WAD Capital has completed a first closing of its debut fund at €67.5 million, including a €25 million investment from the European Investment Fund, and is now targeting €130 million.
The Belgian investment firm said the EIF investment is backed by the European Commission via the InvestEU programme, making the EIF the largest investor in the round.
WAD Capital’s managing partners are contributing 2% of the fund’s capital, alongside family investors, the EIF said in a release on Thursday.
The firm informed that it has expanded its portfolio to eight companies, nine months after announcing its first three acquisitions.
The first three deals, completed at the end of 2025, were Groupe Jordan, an HVAC specialist; Mignone, a construction and installation company; and security specialist Alsec.
Five further acquisitions have since brought the total to eight companies, including HBI Tyres & Wheels in the Netherlands and Belgian businesses Ausloos, Euro-M, Kantoor Lardenoit and E-Demonstrations.
Pipeline of further deals
Thirteen “CEOs in Residence” — managers selected by WAD Capital to lead acquisitions and run the companies — have been chosen so far, and eight have completed a takeover, the firm said.
The remaining five are expected to complete acquisitions soon.
WAD Capital said it focuses on businesses in the Benelux, northern France and western Germany, typically with EBITDA — a common measure of operating profit — of between €1 million and €5 million.
It added it targets companies in healthcare, energy and the climate transition, or business services.
The firm said it aims to scale the fund to a hard cap of €132.5 million and build a portfolio of 25 companies by the end of 2027.
It is recruiting a second cohort of 12 “CEOs in Residence”, with 10 already confirmed.
WAD Capital was founded in 2023 and is led by managing partners Christopher Tournis Gamble, Steven Coppens and Alain Brossé.
