Torqx Capital Partners

Harmen Geerts and Jan-Willem van der Does serve as Managing Partners and make investment decisions jointly. Both joined from H2 Equity Partners, where they spent their earlier careers executing Benelux mid-market buyouts. The firm operates with a flat partnership structure, and day-to-day deal execution is handled by the Managing Partners alongside the investment team based in Bussum.

Torqx structures the vast majority of its investments as direct majority buyouts with management co-investment. The firm has not publicly disclosed participating as a limited partner in other private equity funds. Its model is built around operational control — the firm steps in as the lead equity sponsor and works alongside the existing or newly installed management team, rather than backing third-party GPs.

Torqx targets mature, cash-flow-positive companies at transition points — typically successions, complex carve-outs from larger European corporates, or businesses requiring a buy-and-build strategy to consolidate fragmented markets. The firm does not invest in early-stage startups, pre-revenue technologies, or distressed-turnaround situations where no path to stable operations is visible within 12 to 18 months. The typical enterprise value range has not been publicly disclosed.

Torqx Capital Partners invests exclusively in the Netherlands and Belgium. This two-country concentration is a deliberate structural choice — the partners have argued in limited public commentary that Benelux mid-market companies, particularly founder-owned manufacturers and service businesses, produce persistent sourcing advantages when approached through management referrals and professional-services relationships that take years to cultivate.

Torqx relies heavily on its principals' networks built over two decades in the Benelux private equity market. The firm participates in successions and carve-outs where the seller — often a retiring founder or a corporate parent divesting non-core operations — prioritizes discretion over broad auction processes. This relationship-driven sourcing model limits the number of competitive bids the firm faces, though it also caps annual deal volume relative to firms that participate in widely marketed processes.

Torqx has not published formal exclusion lists, but its portfolio history shows no investments in extractive industries, pure-play financial services, or highly regulated healthcare segments such as pharmaceuticals or hospital operators. The firm's disclosed investments cluster around industrial technology, niche consumer goods, enterprise software, and healthcare-adjacent services — suggesting an implicit avoidance of sectors where regulatory risk or capital intensity cannot be predicted over a standard five-to-seven-year hold.

Torqx was founded by two former H2 Equity Partners professionals, Harmen Geerts and Jan-Willem van der Does, who departed in 2017 to launch their own firm. The two are separate, independently managed entities with no shared LPs, co-investment vehicles, or back-office infrastructure. H2 Equity Partners continues to operate as a distinct Benelux mid-market firm with its own fund family and portfolio. The departure was described in Dutch financial press at the time as an amicable spinout.