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Multiple Capital
Multiple Capital was formed in 2018 when founder Ertan Can separated the investment company from its original family office structure, though the strategy...
Multiple Capital
Multiple Capital was formed in 2018 when founder Ertan Can separated the investment company from its original family office structure, though the strategy began running in 2012. It was among the first European fund-of-funds to focus exclusively on early-stage micro-VC, a segment Can assessed as offering superior economics: small funds run by highly motivated managers, each holding roughly 30 positions. The firm operates from Luxembourg with an investment team presence in Frankfurt. The deployment model is a pure fund-of-funds approach targeting seed and micro venture capital vehicles across Europe and the United States. Multiple Capital commits to generalist local funds and specialized sector funds, covering verticals that include enterprise software, fintech, digital health, and climate tech. By its own account, the firm reviews over 600 emerging managers to select up to 30 per fund generation — a high-rejection funnel that produced an indirect portfolio of more than 700 companies as of 2021. Among those holdings, the firm reports one decacorn, ten unicorns, and over 50 companies valued above $100 million. The geographic spread reaches from established Western European hubs to newer ecosystems in Central and Eastern Europe, with selected US exposure. The firm closed its second fund, Multiple Fund II, at €20 million in October 2021 — the first generation opened to outside investors. Ertan Can leads the firm as managing partner; Paris-based venture partner Michael Jackson, who had advised the firm informally for two years, officially joined at that close (per the firm, October 2021). The architecture is designed to scale: Can has noted the model can expand to €250 million without distorting the underlying thesis, and the firm offers managed mandate solutions for institutional and corporate investors seeking dedicated vertical fund-of-funds. Multiple Capital’s structural distinction is the early claim on a narrow but scalable micro-VC pick-and-shovel strategy in a market where few, if any, competitors existed when it launched. By committing to managers while they are still small and unfashionable, the firm builds access to capacity-constrained funds that later become oversubscribed — a sourcing model that functions as a capital-constrained gatekeeper for outside investors who lack the bandwidth to screen 600 funds themselves.
General information
Firm type
Private Equity
Year founded
2018
AUM
Undisclosed
Location
Region
Europe
Country
Luxembourg
City
Luxembourg
Corporate office
12 Rue des Mérovingiens, L-8070 Luxembourg
Additional offices
Frankfurt, Germany
Principals
Ertan Can
Founder and Managing Partner
Michael Jackson
Venture Partner
Sector focus
Frequently asked questions
How does Multiple Capital source its fund investments?
The firm operates a high-volume funnel — screening more than 600 micro-VC managers across Europe and the US to pick roughly 30 per fund generation. It targets emerging, solo, and specialized managers, often in niche geographies or verticals where capacity is still available and manager incentives are strongest. This gatekeeper function gives outside investors access to a curated, diversified early-stage portfolio they could not efficiently replicate on their own.
Is Multiple Capital a single-family office or a fund manager?
Multiple Capital operates as an independent fund-of-funds manager. It was spun out of a family office umbrella in 2018, though the investment strategy dates to 2012. The firm now raises capital from third-party investors in addition to any internal capital; its Multiple Fund II, closed in October 2021 at €20 million, was the first generation open to outside LPs.
What size of venture fund does Multiple Capital target?
The firm deliberately targets micro-VC funds with less than $100 million under management. Its thesis holds that smaller, seed-stage funds run by highly incentivized teams with portfolios of roughly 30 companies offer the best risk-return profile. This focus differentiates it from fund-of-funds that allocate to larger, later-stage generalist vehicles.
Can institutional investors create dedicated mandates with Multiple Capital?
According to Ertan Can, the firm can structure dedicated, vertical fund-of-funds under a managed mandate for institutional and corporate investors. This would allow a large LP to target specific sectors or themes while still relying on Multiple Capital's manager-selection funnel, distinct from the commingled fund vehicle.
How has Multiple Capital's historical performance tracked?
The firm states that its funds have performed in the top decile of both fund-of-funds and venture capital industry benchmarks (per the firm, 2021). Its second-generation portfolio, built from 22 underlying VC funds, contributed to an indirect roster that includes one decacorn and ten unicorns. No third-party performance verification is publicly available.
What is Michael Jackson's role at the firm?
Michael Jackson, a Paris-based investor who spent more than a decade in the European VC ecosystem, joined Multiple Capital officially as Venture Partner in October 2021. He had previously served as an informal advisor for two years. His appointment coincided with the closing of Multiple Fund II and the firm's push to scale its external LP base.
How is Multiple Capital structured from a regulatory standpoint?
The management entity is Multiple GP S.à r.l., registered in Luxembourg with company number B270485 and directed by Ertan Can. The firm maintains its HQ in Luxembourg and operates an investment presence in Frankfurt, Germany. The Luxembourg SARL structure provides the regulatory and tax framework for its fund-of-funds activities.
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