Main Capital Partners, an investor specializing in enterprise software across Europe and North America, has announced the successful closing of its second continuation fund. This fund has raised a substantial total of €300 million in commitments.
This recent closing signifies the team’s ability to secure funding for what is now their second continuation fund. The achievement comes through collaboration with a long-standing investor and a globally recognized expert in secondary transactions. Importantly, the deal was entirely capitalized by an existing group of limited partners. This group was led by funds managed by Hamilton Lane, a global leader in private markets investment, with additional support from Trinity River Holdings, which served as the sub-lead.
The newly established continuation fund is designed to facilitate the complete acquisition of the portfolio company ‘xxllnc.’ This firm is notable in the GovTech industry, particularly in the Netherlands, where it has engineered impressive organic growth. Under the management of Main Capital Partners, xxllnc has grown to become a leader in GovTech software, completing 12 add-on acquisitions that solidify its market presence.
Main Capital Partners aims to strengthen its partnership with xxllnc, with the ambitious goal of establishing the company as a Pan-European leader in GovTech. One of the key steps in this international expansion strategy involves the anticipated merger with Documaster, a Norwegian company specializing in document management and e-archiving solutions tailored for the public sector. Main Capital Partners had previously acquired Documaster in May 2025, and the completion of this merger will depend on customary regulatory approval.
The technology provided by Documaster plays a crucial role in optimizing the capture, storage, organization, and retrieval of documentation. By improving these processes, organizations can significantly reduce inefficiencies while ensuring compliance with regulatory standards. The merger of these two leading companies, xxllnc and Documaster, will enable Main Capital Partners to establish a strong foundation for further growth in the Benelux and Nordic regions, ultimately aiming for a comprehensive Pan-European GovTech group.
The deal also provides existing investors with valuable options. They can choose to either take liquidity or continue investing in the significant growth potential represented by xxllnc. Additionally, the fund will provide xxllnc with the necessary capital to further advance its international buy-and-build strategy, ensuring continued development and expansion under the stewardship of Main Capital Partners. This strategic move emphasizes the firm’s commitment to fostering growth in the GovTech sector while exploring new opportunities on an international scale.
KEY QUOTES:
“The closing of this fund underpins the partnership that Main Capital Partners and xxllnc have formed since 2020. We have jointly built a leader in a local market and are fully dedicated to continuing this successful journey with the management team, by building a leading Pan-European GovTech group. This leverages the knowledge and capabilities of Main Capital and aligns perfectly with our strategy to internationalize software businesses into Pan-European leaders.”
Charly Zwemstra, Managing Partner and CIO at Main Capital Partners and Chairman of the board at xxllnc
“We are delighted to close this transaction with the lead investor, and long-term partner, Hamilton Lane and the other investors in the fund. With exclusively current investors of Main providing the full funding of this continuation fund, we are pleased to extend our partnerships with these investors and look forward to the growth journey ahead.”
Jorn de Ruijter, Head of Fund Structuring and Investor Relations at Main Capital Partners
“Leveraging our 24+ years in the secondaries space and extensive experience on GP-led secondaries, we are looking forward to working alongside Main Capital Partners on the next phase of value creation for this high-quality business in a sector that is seeing strong tailwinds.”
Keith Brittain, Co-Head of Secondary Investments at Hamilton Lane
