Strategy
Long-term shifts grounded in market, customer and competitive facts. Restructure, divest or refocus to a structure the market can value.
Barista Capital · Investing with intent
Active ownership in European small caps.
Barista Capital is an investor in European listed small companies, where long-term value is created through active ownership.
We acquire substantial stakes in undervalued listed companies and, by collaborating with management, boards and other stakeholders, drive change that unlocks and enhances value — a ‘private-equity approach to public markets’.
Strategy
Unlocking value through active ownership.
Barista Capital pursues a highly focused investment strategy, building a concentrated portfolio of substantial minority positions in carefully selected companies that combine strong fundamentals with compelling valuation dislocations. By maintaining a concentrated portfolio, we are able to dedicate significant time, attention, and resources to each investment, allowing for deeper company insight and more active engagement with management teams.
Barista Capital focuses on Industrials, Energy Transition, Healthcare and Technology, sectors in which our managing partners have a proven track record.
Strategy · Investment process
A disciplined, repeatable process.
Barista Capital’s distinctive advantage lies in its hands-on, private equity-inspired approach to public market investing. We combine deep fundamental understanding with rigorous preparation and disciplined execution to both enhance returns and reduce downside risk.
- 01
Target identification
Proprietary fundamental research and analysis identifies undervalued, high-quality companies.
- 02
Analysis & preparation
Private Equity-type analysis to deeply understand the company, identify value drivers and preparation of investment thesis and detailed value creation plan.
- 03
Value-creation plan
Value creation strategy and action plan structured around a ‘playbook’ with specific building blocks of a ‘valuation creation bridge’.
- 04
Shareholder engagement
Constructive, behind-the-scenes work with management and boards to implement plan and participate in strategic development – steward when needed, on the Board when appropriate.
- 05
Long-term horizon
Focus on the companies’ long-term success enhances returns and reduces downside risks.
Strategy · Value creation
Building blocks for value creation.
Engagement ‘behind the scenes’ can be categorized into four key building blocks for a detailed playbook.
Performance
Pricing, cost, cash and operational levers — supported by clear targets, incentives and governance.
Capital structure
Efficient balance-sheet use. Capital allocation prioritised around attractive return on capital employed.
Governance
Right people, right expectations. Add capital-markets experience and a value-creation mindset to the board where appropriate.
Strategy · Geography
European-based, European-focused.
A proactive, constructive engagement style focused on Northern Europe, where governance frameworks and shareholder rights support long-term value creation.
Barista Capital is European-based and patient — embedded in local languages, business cultures and corporate-governance traditions.
We work behind the scenes: privately, persistently, with the authority that comes from doing the homework. The power of the argument and the right tone of voice are what move boards.
Team
Strong, complementary team.
Over 25 years of investment experience and proven track record with active ownership strategy.
Managing Partner · Co-Founder
Extensive corporate finance and investment experience across European small caps. Previously co-founded Spice Investments and served as Investment Director at Sterling Strategic Value, one of Europe's most prestigious investment firms applying an active-ownership strategy.
“The deep understanding of a company combined with a rigorous investment process and active involvement not only enhances return but also reduces risk.”
- European small caps
- Active engagement
- Strategy & M&A
- Entrepreneurship
Managing Partner · Co-Founder
25 years of investment experience in listed European small caps. Twenty of those leading small-cap portfolios at Robeco and Teslin, where he co-managed the Midlin and Gerlin funds with sustained outperformance and a focus on governance and sustainability.
“Quality companies are the foundation of strong returns — and a structured, disciplined process drives outperformance over time.”
- Fund management
- Active ownership
- Governance
- Sustainability
Partner · Co-Founder
25+ years in banking and securities, spanning compliance, capital-markets law, private banking and M&A at ABN AMRO and Clifford Chance. A pragmatic, team-oriented builder who has set up compliance functions from scratch and led international acquisitions.
“Building from scratch — moulding a team with shared ambition, turning risks into pragmatic solutions, and leaving room for fun.”
- Legal
- Risk & compliance
- Private banking
- Corporate development
Boards
The team is complemented by seasoned, well-connected executives delivering deep functional expertise, oversight, and strategic advice.
Investment Committee
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Investor
Member
Successful small-cap investor applying an active-ownership strategy, with multiple Supervisory Board positions fulfilled.
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Senior Executive
Member
Industrial executive and CEO of a listed small-cap company, with extensive expertise in strategy execution, operational improvement and shareholder engagement.
Activities
Focused on bringing private equity- and (German) listed experience, to facilitate investment decision making and implementing value-creation plans.
Advisory Board
Activities
Focused on fund and organisation, compliance, and special situations drawing on complementary expertise and perspectives.
Investors
A select investor base.
Barista Capital is open to family offices, entrepreneurs, and qualified institutional investors who share a long-term, active-ownership view.
News
Latest updates and announcements.
News & blogs
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October 2026 — Blog: Going private is not the only answer
Over the past decade, more than 1,000 European listed companies have been taken private. We believe good businesses can become great companies without leaving the public markets.
Read the article -
September 2026 — Blog: Why bother with the 1%?
Rombout Houben on why Europe's overlooked small-cap universe — the roughly 1% of market capitalisation outside the main indices — is fertile ground for specialised active owners.
Read the article
Events
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6 October 2026 — Launch event at Capital C in Amsterdam
On 6 October 2026 we held our launch event at Capital C in Amsterdam.
See event -
17 June 2026 — Pre-launch event at the Haagse Golf & Country Club
On Wednesday 17 June 2026, we held our pre-launch event at the Haagse Golf & Country Club.
Events
Active ownership in European small caps.
Barista Capital launch event
Tuesday 6 October 2026 | 16:00–18:30
The event marked the launch of Barista Capital, the European small-cap fund.
The fund managers presented the investment strategy and value-creation approach.
- Frederique Lopes Cardozo
- Rombout Houben
- Jan-Kees Berkhemer
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Contact
Get in touch.
We welcome family offices and entrepreneurial investors aligned with constructive active ownership approach.
Book a meeting with the fund managers.
Jan-Kees Berkhemer
Managing Partner
Rombout Houben
Managing Partner
Frederique Lopes Cardozo
Partner