Main Capital Raises €300M for Pan-European GovTech Leader - InforCapital

Main Capital Partners, a leading investor in enterprise software across Europe and North America, has successfully closed a €300 million single-asset continuation fund. The fund will be used to acquire xxllnc, a fast-growing Dutch GovTech software provider, and establish a dominant Pan-European player in the public sector technology space.

The continuation fund, Main’s second of its kind, attracted full capitalization from a select group of existing limited partners. The round was led by funds managed by Hamilton Lane (Nasdaq: HLNE), with Trinity River Holdings acting as sub-lead. The move reflects growing investor appetite for high-performing tech assets in secondary transactions, particularly in the GovTech and digital public infrastructure sectors.

xxllnc, headquartered in the Netherlands, has rapidly scaled under Main Capital’s ownership through organic growth and 12 strategic acquisitions. The company now holds a leadership position in the Dutch GovTech market, offering critical solutions that improve operational efficiency and compliance for local governments and public agencies.

To fuel its European expansion, xxllnc is expected to combine with Norway-based Documaster, a provider of e-archiving and document management systems. This acquisition, announced earlier in 2025, is still pending regulatory approvals. Once completed, the merged entity will form a powerful group with approximately 380 employees and serve more than 1,250 public sector clients across Europe, including the Benelux and Nordic regions.

This newly formed GovTech group will be strategically positioned to support digital transformation in government institutions, a sector seeing surging demand across Europe due to modernization initiatives, regulatory pressures, and increased cybersecurity needs.

Charly Zwemstra, Managing Partner and CIO at Main Capital Partners and Chairman of xxllnc, emphasized the strategic vision: “We are fully dedicated to building a Pan-European GovTech leader. This transaction highlights our successful partnership with xxllnc since 2020 and aligns with our goal of internationalizing high-performing software firms.”

Jorn de Ruijter, Head of Fund Structuring and Investor Relations at Main, noted: “We are pleased that this continuation fund was fully supported by our current investors. It reflects confidence in our strategy and the strong growth potential of xxllnc.”

Keith Brittain, Co-Head of Secondary Investments at Hamilton Lane, added: “This deal showcases the power of GP-led secondaries to support proven software platforms. GovTech is a sector with strong tailwinds and structural resilience.”

The fund also provides liquidity options for Main’s previous fund investors, while allowing continued exposure to xxllnc’s future growth. With the new capital, Main and xxllnc aim to accelerate their buy-and-build strategy, targeting complementary GovTech providers in Germany, France, and the Nordics.

This deal adds to a growing list of high-profile GP-led continuation transactions in Europe, as private equity firms seek new ways to extend ownership of high-performing assets while offering optionality to LPs. Similar moves include EQT’s continuation vehicle for IFS and Intermediate Capital Group’s re-investment into IRIS Software Group.

As governments increasingly digitize core services, and demand rises for scalable, secure, and compliant solutions, Main Capital's focus on GovTech positions it as a significant player in reshaping Europe’s public digital infrastructure landscape.