# Karmijn Kapitaal

Karmijn Kapitaal is a Private Equity based in Amsterdam, Netherlands.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Amsterdam, Netherlands
- **Region:** Europe
- **Address:** Amsterdam, Netherlands
- **Founded:** 2010
- **Assets under management:** < EUR 500M (Altss estimate)
- **Website:** www.karmijnkapitaal.nl
- **LinkedIn:** https://www.linkedin.com/company/karmijn-kapitaal

## Regulatory record

- **Reports private funds:** No

## About

Karmijn Kapitaal is a private equity fund founded in 2010 in Amsterdam, Netherlands. The firm invests in companies with a proven track record, distinctive positioning, and innovative capacity. Karmijn Kapitaal has made 16 investments, including Tover in February 2022, and has achieved 4 portfolio exits, including Picturae in October 2023.

## Sectors

- Consumer Staples
- Healthcare Services
- Manufacturing
- Business Services

## People

- Hadewych Cels — Managing Partner
- Gemma Verhoeven — Managing Partner

## Questions

### Who runs investment decisions at 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.

### How does Karmijn Kapitaal source deals?

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.

### What EBITDA range does Karmijn Kapitaal target?

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.

### Which sectors does Karmijn Kapitaal avoid?

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.

### How is Karmijn Kapitaal funded?

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.

## Related profiles

- [Karmel Capital](https://altss.com/profile/karmel-capital)
- [Karnataka Asset Management Company](https://altss.com/profile/karnataka-asset-management-company)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/karmijn-kapitaal

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