Investment strategy

Windows

Market Opportunity

The private equity secondaries market is entering a transformative phase, creating compelling opportunities — particularly in the mid-market GP-led space.

Over the past decade, GP-led transactions have surged as sponsors seek to retain top-performing assets while providing liquidity to LPs. Belnord sees single-asset continuation vehicles (CVs) continuing to gain traction, allowing sponsors to hold their strongest businesses for longer.

A shift in private equity exit dynamics has further accelerated demand for secondary solutions. With traditional exit routes constrained, LPs and GPs increasingly turn to the secondary market to manage liquidity and portfolio allocations. At the same time, more top-tier companies are choosing to remain private, reinforcing the need for long-term, flexible capital.

The mid-market continues to outperform large-cap private equity, yet it remains underserved, inefficient, and rich with opportunity. Belnord specialises in unlocking and executing these transactions, leveraging deep investment experience and strategic partnerships to access opportunities and deliver highly attractive returns.

Investment approach

We leverage deep, direct deal-sourcing expertise to deliver superior returns across GP solutions:

GP-led secondaries

Single-asset continuation vehicles

Direct investments

Co-investments

Other liquidity solutions

E.g. single-line fund transfers

Through selective partnerships with Europe's leading mid-market private equity sponsors and by drawing on our proprietary network, we access, assess, and execute high-quality investment opportunities.

Our differentiated, relationship-driven approach ensures a consistent pipeline of compelling investments.

Investment Criteria

Sectors with structural growth

Supported by powerful megatrends

Mature, de-risked assets

Market leaders or proven challengers

European buyout focus

Partnering with control or co-control owners

Proven value creation levers

Backed by experienced operators and strong governance

Preference for single-asset deals

Strong alignment and substantial incentives

Portfolio investments

Medix Biochemica

Website
Global leader in critical components for diagnostic tests

Sector:

Healthcare

HQ:

Finland

Founded in 1985 with over 250 employees, Medix Biochemica is a leading independent supplier of critical biological raw material products to the in vitro diagnostics (IVD) industry worldwide. The company develops, produces, and supplies high-quality antibodies, antigens, and other critical IVD raw material products to IVD test manufacturers around the world, enabling the delivery of accurate IVD tests to billions of patients worldwide.

The company’s expertise covers various market segments including immunoassay, clinical chemistry and molecular diagnostics. Medix Biochemica serves its global customers through local teams in North America, Europe, and China.

Immedica

Website
Pharmaceutical company specialising in the commercialisation of medicines for rare diseases and specialty care

Sector:

Healthcare

HQ:

Sweden

Founded in 2018 with c. 120 employees, Immedica is engaged in the launch, commercialisation and distribution of orphan and niche specialty pharmaceuticals across Europe and the Middle East. Currently, Immedica distributes a portfolio of c. 25 drugs, spanning proprietary, in-licensed and partnered products with a focus on genetic and metabolic diseases, oncology, and ophthalmology.

Immedica is quickly scaling across Europe and recently entered the USA with a vision to become the leading player in launching niche specialty pharmaceuticals targeting diseases with high unmet medical needs.

Yaveon

Website
Independent software vendor, value added reseller and system integrator specialised in Microsoft Dynamics Business Central

Sector:

Software

HQ:

Germany

Founded in 2008 with more than 200 employees, Yaveon is a leading ERP software vendor and system integrator specialising in the Microsoft Dynamics ERP platform. The company serves small and medium companies operating in the process manufacturing industry, including the highly regulated life sciences industry. In addition to in-depth industry know-how, Yaveon offers a proprietary suite of industry extensions.

Mattioli Woods

Website
Scaled, vertically integrated UK wealth management platform

Sector:

Financial Services

HQ:

UK

Founded in 1991 with more than 150 advisers, Mattioli Woods is a scaled, vertically integrated UK wealth management platform offering a full range of financial advice and investment management services to high-net-worth individuals, families, and businesses. Mattioli Woods has rapidly scaled to serve over £15bn in client assets and has developed deep investment management capabilities.

The platform serves 11,000 clients across 33 offices in the UK. The company benefits from having access to a wide range of alternatives, including private equity, property, and VCTs, enabling comprehensive service for high-net-worth customers.

Leading provider of technical and R&D expertise to global high-tech customers

Sector:

Business Services

HQ:

the Netherlands

Founded in 2000 and headquartered in Eindhoven, TMC is a mission-critical partner for international technology and R&D consulting. The company provides unique know-how and expertise, collaborating with blue-chip clients in dynamic and fast-growing market sectors such as Technology & Engineering, Life Sciences & Pharma, Energy & Renewables, and Digital & IT.

TMC has developed a unique engineer-centric “Employeneurship model”, becoming the home-of-choice for engineers, scientists and digital experts. TMC is active in 16 countries and employs c. 2,750 people globally.

Haudecoeur

Website
The leading ethnic food company in France

Sector:

Consumer Staples

HQ:

France

Founded in 1932, Haudecoeur is the undisputable French leader in the procurement, production and distribution of ethnic food. Haudecoeur offers a wide range of products such as specialised rice, starches, spices, dry fruits, pulses, with over 1,500 SKUs, sold under strong and well-known brands (e.g., Riz du Monde, Samia, Légumor, Profruit, La Pastilla, Tantie, etc.).

The company benefits from an excellent positioning vis-à-vis specialised groceries/shops, hyper and supermarkets as well as with end customers. The company also leverages a solid industrial base in La Courneuve and several warehousing sites in the Paris area and the South of France.

Cleanova

Website
Leading manufacturer of filtration systems

Sector:

Light Industrials

HQ:

Ireland

Cleanova is a leading clean-tech manufacturer of consumable, mission critical, and engineered industrial filtration systems, helping customers ensure the reliability and efficiency of their industrial processes while protecting the environment. The company leverages innovative thinking and established technology to deliver mission-critical filtration solutions and contribute to a cleaner tomorrow. With a team of c. 400 employees, Cleanova delivers cutting-edge filtration products to a diversified international customer base operating in a wide range of industrial end-markets.

Cleanova serves its customers through seven international brands, Allied Filter Systems, Dollinger, Plenty, Shawndra, Sidco, Airpel and Vokes, which have market-leading positions underpinned by Cleanova's technology and engineering capabilities.

I-TRACING

Website
Leading independent provider of cyber security services in France

Sector:

Cybersecurity

HQ:

France

Founded in Paris in 2005, I-TRACING is the leading, pure play, French managed cybersecurity services provider, working with blue-chip companies in the enterprise and midmarket sectors. I-TRACING offers clients a one-stop-shop service including CyberDefence, Managed Detection & Response services, Identity & Access Management, Cloud Security and Data protection and Audit.

One of the company’s key differentiators is its premium Security Operations Centre (SOC) managed services offering, protecting complex environments on a 24/7 basis, leveraging an integrated international “follow-the-sun” operating model.

Solvares

Website
Real time scheduling and route optimisation software

Sector:

Software

HQ:

Germany

The Solvares group develops and distributes software with which companies plan, control and optimise their transport logistics and field service, maintenance and distribution. Solvares' customers include leading brands from the retail, energy supply, mechanical and plant engineering, medical technology, building materials trade, finance and insurance industries as well as real estate management.

The technological core and competitive advantage for customers are the highly developed algorithms that enable efficient scheduling of appointments, tours, orders and assignments. Solvares' best-of breed solutions thus ensure intelligent optimisation of resources along the entire value chain. Customers benefit from optimal utilisation, cost savings and significantly improved service quality.

Syclef

Website
Specialising in the installation and maintenance of refrigeration and air conditioning systems

Sector:

Business Services

HQ:

France

Founded in 2003, Syclef is a leading European player in the installation and maintenance of refrigeration systems. The group is specialised in medium and large refrigeration installations, in industrial refrigeration (logistics platforms, storage warehouses, food processing, etc.), commercial refrigeration (supermarkets, convenience stores, etc.) and air conditioning.

The group's customer base relies on Syclef to manage its complex and critical refrigeration systems. The group benefits from a key player position in the energy transition, using innovative sustainable technologies such as natural refrigerant fluids.