Three Hills Capital Partners

Three Hills deploys preferred equity almost exclusively — a structured instrument that provides downside protection through contractual rights without taking majority control. The firm's tickets range from €15–50 million and combine preferred shares with a minority common equity component. This avoids the control triggers that make buyout firms unwelcome to many founder-owners.

Managing Partner Mike Risman leads investment decisions. Risman previously worked in Goldman Sachs' Special Situations Group and established Three Hills in 2013 specifically to offer non-control structured capital. Chairman Giuseppe Recchi, a former Telecom Italia CEO, plays a significant role in relationship sourcing and portfolio-company governance.

Three Hills relies on direct origination through its partners' networks, particularly Recchi's extensive C-suite relationships across Southern Europe. Because the firm is not competing in buyout auctions, it often sees opportunities where a founder has declined a control-sale process. The firm's narrow product focus reinforces its sourcing reputation: intermediaries know Three Hills will not push for a majority stake.

Three Hills invests exclusively through direct transactions into operating companies. It does not make fund commitments, secondary purchases, or LP investments into other private equity funds.

The firm invests in enterprise software, business services, consumer, and healthcare services — all within Western and Southern Europe. Confirmed markets include the UK, France, Italy, Spain, and Portugal (per Real Deals, 2023). The firm has not disclosed investments in Germany, the Nordics, or Central and Eastern Europe.