Tech BuyOut

Private Equity

We back proven software companies whose capital structure was built for a stage they have outgrown, and rebuild it for the one they are in.

Get in touch Our other activities

€5–30M
Equity ticket
Per deal, deal by deal
€5–15M
Revenue at entry
Profitable or about to be, established niche position
Lead
Position
Buyout, majority or significant minority
Europe
Geography
France · UK · DACH · Benelux

Beyond Venture Capital Unlocking the Potential of Technology Businesses

Many software companies were financed for hypergrowth and matured into resilient businesses. Their capital structure never caught up.

Some now find themselves constrained, not by the quality of the business, but by their capital and financial history.

A mismatch with the VC model
Companies that keep growing, but not fast enough to meet the return requirements of VC funds.
A cap table that no longer fits
Fragmented cap tables, misaligned investors, funds at end of life, valuations anchored in past rounds.
An unbalanced financial structure
Excessive debt, complex financial instruments or a lack of liquidity that limits the company's ability to develop.
Management with too little at stake
Founders and management diluted round after round, with too little equity upside left.

Our investment thesis

Our target

We invest in technology companies with €5–15M of revenue, profitable or close to it, with proven products, differentiated expertise and established positions in specialised markets.

Our universe includes venture-backed companies as well as independent, bootstrapped or founder-owned businesses.

Profitability, not hypergrowth, is our entry point. The value comes from resetting the capital structure, re-engaging management and giving the business a horizon that matches its maturity.

€5–15M
Revenue at entry
Profitable
Or about to be
Buyout
The model

Where we step in

Venture Capital funds the first stages of a company's life. We step in when the model no longer fits the business.

Pre-Seed

Seed

Series A-B

The VC model stops fittingTech BuyOutUL Invest

Venture CapitalGrowth financed ahead of revenue

Our zoneA reset on a proven business

Our strategy

01
Unfulfilled VC potential
Companies that did not meet Venture Capital growth expectations, but whose industrial and commercial fundamentals remain solid. The gap between historical investors' expectations and real economic potential is where the opportunity sits.
02
Niche leadership
Recognised products, expertise that is hard to replicate, durable customer relationships and a strong position in a specialised market. Real value for customers, regardless of the ability to become a global player.
03
Capital structure reset
Unlock capital or financial situations that have become constraining: simplify the cap table, restructure the debt, realign shareholders and management. Give management a meaningful stake and a tangible prospect of wealth creation.
04
Sustainable value creation
From hypergrowth financed by successive rounds to profitable growth, cash-flow generation, operational excellence and disciplined capital allocation. External growth and the consolidation of fragmented markets are further levers.
A second chapter
A buyout model, better suited to the company's maturity and potential. We give these businesses what their history took away.
- New shareholdersA simple, aligned cap table
- Clean financial structureDebt and instruments reset
- Re-engaged managementA meaningful stake, a real upside
- Long-term horizonNo fund cycle, no forced exit