What Capital D does

Capital D is a London-headquartered, FCA-regulated private equity fund manager investing at the intersection of growth and mid-market buyout strategies in European companies. The firm partners with founder entrepreneurs and deploys a minimum initial equity cheque of EUR 20 million per investment, typically over a 3–5 year hold, across a deliberately small number of portfolio companies per fund. Capital D operates two pooled investment vehicles, with Fund 2 closed in May 2024 at EUR 156 million (bringing total capital raised to approximately EUR 300 million) from supranational investors, funds of funds, corporate and pension funds, endowments, and family offices across Europe and the Middle East. The firm is structured as a limited liability partnership (Capital D Management LLP) co-founded by Jean-Marc Jabre and Stephan Lobmeyr, with offices in London and Luxembourg.

Capital D's revenue model is the standard PE two-stream structure: recurring management fees charged on committed or invested capital across its funds, plus performance-based carried interest generated on successful portfolio exits. Historical exits include Invincible Brands' Cosmetics Group sold to Henkel in September 2020 (after quadrupling sales and EBITDA in 2.5 years) and Qmee sold to Kantar in June 2022. Current portfolio includes VONQ (recruitment marketing, Netherlands), Phrasee/Jacquard (generative AI for marketing, UK), Electrify Video Partners (YouTube channel consolidation), GoWish (AI-personalised social gifting, Denmark, acquired January 2025), and Refinery89 (AdTech for European and LATAM publishers, acquired April 2025). Capital D differentiates on ESG credentials (5-star PRI ranking, Article 8 SFDR Fund 2, 1% for the Planet membership) and a value-add ecosystem comprising Strategic Partners in Technology and Data Science, alongside alliances with Springwise and Re_Set for disruption intelligence.

Name

Capital D

Legal name

Capital D Management LLP

Website

https://capitald.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Capital D is a London-headquartered, FCA-regulated private equity fund manager backing founder-led, disruptive European companies at the growth-to-mid-market buyout intersection via a minimum EUR 20 million equity cheque across two pooled funds totalling roughly EUR 300 million raised.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Private equity investing
• Growth equity capital
• Mid-market buyouts
• Disruptive company investments
• Fund management services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: Capital D generates revenue through management fees charged on funds under management.
2. Carried Interest: Performance-based carried interest from successful portfolio company exits, generating returns for the firm and its Limited Partners.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Capital D is a next-generation private equity fund manager that invests in proven, profitable, founder-led disruptive companies headquartered in Europe with global ambitions. It operates two pooled investment funds (Fund 1 and Fund 2) with total Limited Partner commitments of approximately EUR 300 million, deploying a minimum initial equity cheque of EUR 20 million per portfolio company over a 3–5 year horizon. The firm provides not only capital but hands-on strategic value creation through its network, Strategic Partners, and Operating Partners to help portfolio companies scale internationally.

Product overview

Capital D operates as a next-generation private equity investor offering a single core service: investment management for disruptive companies. The firm operates at the intersection of growth and mid-market buyout investing, focusing on European-headquartered companies with global ambitions. They partner with founder entrepreneurs and invest in proven, profitable core businesses across all sectors. Capital D's strategy centers on backing winners of the 'disruption economy' at the intersection of mega, technological, and behavioral trends. The firm manages Fund 2 with €156 million in commitments and has total capital raised of approximately €300 million. Their investment thesis focuses on sustainability, diversity & inclusion as central value drivers, with a typical 3-5 year investment horizon. The firm is authorized and regulated by the Financial Conduct Authority (FCA) and is headquartered at Somerset House, London.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital D Investment Management (Fund 1 and Fund 2) Private equity fund management service backing disruptive, founder-led European mid-market companies with a minimum initial equity cheque of EUR 20 million per transaction over a 3-5 year horizon, providing growth capital plus hands-on strategic value creation through an ecosystem of Strategic and Operating Partners. Targeted at institutional Limited Partners (supranational investors, fund of funds, corporate and pension funds, endowments and family offices across Europe and the Middle East).

Quantifiable outcome

• Fund 2 raised at more than twice the size of Fund 1
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• GoodwinminorImplementation/ SI/ Consulting Partner · 14 May 2024Goodwin acted as legal counsel for Capital D's Fund 2 fundraising.
• Application Tracking System (ATS) VendorscoreChannel Partner/ Reseller/ DistributorVONQ's HAPI white-label platform is distributed via integrations with leading ATS partners, making job marketing solutions accessible through ATS systems.
• SpringwisecoreStrategic or Co-development PartnerSpringwise and Re_Set are ecosystem partners providing innovation intelligence and insight into disruptive trends that inform Capital D's investment thesis.
• Re_SetcoreStrategic or Co-development PartnerRe_Set provides innovation forecasting and hosts disruption-focused events, aligned with Capital D's investment thesis at the intersection of disruption and sustainability.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Verdane: Northern European growth PE specialist backing tech-enabled and sustainable businesses with founder-friendly structures. Comparable in disruption/sustainability thesis and European mid-market focus.
• Synova Capital: UK/European growth PE firm partnering with founders of profitable, high-growth technology and technology-enabled businesses. Highly comparable in founder-led, profitable-business thesis and growth-stage ticket sizing.
• NVM Private Equity: UK-listed mid-market PE firm providing growth and buyout capital to UK SMEs across sectors. Comparable in mid-market UK focus and sector-agnostic approach, though more traditional in style.
• IK Partners: European mid-market PE firm operating across the Nordics, DACH, France, and Benelux with growth and buyout strategies. Comparable geographic focus and mid-market ticket range, though larger in AUM.
• LDC (Lloyds Development Capital): UK mid-market PE investor backing management-led UK businesses across sectors with growth and buyout capital. Comparable in size, geography, and sector-agnostic approach.
• Astorg: European mid-market PE firm investing across sectors with a focus on global growth and buyout opportunities. Comparable European mid-market focus, though larger AUM scale.
• Livingbridge: UK-based mid-market growth and buyout PE firm with comparable AUM scale, backing founder-led UK and European companies with similar equity ticket sizes. Closest direct peer on size, geography, and strategy dimensions.
• Kennet Partners: European growth equity investor focused on B2B technology companies with founder-friendly structures. Comparable on founder-led tech-enabled thesis and European mid-market ticket sizing.

Broad incumbents

• PAI Partners: Established European mid-market PE firm with broader sector coverage and substantially larger AUM. Comparable thesis of partnering with ambitious European businesses but operating at significantly greater scale.
• Apax Partners: Global PE firm with strong European mid-market presence across sectors including tech-enabled services and digital disruption. Comparable on disruption thesis but materially larger AUM and broader geographic mandate.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/capitald

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital D