div>\n        <\/div>\n        <div class=\"dvs__vis dvsline rv rv-d1\">\n          <div class=\"dvsline__t\">Hypothetical worked example, not a forecast: \u20ac1m over 20 years at a 15% net\u00a0return<\/div>\n          <div class=\"dvsline__legend\"><span class=\"dvsline__lk dvsline__lk--w\">With the participation exemption\u00a0<b>\u20ac16.4m<\/b><\/span><span class=\"dvsline__lk dvsline__lk--wo\">Without the participation exemption\u00a0<b>\u20ac10.4m<\/b><\/span><\/div>\n          <svg class=\"dvsline__svg\" viewBox=\"0 0 650 302\" role=\"img\" aria-label=\"Hypothetical worked example over 20 years at a 15% net return, not a forecast: \u20ac1m grows to \u20ac16.4m with the participation exemption and to \u20ac10.4m without, 36% less\">\n            <line class=\"dvsline__axis\" x1=\"0\" y1=\"250\" x2=\"556\" y2=\"250\"\/>\n            <path class=\"dvsline__tick\" d=\"M2 250v7M279 250v7M556 250v7\"\/>\n            <text class=\"dvsline__ax\" x=\"0\" y=\"294\">Year 0<\/text><text class=\"dvsline__ax\" x=\"279\" y=\"294\" text-anchor=\"middle\">Year 10<\/text><text class=\"dvsline__ax\" x=\"556\" y=\"294\" text-anchor=\"end\">Year 20<\/text>\n            <line class=\"dvsline__gap\" x1=\"556.0\" y1=\"22.0\" x2=\"556.0\" y2=\"111.1\"\/>\n            <path class=\"dvsline__l dvsline__l--wo\" pathLength=\"1\" d=\"M2.0 250.0 L29.7 248.2 L57.4 246.1 L85.1 243.8 L112.8 241.2 L140.5 238.2 L168.2 234.9 L195.9 231.2 L223.6 227.0 L251.3 222.4 L279.0 217.1 L306.7 211.2 L334.4 204.5 L362.1 197.0 L389.8 188.6 L417.5 179.2 L445.2 168.5 L472.9 156.6 L500.6 143.2 L528.3 128.1 L556.0 111.1\"\/>\n            <path class=\"dvsline__l dvsline__l--w\" pathLength=\"1\" d=\"M2.0 250.0 L29.7 247.8 L57.4 245.2 L85.1 242.3 L112.8 238.9 L140.5 235.0 L168.2 230.5 L195.9 225.4 L223.6 219.4 L251.3 212.6 L279.0 204.8 L306.7 195.8 L334.4 185.5 L362.1 173.5 L389.8 159.9 L417.5 144.1 L445.2 126.0 L472.9 105.2 L500.6 81.2 L528.3 53.7 L556.0 22.0\"\/>\n            <circle class=\"dvsline__dot dvsline__dot--wo\" cx=\"556.0\" cy=\"111.1\" r=\"4.5\"\/>\n            <circle class=\"dvsline__dot dvsline__dot--w\" cx=\"556.0\" cy=\"22.0\" r=\"4.5\"\/>\n            <g class=\"dvsline__pct\"><text x=\"572\" y=\"63\">36%<\/text><text x=\"572\" y=\"85\" class=\"dvsline__pctsub\">less<\/text><\/g>\n          <\/svg>\n          <details class=\"dvs__more\"><summary>Assumptions behind the\u00a0example<\/summary><div class=\"dvs__note\">Hypothetical example, not a forecast. It does not show how a Clusterfund develops: a Clusterfund runs for around 12 years and distributes its proceeds. Assumptions: investment of \u20ac1m, 20 years, a 15% net return a year, proceeds reinvested at the same return. Without the participation exemption, corporate income tax is due on the gain (25.8%, the rate above \u20ac200,000). With a single investment in a fund, the return then falls from 15.0% to 12.4% a year: \u20ac10.4m after 20 years instead of \u20ac16.4m. With a lower return, the difference is smaller. What this means for you depends on your structure. Not tax\u00a0advice.<sup>2<\/sup><\/div><\/details>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/section>\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>Why we choose the European lower\u00a0mid-market We invest through specialised European buyout funds in the lower mid-market: established, profitable companies typically with \u20ac1 to \u20ac8\u00a0million in EBITDA a\u00a0year. Get the\u00a0brochureBook an introductory\u00a0call What a Clusterfund invests\u00a0in You invest in one ClusterfundA fund of funds. You invest alongside other investors in one Clusterfund, which spreads across [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-2447","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why the European lower mid-market | Two Rivers Capital<\/title>\n<meta name=\"description\" content=\"Why Two Rivers invests via specialised lower mid-market buyout funds: lower purchase prices, less debt and value creation from the companies themselves.\" \/>\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\" 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