EMK Closes a EUR 1.25 Billion Single-Asset Continuation Fund for VDK at Its Hard Cap, Co-Led by Coller EQT and LGT

EMK Capital closed a single-asset continuation fund for VDK Groep at its hard cap of €1.25 billion on 15 October 2026, co-led by Coller EQT and LGT Capital Partners. The fund keeps EMK's ownership of the Dutch technical installation group going beyond the life of the vehicle that bought it. For limited partners, it is a clear example of a secondary transaction led by a named pair of investors, and of a hard cap reached on a single asset being a fundraising outcome in its own right.

What the deal is

VDK is headquartered in Zwolle in the Netherlands and operates across the Netherlands, Germany, Austria, Switzerland and Sweden. It owns 150 installation companies and employs about 7,000 specialists, which works out at roughly 47 people per company, our arithmetic. EMK made its initial majority investment in December 2020 and VDK has completed 103 add-on acquisitions under its ownership, including Builtech Group in February 2026. The company provides climate control, electrical engineering, infrastructure engineering, building intelligence and security systems. The deal size, the co-leads and the hard cap are confirmed. The rollover split, meaning how much of the earlier fund's investors chose to reinvest rather than sell, has not been confirmed to us, so we do not report it.

Why it matters for LPs

In a continuation fund, limited partners in the earlier fund are normally given a choice between selling at the deal price and rolling into the new vehicle, while new investors fund the purchase. That puts two decisions in front of every LP: whether the price is fair, and whether they want more of the same asset. The scale of this close shows there is capital for both. It also shows two secondary investors taking the lead rather than simply participating, which is the market the playbook in our note on how Ares, GIC and Pantheon backed Meridiam's continuation vehicle was written for.

The insurer link

The same week, EQT's third-quarter report said Coller EQT raised $2.7 billion of capital to underlying funds and vehicles from structured insurance products during the quarter. Coller EQT is one of the two co-leads on the VDK deal, so the figure is context for how secondaries managers are financing their growth, and a pointer to the role insurers play in the secondaries investor base. The report does not say how much of that went into this deal, and we do not suggest any.

What GPs should note

Two things. First, if you hold a strong asset past your fund's term, a continuation vehicle is now a mainstream option, and your existing LPs should hear about it from you first, with a clear sell-or-roll choice. Our note on what to do when an LP sells your fund stake covers the related transfer questions. Second, a hard cap on a single asset is a record of demand, not of performance, so keep the two apart in your own fundraising materials.

What to watch next

Watch for the next single-asset deals from the large secondaries managers, and for whether EMK or the co-leads publish the rollover figure. FundLinx members can see which LPs are active in secondaries.

FundLinx Intelligence | FundLinx.ai