Small cap buy-outs
With our 28-year track record in selecting European small cap buy-out funds (typically less than €500m in size) and 13-year co-investment experience alongside managers, we are recognized as a market leader in this segment.
deployed in small cap buy-outs:
65%
Primaries
30%
Secondaries
5%
Co-investments
The case for small cap buy-outs
The European small cap buy-out market offers compelling opportunities due to its extensive depth and lower level of intermediation compared to other buy-out segments. Investments typically arise from proprietary networks rather than competitive auctions, often resulting in lower purchase multiples and more conservative debt structures.
Target companies usually include founder-led or family-owned businesses and smaller corporate spin-offs, which often provide significant potential for value creation. Our selected small cap buy-out fund managers generate value by strengthening management teams, driving both organic and acquisition-led growth through buy-and-build strategies, optimizing operational efficiency, and embracing sustainability to secure long-term strategic advantages.
Moreover, small cap buy-outs benefit from a diverse range of exit options, including acquisitions by larger buy-out funds seeking either new standalone investments or strategic add-ons for existing platforms.
In the current volatile macroeconomic environment characterized by geopolitical uncertainties, the advantages of the small cap market segment are particularly compelling. We believe careful selection, rigorous due diligence, and continuous market monitoring remain essential to achieving superior returns.
Our investment philosophy prioritizes fundamental value creation over financial leverage alone, reflecting our conviction that this approach yields robust and sustainable returns throughout economic cycles. We have consistently adhered to these core principles since our inception to deliver sustainable performance to our investors.
Our focus
Primary fund
commitments
Our dedicated fund selection team actively invest in high-quality funds typically sized below €500 million, targeting companies with an enterprise value under €250 million. These companies predominantly operate in resilient sectors expected to perform consistently across market cycles, including IT & digitalization, business services, and healthcare.
We select established and emerging fund managers who execute compelling, growth-oriented strategies designed to deliver superior returns. These managers demonstrate a disciplined approach to leverage and pricing, driving value creation through sustainable organic growth, strategic acquisitions, international expansion, and robust ESG integration.
We typically rank among the top three investors in primary underlying funds. Our systematic representation on advisory boards of these investee funds enhances our risk management through deeper insights into fund managers’ activities and early identification of potential issues.
Secondary transactions
The firm capitalizes on a 24-year track record of identifying attractive small cap buy-out opportunities in the secondary market, investing in high-quality, cash-generative assets offering clear growth prospects and well-defined levers for value creation within a defined timeframe.
Our secondary transaction strategy encompasses:
Traditional LP stakes, involving acquisitions of private equity fund interests from existing investors, whether individual funds or bundled fund portfolios, with a selective focus on concentrated positions.
GP-led transactions, typically involving investment in special-purpose vehicles established by leading fund managers to further support promising assets and provide liquidity to existing investors.
Co-investments
Our dedicated co-investment team selects investments in entrepreneurial businesses with attractive growth profiles and strong foundations for buy-and-build strategies, alongside Europe’s leading small cap buy-out fund managers. Our distinctive strength in originating attractive investments stems from the Access’ fund investment platform.
How do we invest?
The European small cap buy-out market comprises c.650 fund managers with varied experience and performance levels. We firmly believe that a highly disciplined investment process is essential for delivering consistent and robust returns. Over the years, Access has built substantial expertise in deal origination, due diligence and fund selection, providing a significant competitive advantage.
Our investment team ensures comprehensive market coverage through regular screening and proactive deal sourcing, leveraging a proprietary in-house database. We continuously monitor 400+ fund managers, drawing on deep sector expertise and longstanding relationships cultivated over 28 years. In addition, we proactively initiate sourcing effort by identifying attractive assets, engaging directly with potential sellers, intermediaries and fund managers and regularly developing off-the-shelf pricing for closely monitored funds.
Our portfolio construction blends a top-down approach, emphasizing optimal diversification, with rigorous bottom-up qualitative assessment of underlying funds. This dual framework enables us to build a balanced portfolio designed to maximize returns while managing risk.
320
funds invested
3400
SMEs across Europe
44
co-investments
Why choose Access Capital Partners?
Our scale, network, and deep market expertise position us uniquely to offer investors resilient and attractive opportunities.
Our long-standing presence and advisory roles in fund advisory committees give us early visibility into high-potential opportunities.
Our disciplined approach has successfully supported investments in over 3,400 companies, driving consistent value creation.
Our latest news
16-03-2025 Infrastructure
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