Oct 11, 2025
Schouten Investments B.V. has acquired a substantial ownership stake in Two Rivers Capital B.V., a fast-growing Dutch private equity fund manager. Two Rivers Capital recently launched its first fund-of-funds, with a clear and distinctive focus on the “SME+” segment in Western Europe.
This first fund, Two Rivers Capital Clusterfonds I, invests in approximately ten underlying lower mid-market buyout funds, providing investors with diversified exposure to around 100 profitable, growing, and promising “SME+” companies across Western Europe, but with a distinct focus on the Netherlands.
Through this broad diversification and the careful selection of high-quality funds with a strong risk-adjusted return profile, the fund offers investors an attractive and balanced entry into the lower mid-market private equity segment. In addition, Two Rivers Capital Clusterfonds I qualifies for the Dutch participation exemption, meaning that investors participating through a corporate entity (such as a B.V.) are exempt from paying corporate tax on realized returns — resulting in a significantly higher net return for its investors.
To underscore its strong confidence in Two Rivers Capital’s strategy, Schouten Investments has made a cornerstone commitment of 20% of the targeted capital of the inaugural fund. In addition, Maasbert Schouten, CEO and Founder of Schouten Investments, has assumed the role of Co-Head of the Investment Committee, further strengthening the strategic collaboration between the Schouten Investments and Two Rivers Capital.
Maasbert Schouten shares the following about the investment: “I am very pleased with our participation in Two Rivers Capital B.V. and have full confidence in the successful continuation of our pleasant and constructive partnership with Managing Partner Denzell Melles. Together, we are ready to further scale and strengthen this leading and fast-growing fund manager.”
More information about the Two Rivers Clusterfonds I can be found at: tworivers.capital/the-fund