Vendis Capital has announced the successful first closing of Vendis Transition, its new €150 million small-cap fund, securing commitments of more than €100 million.
Vendis Transition is designed as a dedicated small-cap strategy with integrated sustainability. The fund will invest equity tickets ranging from €5 million to €20 million in profitable consumer businesses generating at least €2 million in EBITDA. Its geographic focus includes Belgium, the Netherlands, France, the DACH region and the Nordics.
The strategy targets scalable small-cap companies with proven business models and strong growth potential. Vendis has built a track record in this segment through disciplined operational value creation, international expansion and selective buy-and-build strategies.
Sustainability is embedded as a core pillar of the fund’s forward-looking approach. Vendis has been B-Corp certified since 2022 and has established ESG processes across its platform and portfolio. Vendis Transition integrates these capabilities into its investment framework with the goal of strengthening portfolio company resilience, improving operational efficiency and enhancing long-term competitiveness.
The new fund complements Vendis’ €525 million flagship fund, Vendis IV, which was raised in 2025 and focuses on larger transactions with equity tickets ranging from €20 million to €75 million. Together, the funds position Vendis to support consumer companies across a broader range of sizes and stages.
The Vendis Transition team is already advancing several actionable opportunities across food, lifestyle, living, mobility, and wellbeing. The pipeline is described as well progressed, with the first investment expected to be announced in the near term. The fund remains open to additional commitments ahead of its next closing.
KEY QUOTES
“Vendis has delivered top-quartile returns in the small-cap consumer segment in prior funds. With Vendis Transition, we continue to focus on profitable emerging leaders where active ownership, operational discipline and international scaling drive sustainable value creation.”
Michiel Deturck, Managing Partner, Vendis
“Sustainability is increasingly becoming an economic necessity in the consumer sector. Regulatory developments linked to planetary boundaries and shifting demand — particularly from younger generations now entering their prime spending years — are reshaping markets. Companies that anticipate these shifts early tend to be more resilient and better positioned for growth.”
Christian Riisberg, Partner, Vendis Transition
