Key Takeaways
- • Equip Capital achieved a 9.1x multiple on invested capital (MOIC) from its debut fund by exiting its investment in European e-scooter operator Ryde Technology through a continuation fund structure.
- • Goldman Sachs led the continuation fund that acquired Ryde Technology, representing a significant continuation fund transaction in the European mobility technology sector.
- • The transaction demonstrates the viability of the continuation fund model as an exit mechanism for early-stage European tech investors, allowing Equip Capital to realize substantial returns while enabling ongoing investment in the operating company.
- • Ryde Technology, an e-scooter mobility platform operating across Europe, generated sufficient enterprise value to support a 9.1x return for Equip Capital's initial investors within the fund's investment period.
Summary
Equip Capital has successfully exited its investment in European e-scooter operator Ryde Technology through a continuation fund structure, delivering a 9.1x multiple on invested capital for its debut fund. The transaction was led by Goldman Sachs, which established a continuation fund to acquire the mobility company and facilitate the continuation of operations under new ownership.
The 9.1x MOIC represents a substantial return for Equip Capital's initial investors and underscores the value creation achieved within the e-scooter and micro-mobility sector during the fund's investment period. The continuation fund mechanism allowed Equip Capital to realize returns for its fund investors while enabling the continued operation and development of Ryde Technology under Goldman Sachs' stewardship.
This transaction illustrates the increasing prevalence of continuation funds as an exit strategy in European venture and growth equity markets. Rather than a traditional secondary sale or IPO, the continuation fund structure enabled a cleanly separated investment vehicle to acquire the asset, allowing original investors to achieve liquidity while preserving the company's operational trajectory.
The deal reflects ongoing institutional investor appetite for European technology and mobility infrastructure assets, with Goldman Sachs' participation signaling confidence in Ryde Technology's market position and growth prospects within the competitive European e-scooter landscape.
The 9.1x MOIC represents a substantial return for Equip Capital's initial investors and underscores the value creation achieved within the e-scooter and micro-mobility sector during the fund's investment period. The continuation fund mechanism allowed Equip Capital to realize returns for its fund investors while enabling the continued operation and development of Ryde Technology under Goldman Sachs' stewardship.
This transaction illustrates the increasing prevalence of continuation funds as an exit strategy in European venture and growth equity markets. Rather than a traditional secondary sale or IPO, the continuation fund structure enabled a cleanly separated investment vehicle to acquire the asset, allowing original investors to achieve liquidity while preserving the company's operational trajectory.
The deal reflects ongoing institutional investor appetite for European technology and mobility infrastructure assets, with Goldman Sachs' participation signaling confidence in Ryde Technology's market position and growth prospects within the competitive European e-scooter landscape.
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