The big picture: Belgian investment firm WAD Capital has completed the first closing of its debut fund at €67.5 million, with a target to reach €130 million. The fund will acquire small and mid-sized European companies facing succession issues, pairing them with experienced operators.
What it will back:
- Target Companies: Profitable small and mid-sized enterprises (SMEs) with EBITDA between €1 million and €5 million.
- Geographic Scope: Primarily Benelux, northern France, and western Germany.
- Sector Focus: Key sectors include healthcare, energy and climate transition, and business services.
Who is behind it:
WAD Capital was founded in 2023 by Christopher Tournis Gamble, Steven Coppens, and Alain Brossé, who serve as Managing Partners. The European Investment Fund (EIF) is the largest backer, committing €25 million to the fund. Additional capital comes from a group of family investors, with the managing partners contributing 2% of the fund’s capital.
The catch: While the “Entrepreneurship Through Acquisition” model has a strong historical return profile, WAD Capital’s institutional scaling of this approach aims to differentiate it from traditional private equity. The fund addresses a critical market gap of SME succession in Europe, but its ability to consistently source and integrate high-quality ‘CEOs in Residence’ will be key to executing its ambitious growth plans and maintaining deal flow against broader market competition.
Key Facts
- Firm: WAD Capital
- Fund: debut fund
- Raised so far: €67.5M
- Status: First close
- Stage: small and mid-sized companies
- Focus: healthcare, energy and climate transition, business services
- Geography: Europe
- Anchor LP: European Investment Fund
- Partners: Christopher Tournis Gamble, Steven Coppens, Alain Brossé
