Capital D is a thematic fund manager. We invest in disruptive companies with a proven business model and underlying profitability in the European middle market.

We define the European middle market as companies with an enterprise value of €30m to €250m. We invest equity cheques of €20m to €60m and can write larger ones with co-investors.

Capital D is pioneering a new approach to investing combining three integrated competencies: intelligence, investment and impact, which we characterise as the third generation of private equity investing. First came financial engineering where deleveraging was the main source of returns. Second came sector-focused funds and value-added private equity where real operational expertise became a key differentiator. In today’s fast moving world, the market also needs innovation and change-focused private equity where intelligence and impact become the new differentiators.