Key Takeaways
- • Main Capital Partners, a Dutch software-focused buyout firm, is targeting €15 billion in assets under management, roughly doubling its current €6.8 billion, signaling aggressive expansion into European and North American software deals.
- • The firm closed a €300 million single-asset continuation fund for xxllnc, a Dutch GovTech company, with backing from Hamilton Lane and Trinity River Holdings, marking the second successful continuation fund raise for Main Capital.
- • Main Capital plans to open a London office in 2026 to strengthen connections with North American limited partners, reflecting a strategic shift toward transatlantic deal sourcing and investor relationships.
- • The xxllnc investment strategy includes building a Pan-European GovTech leader through an anticipated combination with Norwegian company Documaster, positioning the combined entity to serve over 1,250 public sector organizations across Europe with 380+ employees.
- • The fundraise demonstrates sustained institutional appetite for European software assets among global private markets investors, with continuation funds becoming a key vehicle for scaling portfolio companies.
Summary
Main Capital Partners, a software-focused private equity firm based in Northwestern Europe, is pursuing an ambitious growth strategy centered on European and North American software acquisitions. The firm currently manages €6.8 billion in assets and is targeting €15 billion in assets under management—an increase of approximately 120 percent—according to recent statements. This expansion reflects broader institutional investor interest in European software companies and positions Main Capital to compete more effectively with larger global private equity platforms.
The firm recently demonstrated fundraising momentum by closing a €300 million single-asset continuation fund dedicated to xxllnc, a Dutch GovTech software provider. The continuation fund was fully capitalized by existing limited partners, with Hamilton Lane, a major global private markets investor, leading the round and Trinity River Holdings serving as sub-lead. This marks the second continuation fund Main Capital has successfully closed, a strategic vehicle that allows the firm to extend investment periods and pursue add-on acquisitions within portfolio companies without launching an entirely new fund.
The xxllnc investment reflects Main Capital's strategy of identifying market-leading software businesses in niche verticals and scaling them across geographies. The company operates in the GovTech sector, serving public sector organizations with digital solutions. Main Capital plans to expand xxllnc's footprint through an anticipated combination with Documaster, a Norwegian competitor, creating a Pan-European platform. Once combined, the group is expected to serve over 1,250 public sector organizations across Europe and employ more than 380 people, establishing a foundation for further international expansion.
Main Capital is also restructuring its investor engagement model to capture growth opportunities in North America. The firm plans to open a London office in 2026, a move designed to strengthen relationships with North American limited partners and better position itself to source cross-border software transactions. This geographic expansion underscores the firm's ambition to become a transatlantic player in enterprise software investing, a sector that institutional investors across North America and Europe view as defensible and growth-oriented.
The fundraising activity reflects confidence among institutional investors in European software platforms, particularly those targeting specialized verticals such as government technology, enterprise resource management, and SaaS solutions. Charly Zwemstra, Managing Partner and CIO at Main Capital Partners, emphasized the firm's commitment to building international software leaders through disciplined capital deployment and operational support from its investment team.
The firm recently demonstrated fundraising momentum by closing a €300 million single-asset continuation fund dedicated to xxllnc, a Dutch GovTech software provider. The continuation fund was fully capitalized by existing limited partners, with Hamilton Lane, a major global private markets investor, leading the round and Trinity River Holdings serving as sub-lead. This marks the second continuation fund Main Capital has successfully closed, a strategic vehicle that allows the firm to extend investment periods and pursue add-on acquisitions within portfolio companies without launching an entirely new fund.
The xxllnc investment reflects Main Capital's strategy of identifying market-leading software businesses in niche verticals and scaling them across geographies. The company operates in the GovTech sector, serving public sector organizations with digital solutions. Main Capital plans to expand xxllnc's footprint through an anticipated combination with Documaster, a Norwegian competitor, creating a Pan-European platform. Once combined, the group is expected to serve over 1,250 public sector organizations across Europe and employ more than 380 people, establishing a foundation for further international expansion.
Main Capital is also restructuring its investor engagement model to capture growth opportunities in North America. The firm plans to open a London office in 2026, a move designed to strengthen relationships with North American limited partners and better position itself to source cross-border software transactions. This geographic expansion underscores the firm's ambition to become a transatlantic player in enterprise software investing, a sector that institutional investors across North America and Europe view as defensible and growth-oriented.
The fundraising activity reflects confidence among institutional investors in European software platforms, particularly those targeting specialized verticals such as government technology, enterprise resource management, and SaaS solutions. Charly Zwemstra, Managing Partner and CIO at Main Capital Partners, emphasized the firm's commitment to building international software leaders through disciplined capital deployment and operational support from its investment team.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.