01
Patient capital
No fund cycle. No forced exit. We hold for as long as the situation requires.
Private investment partnership
ZTO·100
From zero to hundred — and the work in between.
We invest our own capital in a small number of European companies each year — typically in situations others find too complex.
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01 — What we do
We invest where complexity has driven others away. Restructurings, generational transitions, and companies that have lost their footing — but not their substance.
02 / Approach
Patient capital. Operating experience. Aligned interests.
02
Operating experience
We have built, run, and restructured companies ourselves — we work as owners, not portfolio managers.
03
Aligned
We invest alongside management, on the same terms, with the same exposure.
03 / Mandate
What we look at, and what we leave alone.
Situations
Distressed & complex
Sound businesses under operational or financial pressure.
Situations
Transitions
Succession events and carve-outs from larger groups.
Sectors
Industrials, retail, software, energy
We pass on what we don't understand.
Geography
Northern Europe
With a network that reaches further.
Way of working
Discreet. Patient. Precise.
The partnership is small and deliberately unshowy. We do not publish biographies, chase headlines, or solicit deal flow. Most of what reaches us comes through people we already know — and the work itself is done in person, on site, in confidence.
"When we commit, we stay."
Who we work with
Counterparties who already know how to reach us.
Owners & management teams
Facing succession, restructuring, or carve-out situations.
Advisors & intermediaries
Who broker complex European deal situations.
Northern European companies
Mid-market businesses across industrials, retail, software, and energy.
04 / Partners
The people behind the partnership.
Each of us has spent more than twenty-five years building, financing, and turning around businesses across Europe. Counterparties find out who we are when the conversation calls for it.
25+
Years operating
€200m+
Capital deployed by partners
∞
Holding period
05 / Process
How a conversation begins, and where it leads.
I
Introduction
Most of what reaches us comes through people we already know.
II
First reading
We respond within ten working days, either way.
III
Diligence
In person, on site, in confidence.
IV
Commitment
When we commit, we stay.