Main Capital collects €535m for sixth software buyout fund

Main Capital expects the fund – launched after the summer of 2019 – to hit its €564m hard-cap in January 2020, a source close to the situation told Unquote.

The new fund is already more than double the size of its predecessor, Main Capital V, which closed €236m in Q4 2017, surpassing its €200m target. 

Considering that the fourth-generation Main Capital fund closed on its €85m hard-cap in 2015, its buyouts funds have drastically increased in size over a short period of time. 

Fund terms will follow the 2-8-20 standard, Unquote understands.

New backers of the fund are a group of institutional LPs. The fund's predecessor received commitments from institutional investors, family offices and private individuals.

Main Capital typically backs DACH- and Benelux-based small to medium-sized software companies, providing an initial ticket size of €3-5m and add-ons of up to €20m. With its new fund, the GP will start to build larger software groups, acquiring majority stakes and pursuing a buy-and-build strategy, Unquote understands.

The latest fund will also invest in the Nordic region. The GP completed its first deal there in June this year, buying Sweden-based Assessio. The firm subsequently bolted on Netherlands-based provider of talent assessment HFM Talent Index in October.

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