Leuven, February 3, 2026 – RiskConcile, a Belgian provider of cloud‑based regulatory reporting, risk calculation, investor onboarding and fund data solutions for the European fund industry, announces the acquisition of Substance over Form (“SOF”), a London-based provider of regulatory reporting solutions for private and alternative assets. This transaction marks the third add‑on acquisition in RiskConcile’s international buy‑and‑build strategy since partnering with Main Capital Partners (“Main”) in June 2024.
Founded in 2014, SOF combines deep regulatory expertise with proprietary software tooling to deliver high‑value, recurring reports across frameworks including Solvency II, CRR 3/Pillar 2, VAG/AnlV, and SFDR/CSRD/ESRS/ EU Taxonomy. The company serves GPs, LPs and their service providers in the alternative asset space, providing them with compliant regulatory reports through a highly automated and scalable workflow. SOF employs a team of 13 professionals and serves an international client base of more than 140 institutional customers.
The acquisition enables RiskConcile to further expand its reporting capabilities for illiquid asset classes, including dedicated solutions for LP reporting in alternative investments. Combined with RiskConcile’s established regulatory reporting solutions for liquid funds, the group will offer a comprehensive cross-asset reporting suite for asset managers, institutional investors and fund service providers. Following the acquisition of Fitz Partners in September 2025, this transaction further strengthens RiskConcile’s presence in the UK through SOF’s London-based team while adding a long-standing client base primarily in the DACH region. Together with prior acquisitions, the group is now strongly positioned across Europe’s core fund markets.
Jan De Spiegeleer, Co‑Founder & Co-CEO of RiskConcile, said: “We are pleased to welcome Jegor and the SOF team to RiskConcile. Their deep regulatory expertise and strong capabilities in illiquid markets are highly complementary to our platform. Together, we can deliver a broader regulatory reporting offering across both liquid and illiquid asset classes, further strengthen our presence in the UK, and expand our reach in key European markets such as France and Germany. This combination supports our ambition to build a leading pan-European provider of regulatory and reporting solutions for the asset management industry.”
Jegor Tokarevich, Founder & CEO of SOF, new Co-CEO of RiskConcile commented: “Joining RiskConcile is a natural next step for SOF. We have built a scalable reporting services provider grounded in regulatory expertise and thought leadership. As part of RiskConcile, we can further enhance our service offering for GPs, LPs and service providers in illiquid markets, broaden our LP reporting capabilities and accelerate innovation, while continuing to deliver the high-quality outcomes our clients rely on. I look forward to working alongside Jan as co-CEO to lead RiskConcile into its next phase of growth.”
Jorn de Ruijter, Partner at Main Capital Partners and Chairman of the Board of Directors at RiskConcile, added: “The acquisition of SOF is a strong strategic step in our ambition to build a pan-European regulatory technology group. It reinforces RiskConcile’s presence in London and the DACH region, both key growth markets, and further expands the group’s capabilities in alternative assets reporting. Together with RiskConcile’s Belgian roots, B4Finance’s team in Paris, and the combined Fitz Partners and SOF teams in London, the group is well positioned to continue executing its buy-and-build strategy and deliver integrated regulatory and compliance solutions to its clients.”
Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only and is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Main Capital Partners or any other person.
About RiskConcile
Founded in 2015, RiskConcile is a Belgian software developer of cloud-based regulatory reporting, risk calculation, investor onboarding and fund data solutions that support asset managers, fund managers and fund service providers in managing their clients’ risk and meeting regulatory requirements. The company offers proprietary software tools and data for regulatory disclosures and reports, complex transaction calculations, investor onboarding and portfolio and risk management functionalities. Its areas of expertise include PRIIPs, TCA, AIFMD Annex IV, Liquidity Stress Testing, Solvency, KYC/AML and SFDR. The company serves a diverse client base across the Benelux, UK & Ireland, France, and the Nordics.
About Main Capital Partners
Main Capital Partners is a software investor managing private equity funds active in the Benelux, DACH, France, the Nordics, and North America with approximately EUR 7.0 billion in Assets under Management. Main has over 20 years of experience in strengthening software companies and works closely with the management teams in their portfolio as a strategic partner to achieve profitable growth and larger outstanding software groups. Main has approximately 95 employees operating out of its offices in The Hague, Düsseldorf, Stockholm, Antwerp, Paris, and an affiliated office in Boston. Main maintains an active portfolio of over 50 software companies. The underlying portfolio employs approximately 15,000 employees. Through its Main Social Institute, Main supports students with grants and scholarships to study IT and Computer Science at Technical Universities and Universities of Applied Sciences.
