Innesto Partners raised €35M to continue backing SFs

Founded in 2021 by Joachim de Belgique and Felipe Corcuera, and later joined by Luisa de Belgique, Innesto Partners has established itself as a pioneer of SF investing in Europe, backing entrepreneurs throughout the identification, acquisition, and long-term development of SMEs facing succession and transmission challenges. Felipe led the first SF transactions in France, Italy, Portugal, and Poland, while Innesto Partners also backed pioneering SFs in the Netherlands and Norway, actively contributing to the structuring of this emerging asset class in Europe.

Following a fundraise of approximately €35M, Innesto Partners intends to continue deploying its strategy and establish itself as a leading player in the SF landscape. The firm has strengthened its Senior Advisory Committee with the appointment of new Senior Advisors in France (Olivier Brazil, former executive at Legrand), Germany (Jürgen Diegruber, former executive at Partners Group and founder of GermanCapital), and Italy (Lorenzo Salieri, former Head of 3i Italy and Senior Advisor at Cobepa), as well as the arrival of Philippe Monteyne as an Operating Partner dedicated to the healthcare sector, with previous experience at GSK and Sanofi and as a former Senior Partner at Fund+.

“The search fund model is a powerful way to align entrepreneurs, investors, and businesses over the long term. Our ambition is to contribute sustainably to its development in Europe by combining investment discipline, strong governance, and hands-on operational support,” says Joachim de Belgique, co-founder of Innesto Partners.

To date, Innesto Partners has invested in eight operating companies across several European countries, including Water Direct in the United Kingdom, Flying Eye in France, Elti and Napolillo Industry in Italy, EZS Identtechnik in Germany, Hotek in the Netherlands, and Rolfroz in Poland. A ninth transaction is currently being finalized in Spain.

Furthermore, Innesto Partners realized its first exit last year with the divestment of Water Direct, a UK-based company specialized in emergency water supply services. Completed in under 4 years, the transaction delivered significant returns for the original SF investors, achieving a 4–5x MOIC and an estimated IRR of 40–45%.

“This first exit validates our approach and confirms the relevance of the search fund model in addressing SME succession challenges. Our ambition is to sustainably structure this asset class by combining investment discipline with long-term support for entrepreneur-managers,” added Joachim de Belgique.