Main Capital Nets €5.25 Billion for AI-Driven Software Expansion

Main Capital Partners just closed the largest private equity buyout fund ever raised in the Netherlands. They secured €5.25 billion across two funds: Main Capital IX and Main Foundation III. Main Capital IX pulled in €4 billion, and Main Foundation III added €1.25 billion. Both funds hit their hard caps and were oversubscribed.

This injection pushes Main Capital’s assets under management beyond €12 billion. The firm’s re-up rate exceeded 120%, a number that signals strong investor confidence. Among their backers are sovereign wealth funds, public pension funds, and insurers from the US, Asia, and the Middle East. Notable investors include the State Teachers’ Retirement System of Ohio, the Korean Teachers’ Credit Union, and AkademikerPension.

Main Capital’s strategy is straightforward: acquire profitable, niche enterprise software companies and scale them through bolt-on deals. They have completed over 300 acquisitions to date—about 100 platform deals and 200 build-ups. Their portfolio now holds more than 55 companies with over 15,000 employees across Europe and North America. The firm plans equity investments ranging from €5 million to €150 million per company, with a new focus on platform investments in the UK.

Founder and CIO Charly Zwemstra explained the firm’s confidence in their approach. “For more than two decades we have built an unrivalled track record of creating larger, more resilient software groups from the lower mid-market,” he said. Zwemstra sees AI as the next growth engine for enterprise software, unlocking new value creation. Main Capital aims to leverage its sector expertise, proprietary data, and operational discipline to capture this opportunity.

The firm’s track record supports that ambition. They have realized 38 exits with a weighted-average gross return of 4.7x and a loss rate below 0.5%. Deal flow in enterprise software in the first half of 2026 is at its highest since 2021, suggesting a strong pipeline for new acquisitions. Main’s offices spread across The Hague, Düsseldorf, Stockholm, Antwerp, Paris, and Boston to support cross-border market leadership in healthtech, govtech, infrastructure, and proptech.