Waterland Private Equity
Independent pan-European mid-market buyout / buy-and-build investor (founded 1999, HQ Bussum, Netherlands; offices across Benelux, DACH, Nordics, UK, Ireland, Poland and Iberia), backing market leaders in fragmented growing markets; over 1,300 companies supported since inception.
Key facts
Recent exits
Coverage notes
9 funds tracked, 174 portfolio companies (97 active · 77 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
174 companiesFunds & portfolio
Every fund Waterland Private Equity has raised, with its portfolio companies. Hand-checked from public filings.
Waterland Private Equity Fund IX (WPEF IX)Buyout2023 · 3yr€3.5B47 active · 1 realized
Unrealized
47 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AdTech | 2023 | ||
| Industrials | 2023 | ||
| IT Services | 2024 | ||
| Industrials | 2024 | ||
| ClimateTech | 2025 | ||
| Business Services | 2025 | ||
| Business Services | 2024 | ||
| Business Services | 2024 | ||
| Business Services | 2024 | ||
| Business Services | 2025 | ||
| IT Services | Poland | 2023 | |
| Business Services | 2023 | ||
| Industrials | 2026 | ||
| MedTech | 2025 | ||
| Cybersecurity | 2024 | ||
| Consumer | 2023 | ||
| Construction | 2023 | ||
| Industrials | 2023 | ||
| Software | 2023 | ||
| Business Services | 2024 | ||
| Business Services | 2025 | ||
| Business Services | 2024 | ||
| Business Services | 2025 | ||
| Hospitality | 2025 | ||
| Business Services | 2025 | ||
| Construction | 2024 | ||
| Industrials | 2025 | ||
| Financials | Poland | 2024 | |
| Telecom | 2024 | ||
| Consumer | 2024 | ||
| Industrials | 2025 | ||
| Business Services | 2023 | ||
| Business Services | 2024 | ||
| IT Services | 2025 | ||
| ClimateTech | 2024 | ||
| Business Services | 2024 | ||
| Logistics | 2026 | ||
| Industrials | 2025 | ||
| Logistics | 2024 | ||
| IT Services | 2024 | ||
| Business Services | 2025 | ||
| Industrials | 2025 | ||
| FoodTech | 2024 | ||
| Construction | 2023 | ||
| Industrials | 2026 | ||
| Consumer | 2025 | ||
| Consumer | 2024 |
Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Business Services | 2023 | 2025 | Trade Sale | – |
Waterland Private Equity Fund VIII (WPEF VIII)BuyoutHarvesting2020 · 6yr€2.5B34 active · 6 realized
Unrealized
34 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | 2022 | ||
| Healthcare | 2021 | ||
| Industrials | 2021 | ||
| Industrials | 2021 | ||
| Industrials | 2020 | ||
| Aerospace & Defence | 2021 | ||
| IT Services | 2022 | ||
| Business Services | 2022 | ||
| Logistics | 2021 | ||
| Construction | 2022 | ||
| Logistics | 2022 | ||
| E-commerce | 2020 | ||
| Hospitality | 2020 | ||
| Consumer | 2021 | ||
| Business Services | 2021 | ||
| IT Services | 2021 | ||
| Business Services | 2022 | ||
| E-commerce | 2022 | ||
| Energy | 2020 | ||
| Business Services | 2020 | ||
| Construction | 2022 | ||
| Industrials | 2022 | ||
| Healthcare | 2021 | ||
| Logistics | 2021 | ||
| Consumer | 2022 | ||
| Consumer | 2022 | ||
| Consumer | 2021 | ||
| Business Services | 2020 | ||
| AdTech | 2021 | ||
| Consumer | 2022 | ||
| Industrials | 2021 | ||
| Business Services | 2022 | ||
| Consumer | 2021 | ||
| IT Services | 2020 |
Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Business Services | 2021 | 2026 | Trade Sale | – | |||
| Logistics | 2020 | 2024 | Trade Sale | – | |||
| FoodTech | 2022 | 2026 | Trade Sale | – | |||
| Healthcare | 2021 | 2022 | Trade Sale | – | |||
| Cloud Infrastructure | 2021 | 2025 | Trade Sale | – | |||
| Business Services | 2021 | 2026 | Trade Sale | – |
Waterland Private Equity Fund VII (WPEF VII)BuyoutHarvesting2018 · 8yr€2.0B9 active · 12 realized
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| IT Services | 2019 | ||
| Consumer | 2018 | ||
| Industrials | 2019 | ||
| Healthcare | 2019 | ||
| Business Services | 2018 | ||
| IT Services | 2019 | ||
| Education | 2019 | ||
| Hospitality | 2018 | ||
| Healthcare | 2019 |
Realized
12 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Business Services | 2019 | 2021 | Trade Sale | ||||
| Business Services | 2018 | 2025 | Trade Sale | – | |||
| Telecom | 2018 | 2026 | Trade Sale | – | – | ||
| HealthTech | 2018 | 2024 | Trade Sale | – | |||
| Business Services | 2018 | 2023 | Trade Sale | – | |||
| Mobility | 2018 | 2024 | Trade Sale | – | |||
| Aerospace & Defence | 2019 | 2025 | Secondary | – | |||
| IT Services | 2019 | 2023 | Secondary | – | |||
| Consumer | 2018 | 2023 | Secondary | – | |||
| Telecom | 2018 | 2026 | – | – | – | ||
| EdTech | 2019 | 2024 | Secondary | – | |||
| IT Services | 2019 | 2023 | Secondary | – |
Waterland Private Equity Fund VI (WPEF VI)BuyoutHarvesting2015 · 11yr5 active · 21 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Healthcare | 2017 | ||
| Healthcare | 2014 | ||
| Energy | 2017 | ||
| Energy | 2016 | ||
| FoodTech | 2016 |
Realized
21 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Healthcare | 2016 | 2021 | Secondary | ||||
| Industrials | 2014 | 2018 | Trade Sale | – | |||
| Logistics | 2016 | 2021 | Trade Sale | – | |||
| Industrials | 2015 | 2022 | Trade Sale | – | |||
| Consumer | 2014 | 2016 | Trade Sale | – | |||
| Business Services | 2015 | 2019 | Secondary | – | |||
| Consumer | 2014 | 2018 | Trade Sale | – | |||
| Industrials | 2014 | 2016 | Trade Sale | – | |||
| FoodTech | 2017 | 2026 | Trade Sale | – | |||
| FoodTech | 2017 | 2026 | Trade Sale | – | |||
| Business Services | 2017 | 2020 | Secondary | – | |||
| Pharma | 2016 | 2019 | Secondary | – | – | ||
| Healthcare | 2016 | 2019 | Trade Sale | – | |||
| Cybersecurity | 2015 | 2018 | Secondary | – | |||
| Consumer | Poland | 2016 | 2019 | Trade Sale | – | ||
| Gaming | 2015 | 2021 | Trade Sale | – | |||
| E-commerce | 2016 | 2021 | Trade Sale | – | |||
| Business Services | 2014 | 2018 | Trade Sale | – | |||
| IT Services | 2015 | 2022 | Trade Sale | – | |||
| Fintech | 2016 | 2021 | Secondary | – | |||
| HealthTech | 2017 | 2019 | Secondary | – |
Waterland Private Equity Fund V (WPEF V)BuyoutHarvesting2011 · 15yr1 active · 13 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Healthcare | 2011 |
Realized
13 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Healthcare | 2013 | 2017 | Secondary | – | |||
| Cloud Infrastructure | 2013 | 2018 | Secondary | – | |||
| Consumer | 2013 | 2015 | Trade Sale | – | |||
| Business Services | 2012 | 2015 | MBO | – | |||
| InsurTech | 2012 | 2024 | Secondary | – | |||
| Pharma | 2011 | 2015 | Trade Sale | – | |||
| Industrials | 2011 | 2014 | Trade Sale | – | |||
| Healthcare | 2011 | 2015 | – | – | – | ||
| Industrials | 2011 | 2021 | Secondary | – | |||
| Healthcare | 2011 | 2016 | – | – | – | ||
| Business Services | 2011 | 2013 | – | – | – | ||
| Hospitality | 2011 | 2016 | Trade Sale | – | |||
| Healthcare | 2011 | 2019 | Trade Sale | – |
Waterland Private Equity Fund IV (WPEF IV)BuyoutHarvesting2008 · 18yr1 active · 11 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Gaming | 2008 |
Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Hospitality | 2009 | 2018 | Trade Sale | – | |||
| Hospitality | 2009 | 2018 | Trade Sale | – | |||
| InsurTech | 2008 | 2018 | MBO | – | |||
| Energy | 2009 | 2015 | Trade Sale | – | |||
| Energy | 2009 | 2013 | – | – | – | ||
| Business Services | 2009 | 2013 | Secondary | – | |||
| Industrials | 2010 | 2017 | Secondary | – | |||
| Healthcare | 2010 | 2017 | Secondary | – | |||
| Business Services | 2010 | 2017 | Trade Sale | – | |||
| Construction | 2010 | 2019 | Secondary | – | |||
| Hospitality | 2008 | 2012 | Trade Sale | – |
Waterland Private Equity Fund III (WPEF III)BuyoutRealized2005 · 21yr0 active · 9 realized
Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Healthcare | 2007 | 2010 | Trade Sale | – | |||
| MedTech | 2005 | 2008 | Secondary | – | |||
| Fintech | 2006 | 2007 | Secondary | – | |||
| Consumer | 2005 | 2012 | MBO | – | |||
| Business Services | 2007 | 2011 | Trade Sale | – | |||
| AdTech | 2007 | 2019 | Trade Sale | – | |||
| Gaming | 2006 | 2008 | Secondary | – | |||
| Healthcare | 2005 | 2013 | Trade Sale | – | |||
| MedTech | 2007 | 2011 | Secondary | – |
Waterland Private Equity Fund II (WPEF II)BuyoutRealized2002 · 24yr0 active · 3 realized
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Fintech | 2004 | 2014 | Secondary | – | |||
| Telecom | 2004 | 2006 | Trade Sale | – | |||
| MedTech | 2003 | 2006 | Trade Sale | – |
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About Waterland Private Equity
Waterland Private Equity is a Dutch mid-market private equity firm with approximately €14 billion of assets under management as of December 2024 (now €18+ billion post-Fund IX and Waterland Partnership Fund I closes in 2026), headquartered in Bussum, Netherlands. The firm was founded in 1999 by Rob Thielen as a pan-European buy-and-build specialist and is licensed as an AIFM by the Dutch Authority for the Financial Markets (AFM). Waterland remains a partner-owned independent firm with local teams across Benelux, DACH, UK, Nordics, France, Iberia and Poland.
Investment thesis
Waterland deploys capital through nine flagship buyout funds plus Waterland Partnership Fund I, totalling ten active vehicles, with strategic focus on aging populations and healthcare, digitalisation and outsourcing, leisure and wellness, sustainability and business services. The firm operates Europe's largest pure-play buy-and-build platform, with a consolidation playbook supporting the build-up of fragmented sectors through platform acquisitions followed by add-on M&A. Cumulative investment activity exceeds 1,300 transactions since 1999, with local-team coverage enabling proprietary sourcing across Western European mid-cap markets.
Recent activity
Recent realised exits include business services and patisserie (2026), financial services and collections (2026), industrials and fire safety (2026) and technology and cloud (2025). Recent acquisitions include Palletways (logistics, March 2026), TG-Packaging (packaging and industrials, April 2025) and Beyond Law Group (professional services, July 2024). Waterland continues to deploy capital across its Fund IX vintage and Waterland Partnership Fund I strategy. Detailed buyer names and multiple data available on Pro at €29/month.
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