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Just a few months after announcing the final close of its €40M Fund III, supporting exceptional searchers acquiring and growing SMEs across Europe, the United States, Canada, Mexico, and Brazil, leading institutional investor JB46 has launched a fourth investment vehicle, JB46 LTH I, to back entrepreneurs building durable businesses over the long term.
LTH I will focus on supporting entrepreneurs pursuing disciplined consolidation strategies —roll-ups, Buy & Builds, Holdcos, and Committed Capital Vehicles (“CCVs”)— across Europe and North America. The vehicle is designed to capture microcap opportunities in fragmented and underserved markets, where patient capital and operational focus can create lasting value.
JB46 commented: “This launch is a natural extension of our platform and a step forward in supporting the continued evolution of ETA investing. Building on the firm’s decade-long track record of backing more than 190 SFs globally, LTH I will enable us to continue supporting the best entrepreneurial talent executing disciplined acquisition strategies.”
The firm has recently completed its first investment, supporting GRCS Trust, a permanent capital holding company based in Canada focused on acquiring and integrating essential software businesses across governance, risk, compliance, and security. GRCS is led by Sumit Aneja and Arun Sharma and completed its first anchor acquisition in March 2025: CurrentWare, a provider of comprehensive workforce analytics and data loss prevention capabilities, led by David Leal.
CCVs are an evolution of the traditional SF model and emerged as a trend in the United States several years ago. Unlike single-deal SFs, where investors retain optionality before committing to a specific acquisition, CCVs raise capital upfront to execute a multi-acquisition roll-up strategy within a defined sector. Investors commit capital at inception and delegate acquisition decisions to the board, enabling faster execution and greater credibility in competitive processes. CCVs prioritize long-term value creation through platform building, reinvestment, and compounding, often measuring success by MOIC rather than IRR. While they share the same core value drivers as traditional SFs (earnings growth, operational improvements, and multiple expansion), their structure, pacing, governance, and risk-return profile differ significantly.
In 2025, JB46 backed 5 SF acquisitions worldwide: AT Safety (Canada), AlpinEnergie (Austria), EZS Identtechnik (Germany), Pharmacom (Austria), and Tanks International (Italy).
