Main Capital Partners is aiming to more than double its assets under management to €15bn ($17.5bn) over the next three years, as the Dutch private equity firm responds to rising US investor demand for European software assets, according to sources cited by Bloomberg.

The firm, which currently manages €6.8bn, plans to open a London office in 2026 to cater to growing institutional interest from the US. With offices already established in Boston, Paris, Düsseldorf, and Stockholm, Main is strengthening its transatlantic presence to attract capital seeking opportunities beyond US borders.

The shift comes as US investors grapple with stretched stock valuations and renewed trade tensions under the Trump administration. Analysts also point to declining trust in US political stability, prompting institutions to look abroad for returns.

Main is also seeing a surge in interest for defence-linked investment strategies, a notable change from five years ago. Rising military expenditure across Europe is fuelling this trend. NATO member nations are ramping up budgets, with total spending expected to hit $13.4tn by 2030, according to the Transnational Institute.

Despite global private equity deal volumes dropping to $363.7bn in Q2 2025, down from $505.3bn in Q1, Main is pressing ahead. The firm is focused exclusively on software companies.

CEO Charly Zwemstra, a former AlpInvest partner, continues to lead Main’s expansion with a clear emphasis on operational discipline and investor outcomes, even in turbulent markets.

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