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Waterland Private Equity has announced the successful closing of Waterland Partnership Fund II (“WPF II”) at €600 million, closing at its hard cap in less than four months from launch and materially oversubscribed. The closing was announced on April 24, 2026, and reinforces Waterland’s ability to offer LPs differentiated access to its proven European buy-and-build strategy through complementary fund vehicles.
WPF II closed alongside Waterland’s 10th flagship fund, WPEF X, which closed at €4 billion on the same date. Together, the two funds raised €4.6 billion of committed capital, providing Waterland with the scale and flexibility needed to support portfolio companies across the full spectrum of their growth journeys, from initial platform investment through long-term value creation.
WPF II gives Waterland the capacity to pursue longer-hold positions and larger-scale opportunities alongside its flagship fund, broadening the firm’s ability to deliver value to investors without compromising the disciplined buy-and-build methodology that has defined its 25+ year track record.
WPF II attracted strong demand from a high-calibre, globally diversified investor base. Waterland’s investors span the full spectrum of institutional capital, including pension funds, asset managers, insurance companies, sovereign wealth funds, endowments, foundations, and family offices, with commitments sourced from Europe, North and South America, Asia, and the Middle East.
The fund was materially oversubscribed thanks to continued strong support from existing investors and significant interest from new LPs, a clear signal of institutional investors’ conviction in Waterland’s differentiated strategy and its ability to deliver consistent outperformance.
Marc Lutgen, Head of Investor Relations at Waterland, commented on the strong support from existing and new LPs, noting that the dual fundraise reflects a shared conviction in Waterland’s ability to deliver consistent outperformance. He added that WPEF X and WPF II together provide the scale and flexibility needed to support portfolio companies throughout their entire growth journey, ensuring continued value creation for investors.
Evercore served as financial advisor on the fundraise. Kirkland & Ellis International LLP acted as global fund counsel, and Loyens & Loeff acted as Dutch fund counsel.
Waterland Private Equity is an independent private equity investment group with 25+ years of experience partnering with entrepreneurs and management teams across Europe. The firm focuses on buy-and-build strategies in fragmented, growing markets, supporting both organic and acquisitive growth. Waterland Partnership Fund II is the second generation of Waterland’s Partnership Fund strategy, designed to complement the firm’s flagship buy-and-build fund series.
