P2 Capital Partners

Investment decisions are made by the firm's co-founders and managing partners, Claus Moller and Hans H. Hvide. Moller's prior experience includes KKR, while Hvide worked at Lazard and EQT. The investment committee is small and does not appear to include outside or independent members. The firm has not disclosed succession planning or delegation to a next generation of partners.

P2 sources deals through a combination of public-market screening and private, proprietary networks built by Moller and Hvide over their combined decades in private equity and investment banking. The firm's small portfolio size allows it to focus on a handful of situations at any time, often identifying companies where a change in management, strategy, or capital structure creates a catalyst. It does not appear to use intermediaries or broad auctions for its private deals.

P2 operates as a hybrid. Its public-equity book functions like a concentrated, long-only value hedge fund with an activist bent, while its private transactions are structured as control buyouts or significant minority investments. This dual mandate is rare and requires LPs to accept both the liquidity terms of a private equity fund and the volatility of a concentrated public portfolio. The firm does not publicly categorize itself, but its 13F and transaction history confirm the hybrid structure.

The firm's most publicly documented activist engagement was with BJ's Wholesale Club. P2 accumulated a stake, pushed for strategic alternatives, and the company was ultimately taken private by Leonard Green & Partners and CVC Capital Partners in 2011. P2 has not mounted a public proxy fight or 13D campaign in recent years, suggesting a preference for cooperative operational engagement over public confrontation.

Yes. While the firm's headquarters is in New York, its mandate includes Western Europe. Known investments and the professional networks of Moller and Hvide — who are of Scandinavian origin and have extensive European experience through EQT and KKR's European operations — indicate active coverage of the UK and Nordic regions. The firm does not publish a geographic allocation breakdown.