Belgian Growth Fund

The Belgian Growth Fund (BGF) is a fund of funds dedicated to bolstering the financial strength of Belgian scale-ups and growth companies by investing in funds that provide later-stage venture capital, growth, and buy-out capital. BGF does not invest directly into portfolio companies but channels its resources through specialized venture capital and growth funds. Launched in 2019, Belgian Growth Fund I (BGF I) successfully raised EUR 312 million from institutional investors, including AG Insurance, Belfius Insurance, Ethias, KBC Insurance, vdk bank, and Crelan. Over five years, BGF I invested in 19 Belgian and cross-border funds, facilitating more than EUR 576 million in investments across 40 Belgian scale-ups and growth companies. Notable investments include Apheon V and Smartfin Capital II, each receiving EUR 25 million. The investee companies encompass a diverse range of sectors, with examples such as Leuven-based video technology developer THEO Technologies and Liège-based Ampacimon, which specializes in monitoring software and sensors for electricity grids. (belgiangrowthfund.be ) Building on the success of BGF I, Belgian Growth Fund II (BGF II) was launched in 2024 with an initial committed capital of EUR 202 million, aiming to raise a total of EUR 350 million. By the end of December 2025, BGF II increased its capital to EUR 247.5 million during a second closing, attracting additional investments from Belgian pension funds and family offices. BGF II continues the mission of supporting the growth and internationalization of promising Belgian scale-ups and growth companies by providing them access to venture capital through the funds in which BGF II invests. As of now, BGF II has invested EUR 95 million in six funds, including Bencis VII, Notion Capital Opportunities III, and Fortino Capital PE III. (belgiangrowthfund.be ) BGF adheres to specific investment criteria to ensure effective support for Belgian growth companies. Both BGF I and BGF II invest exclusively in funds, not directly into portfolio companies. The focus remains on scale-ups and growth, with investments in funds providing later-stage venture capital, growth, and buy-out capital. A key requirement is the "Belgian angle," where a portfolio fund must invest in companies based or significantly active in Belgium for an amount at least equal to the commitment of the Belgian Growth Fund. Investment concentrations are managed to mitigate risk, with fund investments not exceeding 15% of BGF's total commitments or 30% of the committed capital of the portfolio fund. Preference is given to established teams with a joint and proven track record. Typically, BGF invests between EUR 15 and 25 million in an investee fund, aiming for a diversified portfolio of 10-15 funds spread over different investment stages: 60-70% in later-stage venture capital and 30-40% in growth and/or buy-out. (belgiangrowthfund.be ) In line with its commitment to sustainability, BGF II complies with the provisions in Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The fund promotes Environmental, Social, and Governance (ESG) considerations and Sustainable Development Goals (SDGs), focusing on SDG 8 (decent work and economic growth), SDG 9 (innovation), and SDG 3 (good health). BGF II aims to allocate a minimum of 75% of its investments to SFDR Article 8/9 funds and a maximum of 25% to SFDR Article 6 funds. (belgiangrowthfund.be ) Through its strategic investments and adherence to rigorous criteria, the Belgian Growth Fund plays a pivotal role in enhancing the Belgian scale-up ecosystem, fostering innovation, and contributing to economic growth and job creation within Belgium.