Karmijn Kapitaal

Hadewych Cels and Gemma Verhoeven, the firm's co-founders, serve as managing partners and hold joint authority over all investment decisions. They work directly with portfolio company management teams post-acquisition. There is no external investment committee.

Karmijn relies on a proprietary network of accountants, lawyers, and family-business advisors across the Netherlands. Much of the firm's pipeline comes from entrepreneurs seeking a trusted buyer for succession-driven exits — situations where competitive auctions are uncommon.

Karmijn targets established Dutch companies with annual EBITDA between EUR 2 million and EUR 10 million. The firm invests via majority buyouts and management buy-ins, aiming for control positions that allow operational involvement.

Karmijn does not invest in technology scale-ups, financial services, real estate development, or energy extraction. The firm's mandate is concentrated on consumer staples, healthcare services, niche manufacturing, and business services — sectors where Dutch mid-market companies hold durable competitive positions.

Karmijn raised EUR 80 million for its inaugural fund in 2010 and EUR 110 million for its second fund in 2018, both from institutional investors including Dutch pension funds and European fund-of-funds. The firm does not manage permanent family-office capital.

Karmijn targets a hold period of five to seven years. The firm sold De Enk Groen & Golf in early 2025 after roughly six years of ownership, consistent with its stated horizon for value-creation programs and management transitions.

Karmijn typically acquires full majority control and does not routinely syndicate equity. The firm has not publicly disclosed a co-investment program for external limited partners, operating instead as a primary control investor in each transaction.