Frequently Asked Questions: Operator-Led Private Equity & The CEO-in-Residence Programme

Discover the vision, operational approach, and comprehensive services that define WAD Capital.

  • WAD Capital is a Benelux private equity platform based in Brussels, specializing in SME succession across Belgium, Netherlands, Luxembourg and nearby regions. We partner with experienced operators through our CEO-in-Residence programme and engage professionals to support portfolio companies. Unlike traditional private equity funds that present pre-packaged deals, we empower CEOs to source their own SME acquisitions while providing 100% financing, operational guidance, and post-acquisition support for business succession.


  • WAD Capital focuses on three core sectors for SME business transfer and succession in Benelux:

    • Healthcare & Related Services (distribution, specialized providers, medical equipment, and healthcare technology)

    • Energy Transition & Circularity (renewable energy, recycling, sustainable mobility, green technology, and circular economy solutions)

    • Business Services (fragmented B2B services with healthy margins, recurring revenue, and consolidation opportunities)

    We target healthy, founder-led businesses with EBITDA of €1-5 million and sustainable cash flow. We avoid startups, distressed assets, and real estate-focused businesses.


  • WAD Capital invests in SMEs within 300 km of Brussels, covering Benelux (Belgium, Netherlands, Luxembourg) and bordering regions in northern France and western Germany. This geographic focus enables hands-on operational support and regular collaboration with portfolio company management teams. The Benelux region offers a strong concentration of healthy SMEs with succession opportunities, robust infrastructure, and favorable business conditions for private equity investments.


  • WAD Capital operates as a private equity fund, earning management fees from limited partners and carry upon successful exits. We generate returns through operational value creation—driving revenue growth, margin expansion, and strategic positioning—rather than financial engineering. Returns come from partnering with strong operators who execute buy-and-build strategies, professionalize management systems, and capture market opportunities over our typical 5-7 year holding period.


Uncover the details, eligibility requirements, and core benefits of participating in our CEO In Residence Programme.

Programme Basics

  • The CIR Programme is a 12-month journey where you source, negotiate, and acquire an SME, then become its CEO. We provide 100% financing, a monthly management fee during search, and up to 20% equity in the acquired business. You lead the deal from start to finish—we provide capital, tools, and guidance to make it happen.


  • No personal capital investment is required. WAD Capital provides 100% acquisition financing for the search fund. However, we welcome co-investment when you're able—it strengthens alignment and demonstrates confidence in the business. Your primary upside comes through equity of up to 20%, rewarding you for the growth you drive as CEO.


  • Application & Selection: Submit CV and create an Investment Memo. Investment Committee Approval: Present your sector thesis for final approval. Search & Deep-Dive: Conduct rigorous industry analysis in your chosen sector. Deal Sourcing: Reach out to ~250 target SMEs with our guidance and portfolio company insights. Due Diligence & Closing: We fund full diligence once you sign an LOI. Post-Acquisition: Step in as CEO with salary plus equity stake.

  • You receive a monthly management fee for 12 months, drawn from your total allocation. This covers your living expenses while you search full-time for an acquisition target. After 12 months without closing, the fee decreases to incentivize deal completion within the target timeline.

  • The programme runs up to 24 months, though most close deals within 6-12 months. If you're still searching after 12 months, your monthly fee decreases. After 18-24 months without closing, we reevaluate whether to continue or conclude your search together.

  • Submit an online application with your CV. Complete initial screening and deep-dive calls to discuss your background and "right to win." Draft a 10-15 page Investment Memo outlining your sector thesis. Present to our partnership. Investment Committee grants final approval. Sign contract to formalize the 12-month programme and equity terms.(add an internal link to the form)


  • We provide legal and financial templates, CRM and pipeline software, weekly or bi-weekly check-ins, and mentorship from partners and peers. You gain access to insights from WAD Capital portfolio companies and marketing materials for outreach. You're responsible for reaching out to targets, scheduling meetings, building relationships, and driving negotiations.

Candidate Requirements

  • You're ideal if you have mid-career or senior executive experience with P&L responsibility or strong leadership track record. You want to operate and scale a real SME, not a startup. You're willing to learn a new sector in-depth and commit full-time to the search and subsequent CEO role in business succession.

  • Not necessarily, but you need a credible "right to win" in your chosen vertical. This comes from past operational experience in the sector, functional expertise relevant to the industry, or a deep network that gives you credibility with sellers. Sector knowledge matters less than your ability to lead and scale an SME business transfer.

  • No. We provide the framework, templates, and mentorship you need. You'll join a cohort that shares learnings and best practices. Our partners and network support you through due diligence, legal structuring, and negotiations. Your operational leadership matters more than M&A technical skills.


  • Yes. Full-time commitment is required once you sign up and start drawing the monthly management fee. Part-time searching doesn't generate the velocity needed to close within 12 months. You must dedicate yourself entirely to sourcing, evaluating, and negotiating your acquisition.


  • English proficiency is required for all roles. For CEO-in-Residence candidates and professionals working with portfolio companies in Benelux, Dutch or French language skills are highly beneficial given our geographic focus across Belgium, Netherlands, and Luxembourg. Non-EU candidates must have authorization to work in the region, as our operating model requires regular presence within 300 km of Brussels for deal sourcing and portfolio company support.


Compensation & Structure

  • You become CEO with a competitive salary based on company size and margins, plus performance bonuses. You receive equity vested in three stages: one-third at closing, one-third during the investment period, and one-third upon exit at or above 35% IRR. This structure rewards the value you create as an operator.

  • No. You set up your own management company and enter a commercial arrangement with WAD Capital. You invoice us for your monthly management fee during search. This structure gives you entrepreneurial independence while maintaining our partnership throughout the acquisition and post-acquisition phases.

  • Our typical holding period is 5-7 years. When a larger PE fund or strategic buyer acquires the company, you'll generally be required to stay under new ownership. You realize your equity stake at exit, gaining liquidity even if required to reinvest in the new structure.

Deals & Operations

  • Target SMEs with EBITDA between €1-5 million, at least 10% EBITDA margin, 10-100+ employees, and stable or recurring revenue. We focus on healthy businesses with sustainable cash flow. We avoid distressed companies or purely asset-heavy businesses that require turnaround expertise rather than operational leadership.

  • Yes. If your first acquisition performs well and your skills support a buy-and-build strategy, we can fund add-on acquisitions. WAD Capital investments are structured to support platform growth when strategic. This depends on synergy potential, capital requirements, and your capacity to integrate multiple businesses.(add internal link to portfolio page)

  • Address leadership gaps and structural inefficiencies early. Handle transitions respectfully, especially if the retiring founder wants a partial role or key employees need reassurance. We provide guidance on people management, but day-to-day leadership decisions are yours as CEO.

Community & Edge Cases

  • Yes. We onboard 10-20 CIRs per year. You meet regularly—often twice weekly—for workshops, deal reviews, and brainstorming sessions. This creates peer learning, accountability, and shared best practices. You're building a business, but you're not alone in the journey.


  • WAD Capital combines institutional search fund structure with hands-on operator support. We provide 100% acquisition financing, proven deal-sourcing frameworks, and access to our portfolio companies for operational insights. Our track record includes successful investments across healthcare, energy transition, and business services sectors. You lead the deal—we provide the platform for success.

  • We aim to help you close within 12 months. If no deal materializes after 12 months, your monthly fee decreases. At that point, we collectively decide whether to extend your search or conclude the programme. Our goal is to find the right deal, not force a transaction.

Explore high-impact advisory, project-based, and full-time opportunities for specialized experts to support our growing portfolio companies.

  • We engage professionals for high-impact roles at the SPV or platform level, including:

    • CFOs / Finance Leads – overseeing deal structuring, financial reporting, cash flow management, value creation planning, and governance

    • Legal & Transaction Advisors – supporting due diligence, M&A contracts, regulatory compliance, and legal structuring for acquisitions

    • HR / People & Culture Specialists – guiding post-acquisition integration, talent retention, organizational development, and leadership transitions

    • Commercial or Strategic Advisors – driving pricing optimization, growth strategy, market positioning, sales transformation, and operational improvements

    Roles span project-based engagements, ongoing retainers, and full-time positions depending on portfolio company needs and deal pipeline.


  • Compensation varies by role, scope, and engagement level. Typical structures include:

    • Fixed project fees for defined engagements with clear deliverables

    • Success-based bonuses tied to deal closure, integration milestones, or performance targets

    • Retainers for ongoing advisory relationships and portfolio support

    • Carried interest or equity participation in select cases for senior strategic roles with significant value contribution

    We align incentives based on expertise, value delivered, seniority level, and engagement duration to ensure mutual success.


  • No, but you must operate effectively within 300 km of Brussels for SME acquisition support and portfolio company work. In-person presence is required for due diligence site visits, onboarding sessions, integration planning, and strategic meetings with management teams. Remote work is possible between key milestones, but the role requires regular travel to portfolio company locations across Benelux (Belgium, Netherlands, Luxembourg) and nearby regions.


  • Staffing depends on deal stage and portfolio company needs. Some professionals engage pre-acquisition for transaction structuring, due diligence, and deal support. Others join post-acquisition to professionalize core functions, drive operational improvements, or execute growth strategies. We match specific expertise to business challenges—whether financial restructuring, commercial transformation, HR integration, or strategic repositioning in Benelux markets.

  • Yes. While all applicants begin with an online application and initial screening, subsequent steps vary by role:

    • CFOs and Finance Roles: Technical discussion with our investment team, financial modeling case analysis, and prior deal walkthrough to assess value creation capabilities and private equity experience

    • Legal, HR, and Strategic Advisors: Scope alignment call to define mandate parameters and deliverables, followed by role-specific onboarding and integration into deal teams

    • Full-time or Post-Acquisition Roles: Interviews with portfolio company operators/CEOs, site visits to assess cultural fit, and operational alignment with management teams

    Our goal is tailoring the process to role complexity, required expertise, seniority level, and engagement urgency.


  • The professional recruitment process follows four stages:

    • Online Application: Submit CV highlighting relevant private equity, M&A, or operational experience

    • Screening Call: Discuss role fit, expertise areas, availability, and interest in Benelux SME investments

    • Alignment Meeting: Define engagement scope, compensation structure, timeline, and expectations

    • Engagement Offer: We propose terms matching your profile to our current portfolio needs and deal pipeline

    Timeline varies from 2-4 weeks for urgent deal-related mandates to 2-3 months for strategic, long-term advisory placements.