Overview
Two Rivers Clusterfonds I is the debut vehicle of Two Rivers Capital, founded by Maasbert Schouten and Denzell Melles. The fund reached final closing at EUR 80.02 million in March 2026, 60% above its EUR 50 million target and fully raised within roughly five months. Over one hundred participants committed, more than 95% of the capital coming from Dutch entrepreneurs; the founders invested EUR 10 million of their own money.
Investment Strategy
The fund-of-funds commits to approximately twelve specialised private equity funds that together invest in more than one hundred profitable European SME companies with an EBITDA of roughly EUR 1-8 million and clear growth potential, spread across the Netherlands and Europe. It targets a net return above 15% IRR and a money multiple above 2.0x, with a best-case scenario above 20% IRR and 2.5x.
Structure and Terms
- Closed-end fund-of-funds, term approximately 12 years
- Minimum commitment EUR 500,000 (initial capital call EUR 100,000), called over about five years
- Setup fee 1% (one-off, on committed capital)
- Management fee 1.0% (declining to 0.8% for larger commitments)
- Carried interest 10% above an 8% net IRR hurdle
Tax
Corporate participants investing through a Dutch entity can use the participation exemption (deelnemingsvrijstelling), leaving profits untaxed at both fund and investor level.
Liquidity and Regulation
Capital is committed for the full ~12-year term; there is no secondary market and early years are subject to the J-curve effect. Two Rivers Capital is registered with the AFM under the article 2:66a Wft light regime - it holds no full AIFMD licence, and there is no prospectus requirement or ongoing AFM/DNB supervision.
Status
The fund reached final closing in March 2026 and is closed to new investors.