Lower mid-market software specialist Main Capital Partners has opened its first office outside of the Benelux region in Dusseldorf, Germany, PDI sister title Private Equity International has reported.
The firm, which is currently investing its fourth fund focused on the technology sector, has historically made most of its investments in the Netherlands and Belgium from its headquarters in The Hague. Its new office, which it has initially staffed with four investment professionals, will allow the firm to support the growth of its Benelux-based portfolio companies in Germany as well as source investment opportunities in the German software market in North Rhine-Westphalia.
Main did two deals in Germany last year: one platform investment – German Fintech software group b+m Informatik – and one bolt-on acquisition – the addition of SaaS healthcare portfolio company Regas to existing portfolio company Daarwin.
The Dusseldorf office will be led by senior investment manager Sven van Berge Henegouwen alongside Charly Zwemstra, co-founder and managing partner of Main Capital Partners. The firm has plans to add more staff to the Dusseldorf office and is currently advertising for a business analyst.
Main closed its fourth fund on €85 million in October 2015. It has made six investments from the fund so far, and expects to make a total of between 10 and 12. The firm expects to begin raising Fund V in 2017.
Private equity accounts for the majority of Main’s activity, but the firm also has a fledgling mezzanine business, led by co-founder Lars van 't Hoenderdaal, investing LP money on a deal by deal basis. In the last quarter it invested circa €5 million.