Main Capital Partners announced the final closing of a €5.25 billion dual fundraise across Main Capital IX and Main Foundation III.
Main Capital IX closed at its €4 billion hard cap, while Main Foundation III closed at its €1.25 billion hard cap. The combined fundraise represents the largest private equity buyout fundraising initiative ever in the Netherlands, according to the company.
The new funds represent more than a twofold increase over predecessor funds, Main Capital VIII and Main Foundation II. The closings also increase Main’s total assets under management to more than €12 billion.
Main Capital Partners is a specialized European Enterprise Software investor focused on lower mid-market software companies. Both new funds were oversubscribed, reflecting investor demand for Main’s lower mid-market Enterprise Software strategy.
Main said its existing limited partner base continued to show strong support, with a re-up rate exceeding 120%. Existing investors included Hamilton Lane, while new investors came primarily from the United States, Asia, and the Middle East.
The new investor base included sovereign wealth funds, public pension funds, and insurance companies. New investors included the State Teachers’ Retirement System of Ohio, the Korean Teachers’ Credit Union, and AkademikerPension.
Main said the pace and scale of commitments were notable given the challenging fundraising environment and ongoing geopolitical tensions. The firm pointed to its more than 20-year specialization in lower mid-market Enterprise Software buyouts and its investment performance.
Since inception, Main has completed 38 exits with a weighted average gross return of 4.7x and a loss rate below 0.5%.
Main plans to continue investing in profitable and resilient software businesses, with equity tickets ranging from €5 million to €150 million. The firm’s strategy focuses on building larger cross-border software groups through organic growth and targeted M&A.
The firm will continue to focus on its core geographies, including the Benelux region, DACH, the Nordics, France, and North America. With the new funds, Main also plans to expand into the United Kingdom and begin actively pursuing platform investments there.
Main said the UK represents one of Europe’s most dynamic and mature Enterprise Software markets. The firm believes its local operational model and sector expertise can help it build relationships with software founders and entrepreneurs in the market.
Main is also focused on the impact of artificial intelligence across the Enterprise Software industry. The firm said AI is reshaping how software is built, sold, and scaled, creating growth opportunities across segments such as HealthTech, GovTech, Infrastructure, and PropTech.
Main said its Market Intelligence and Performance Excellence capabilities, along with its active portfolio of more than 55 Enterprise Software companies, position it to identify where AI is creating durable value and support portfolio companies in embedding AI into products and operations.
The firm believes the combination of software industry consolidation and AI-driven innovation makes the current environment one of the most compelling periods for Enterprise Software investing in its two-decade history.
