EMK closes €1.25B continuation fund for Dutch group VDK, 40% of investors roll over
What's the deal? EMK CapitalDealroom has a profile for this one. Try Dealroom → has closed a €1.25 billion single-asset continuation fund for VDK GroepDealroom has a profile for this one. Try Dealroom →, its Dutch installation and maintenance group, at the vehicle's hard cap. LGT Capital Partners and Coller EQT co-led the fund, with EMK's own third fund investing alongside them.
How it works: Investors in EMK's first fund could sell their VDK stake or keep it on the same terms. Holders of more than 40% of that fund's capital chose to roll into the new vehicle — far above the market average of about 14%.
What's the endgame? EMK has owned VDK since November 2020, when it bought a cluster of installation companies in the north-east Netherlands. The group has since made 103 acquisitions, growing EBITDA from roughly €5 million to about €319 million on a pro forma basis.
Its largest deal came in November 2025, when VDK bought Builtech, a Berlin group of 50 companies, pushing turnover past €2 billion. The new fund's capital backs VDK's acquisition pipeline and further expansion across Europe.
Why now? The close lands in a booming market for continuation funds. Global GP-led secondary volume hit a record $110 billion in 2025, with single-asset deals making up $60 billion, as sponsors increasingly hold onto prized companies rather than sell them.
What could go wrong? The single-company structure concentrates investors' exposure in one business. VDK's growth rests on a buy-and-build strategy that depends on integrating scores of acquisitions across several countries.
The signal: A roll-over above 40% signals strong conviction among existing backers that VDK's run has further to go. For a secondaries market setting fresh records, the deal shows how continuation funds have become a mainstream route to keep top assets working — and to give investors a choice between cashing out and staying in.
Read more: altassets.net
Image credit: Generated with Gemini
