Fortino Capital closes oversubscribed PE III fund at €700 million
December 18th, 2025 - Fortino Capital, a specialist European investor in B2B SaaS companies, announces the final close of its third private equity fund (“Fortino PE III”) at an extended hard cap of €700 million, surpassing its initial €600 million target, with strong support from both existing and new institutional investors across Europe and the US.
Fortino PE III represents an approximately 85% increase in size over Fortino’s second PE fund and attracted commitments from a broad range of institutional LPs, including leading US pension funds and endowments, as well as banks, consultants, family offices, and sovereign wealth funds in Europe.
With this close, Fortino has now raised more than €1.5 billion across six core funds, reinforcing its position as a leading European investor with a track record of over 70 investments and nearly 30 exits. This performance is driven by Fortino’s disciplined strategy of backing B2B SaaS companies delivering mission-critical solutions, particularly in the Benelux and DACH regions, where software penetration remains comparatively low.
The final closing of Fortino PE III follows an active 2025 during which Fortino completed five new platform investments and secured a significant growth investment in Cenosco led by Summit Partners, a transaction that delivered a substantial return to investors in Fortino PE I. Fortino PE III has already invested in three new platforms reflecting continued focus on mission-critical, high-impact software solutions, including:
- Modell Aachen, a market leader whose interactive management system software enables organisations to digitise and automate complex quality and compliance processes
- Seenons, the leading circular-economy technology provider using a data-driven platform to optimise and decarbonise waste flows
- MEHRWERK, a fast-growing process-intelligence software specialist leveraging advanced analytics to drive real-time operational insight and automation.
The successful fundraise underscores investor conviction in Fortino’s hands-on value-creation model, led by a team of seasoned software operators and Operating Partners with deep expertise in go-to-market, product and technology, AI, and scaling software platforms.
Renaat Berckmoes, Managing Partner, said: “The strong demand in PE III not only reflects the results of Fortino, but the conviction behind our focused strategy in mission-critical B2B software. I am extremely proud to see our existing investors reaffirm their trust and to welcome several prominent new institutional partners to Fortino PE III. As the fund continues to perform strongly and our pipeline of high-impact technology businesses across Europe deepens, we are excited to partner with the next generation of category-defining SaaS and AI-driven companies.”
About Fortino
Founded in 2013, Fortino Capital is a European specialist B2B SaaS investor active across both Venture Capital and Private Equity. Within its Private Equity strategy, Fortino partners with profitable, mission-critical software companies across the Benelux and DACH regions, providing hands-on support and strategic guidance to accelerate growth. Led by a seasoned senior team with extensive software industry expertise, Fortino’s Private Equity practice comprises 16 investment professionals operating out of Antwerp, Amsterdam, and Munich.