The Hague-based Main Capital Partners, an enterprise software investor operating in Europe and North America, has closed its first continuation fund with €520M in commitments.
The fund was backed by new and existing limited partners, co-led by Lexington Partners and StepStone Group. Trinity River Holdings, LP served as sub-lead.
The continuation fund was established to acquire partial stakes in three companies currently held in Main Capital Partners’ existing funds. These companies include SDB in the Netherlands, MACH in Germany, and Björn Lundén in Sweden. Each firm operates in enterprise software sectors, including healthcare, government technology, and financial administration.
Main Capital Partners intends to support the companies’ development through expansion and acquisition activities.
The structure of the continuation fund gives existing investors the choice between receiving liquidity or maintaining their positions in the companies. It also provides the companies with extended timelines and access to capital under Main Capital Partners’ oversight.
Charly Zwemstra, Managing Partner and CIO at Main Capital Partners, says, “For over 20 years, Main Capital Partners has proven itself a leader in enterprise software investing. This transaction aligns perfectly with our strategy to build large and resilient software groups.”
“We are proud of what we have achieved in partnering with these companies and their management teams so far. We are fully dedicated to continuing to build large and international software groups in our core product markets, HealthTech, GovTech and Financial Administrative software.”
Strategic partner for software companies
Main Capital Partners is a software investor that manages private equity funds in the Benelux, DACH, France, the Nordics, and the United States. The firm oversees approximately €6.5B in assets.
With over 20 years in the sector, the firm collaborates with portfolio company management teams as a strategic partner. It focuses on business growth and the formation of software groups.
Main Capital Partners has a team of 90 employees across offices in The Hague, Düsseldorf, Stockholm, Antwerp, Paris, and an affiliated office in Boston. Its portfolio includes more than 45 software companies, which together employ over 12,000 people.
Speaking on the latest development, Jorn de Ruijter, Head of Fund Structuring and Investor Relations at Main Capital Partners, says, “This transaction has provided our investors with optionality to take liquidity at a market-driven price or continue to stay invested and profit from future upside, while allowing the portfolio companies the opportunity to continue pursuing their growth ambitions, a great result for all parties involved.”
“We look forward to partnering with Lexington Partners, StepStone Group and Trinity River Holdings, LP on this new fund and continuing to support our portfolio companies for the years to come.”
Earlier this month, Main Capital Partners acquired a majority stake in Norwegian fintech firm Aritma.
Brief about the lead investors
Lexington Partners is a manager of secondary private equity and co-investment funds. The firm has been active in the institutional secondary market for over 30 years and claims to have established one of the first independent co-investment programs 27 years ago. Lexington manages over $76B in capital and has acquired over 5,000 interests through more than 1,000 transactions. The firm’s team operates across North America, Europe, Asia, and Latin America.
StepStone Group is a private markets investment firm offering investment solutions, advisory services, and data services. As of December 31, 2024, the firm was responsible for nearly $698B in total capital, including $179B in assets under management. StepStone’s clients include public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and private wealth clients. The firm develops private markets portfolios across private equity, infrastructure, private debt, and real estate.
StepStone manages $42B in private markets secondary and liquidity solutions. It has deployed $15B in more than 200 private equity secondaries transactions through a mix of LP-led and GP-led deals.
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