Ice Lake Capital Management B.V.

What Ice Lake Capital Management B.V. does

Ice Lake Capital Management B.V. is a Netherlands-domiciled private equity firm headquartered in Amsterdam, with additional offices in Munich (DACH coverage) and Diegem near Brussels (Benelux coverage). The firm invests in mid-cap companies with leading positions in niche market segments, solid cashflow generation, and experienced entrepreneurial management teams, executing buy-and-build and international expansion strategies. Its portfolio comprises approximately 14 to 15 companies spanning software (Genetics, Nazca, NetRom), HR technology (HeadFirst), healthcare (P&R Medical), IT services (BBTG, Broadpin), insurance brokerage (Certe Groep), indoor climate technology (Interduct Group, with 17 subsidiaries), infrastructure services (GroundBirds, quattron), business services (Orange Group International, CLI Group), real estate sustainability (Circreate), and building TIC and engineering (Studibo Group). The firm is led by Managing Partners Matteo Racca and Bastiaan Hagenouw and draws on a ~40+ person team with backgrounds at McKinsey, Deutsche Bank, Lincoln International, Bank of America, Morgan Stanley, Bain, Macquarie, and other leading PE and consulting firms.

IceLake generates revenue through the standard private equity dual-stream model: recurring management fees (typically 1.5–2% of committed capital) on the funds it manages, plus lumpy carried interest (typically 20% of profits above a hurdle) on successful portfolio exits. Capital is raised from institutional investors (pension funds, family offices, sovereign wealth funds) through relationship-based fundraising led by a dedicated Investor Relations function. Deal sourcing is relationship-driven, leveraging senior-team networks and direct outreach to entrepreneurs and management teams across Benelux, DACH, and the Nordics. The firm publishes SFDR-aligned sustainability disclosures (PAI Statement, Sustainability Risk Policy, Remuneration Policy) and is registered as a private limited company (BV) in the Netherlands; it does not disclose financial statements publicly.

Name

Ice Lake Capital Management B.V.

Legal name

Ice Lake Capital Management B.V.

Website

https://icelake.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Ice Lake Capital Management B.V. is a Netherlands-based private equity firm investing in mid-cap companies across Benelux and DACH, deploying buy-and-build and international expansion strategies through a 14–15 company portfolio spanning software, IT services, healthcare, HR-tech, insurance broking, and infrastructure services.

Ownership category

akta.pro rank

Product category

Private Equity / Mid-Cap Buyout Fund Management

NAICS

All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (55111)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Private equity investments
• Mid-cap buyouts
• Buy-and-build strategies
• Portfolio management services
• Growth capital financing

Headquarters

HQ city

Klein Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Private equity firms typically charge management fees (usually 1.5-2% of committed capital) on the funds they manage. This provides steady recurring revenue based on assets under management.
2. Carried Interest (Performance Fees): PE firms earn carried interest (typically 20% of profits above a hurdle rate) when portfolio companies are exited at gains. This aligns manager and investor interests and creates upside participation in successful investments.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

IceLake Capital Management B.V. is a private equity firm that invests in exceptional mid-cap companies with leading niche market positions, solid cashflow generation, and experienced entrepreneurial management teams. The firm provides capital alongside active operational and strategic support for buy-and-build strategies and international expansion, primarily across the Benelux, DACH, and Nordic regions, with a portfolio of approximately 14 companies spanning software, IT services, HR technology, healthcare, business services, indoor climate technology, infrastructure services, insurance brokerage, and building TIC/engineering.

Product overview

IceLake Capital Management B.V. is a private equity firm that invests in exceptional mid-cap companies with strong market positions. Rather than offering a single unified product or platform, IceLake's investment portfolio spans 15 portfolio companies across diverse sectors including software (Genetics, Nazca, NetRom), IT services (BBTG, Broadpin), HR technology (HeadFirst), healthcare (P&R Medical), business services (Orange Group International, CLI Group, Certe Groep), infrastructure services (GroundBirds, Interduct Group), indoor climate technology (Interduct Group), insurance brokerage (Certe Groep), real estate sustainability (Circreate), building TIC and engineering (Studibo Group), and infrastructure consulting (quattron). IceLake supports these portfolio companies with growth strategies including buy-and-build initiatives, international expansion, and operational improvements. The portfolio companies operate as independent entities with their own products, services, and technology offerings.

Differentiator

Problem solved

Functional benefit

Products and services

• NetRom
• Nazca
• Orange Group International
• CLI Group
• P&R Medical
• Genetics
• Circreate
• HeadFirst
• Interduct Group
• Studibo Group
• quattron
• Certe Groep
• GroundBirds
• Broadpin
• BBTG (Building Beyond Technology Group)

Quantifiable outcome

• 14 successful portfolio company investments across diverse sectors
• +1 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Nationale-NederlandencoreStrategic or Co-development Partner · 1 January 2024Certe Groep (IceLake portfolio company) has a strategic partnership with Nationale-Nederlanden, reinforced through the pending divestment of de Burcht. This partnership sharpens focus and supports continuous expansion of services for Certe's strong growth trajectory. The partnership combines insurance broking and MGA activities through a high-quality network of intermediaries.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Tikehau Capital: European alternative asset manager with private equity, private debt and real estate strategies. Competes for institutional LP capital and DACH/Benelux mid-market opportunities, and an internship destination for IceLake analysts.
• Inflexion Private Equity: UK-headquartered mid-market PE firm operating across Europe with broader sector coverage. Comparable mid-market focus and a prior employer of IceLake's Head of Investor Relations (Michael Leigh).

Direct peers

• Gimv: Listed Belgian investment company with a private equity platform investing in European mid-cap companies across Benelux/DACH. Closely comparable by geography, ticket size and sector breadth.
• Equistone Partners Europe: Pan-European mid-market private equity firm with deep Benelux/DACH presence and a buy-and-build investment style. Competes directly for similar mid-cap opportunities and is a former employer of IceLake analysts.
• Vendis Capital: Benelux-focused mid-market PE firm with comparable check sizes and buy-and-build orientation. Competes for the same entrepreneurial succession and management buyout opportunities as IceLake.
• Parcom Capital: Amsterdam-based mid-market private equity firm focused on Benelux companies, where IceLake co-founder Matteo Racca was previously a Partner. Directly comparable in geography, mid-cap focus and buy-and-build approach.
• DPE Deutsche Private Equity: Munich-headquartered mid-market PE firm investing in DACH-based mid-caps with buy-and-build strategies. Direct competitor for IceLake's DACH deal flow and a prior employer of several IceLake investment professionals.
• Waterland Private Equity: Benelux-headquartered mid-market PE firm with strong DACH/Nordic reach and a buy-and-build playbook. Several IceLake team alumni previously worked at Waterland, and the firms compete for similar mid-cap management buyouts.
• Ufenau Capital: Swiss/DACH-focused mid-market private equity firm with a similar regional remit and platform-investing approach. Direct competitor in DACH mid-cap deals, and a prior employer of IceLake's Senior Investment Manager Michael Steckermeier.

Emerging players

• Nimbus Investment Platform: Dutch mid-market investment platform with comparable Benelux deal sourcing and mid-cap ticket sizes. Overlaps with IceLake on geography and target company profile but at a smaller scale.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/icelake-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Ice Lake Capital Management B.V.