Waterland raises €4.6 billion in less than four months, growing to more than €20 billion under management
April 24, 2026 – Waterland is pleased to announce the closing of its 10th institutional flagship fund Waterland Private Equity Fund X (“WPEF X”) at €4 billion, alongside Waterland Partnership Fund II (“WPF II”) at €600 million. Both funds were oversubscribed and closed at their respective hard caps in less than four months after launch.
The fundraise experienced strong demand from a high-calibre, global investor base. Waterland’s investors represent a diversified group by investor type and geography, including pension funds, asset managers, insurance companies, sovereign wealth funds, endowments, foundations and family offices – spanning Europe, North and South America, Asia and the Middle East.
Both funds were materially oversubscribed as a result of continued strong support from existing investors as well as significant interest from new investors.
WPEF X is the 10th generation of the flagship fund strategy investing in companies across Europe that operate in fragmented, growing markets, whilst supporting both organic and acquisitive growth. This is a continuation of the successful buy-and-build investment strategy applied to the firm’s previous flagship funds over the past 25+ years.
Cedric Van Cauwenberghe, Group Managing Partner, comments: “The successful closing of WPEF X and WPF II is a testament to the deep trust our partners place in our team and in our ability to deliver our European buy-and-build strategy. We want to extend our sincere thanks to all investors for this significant and continued vote of confidence. As we deploy this new capital, we remain focused on partnering with ambitious entrepreneurs to accelerate growth across fragmented European markets.”
Marc Lutgen, Head of Investor Relations, adds: “We are grateful for the strong support from existing and new LPs for this dual fundraise, reflecting a shared conviction in Waterland’s ability to deliver consistent outperformance. WPEF X and WPF II provide us with the scale and flexibility needed to support our portfolio companies throughout their entire growth journey, ensuring that we continue to create significant value for our investors.”
Evercore served as advisor on the fundraise. Kirkland & Ellis International LLP acted as the global fund counsel. Loyens & Loeff acted as Dutch fund counsel.
Press contact:
Laurence Van Doosselaere – Marketing & Communication Director | +32 473 88 05 21 | vandoosselaere@waterland.be