Belgian Growth Fund

Name

Belgian Growth Fund

Legal name

Belgian Growth Fund

Website

https://belgiangrowthfund.be

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Private Equity Fund-of-Funds Management

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANAGAE

Growth Equity Fund-of-Funds

Financial & Insurance/Private Equity & Venture Capital/Fund-of-Funds / Multi-Manager Platforms

SECONDARYBPADACAO

Impact Investment & Development Investment Funds

Business & Public Services/International Organizations & Development/International Financial Institutions & Development Banks

SECONDARYFSAAALAG

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure)

Financial & Insurance/Asset & Wealth Management/Asset Management — ESG/Sustainable & Impact Investing

Keywords

• Fund of funds
• Private equity investment
• Venture capital management
• Growth capital investing
• Institutional fund management

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management fee income from fund investments: BGF earns management fees as a fund of funds by investing in underlying VC, growth and buy-out funds. Limited partners commit capital to BGF, and BGF deploys that capital into portfolio funds, generating fee income on committed and called capital.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Belgian Growth Fund is a fund-of-funds that raises capital from institutional investors and commits it to specialized late-stage venture, growth and buy-out funds, which in turn invest in Belgian scale-ups and growth companies. It addresses Belgium's 'second equity gap' by channeling institutional capital into funds capable of making EUR 10-25 million investment tickets.

Product overview

Belgian Growth Fund operates as a fund-of-funds investment structure, offering two distinct investment vehicles: BGF I (launched 2019, EUR 312 million) and BGF II (launched 2024, EUR 247.5 million). Neither fund invests directly in companies; instead, they commit capital to specialized venture capital and growth funds that in turn invest in Belgian scale-ups and growth companies. The two funds together aim to address the financing gap for Belgian companies requiring larger investment tickets (EUR 10-25 million) by channeling institutional capital into the Belgian venture and growth ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Belgian Growth Fund I (BGF I) A fund-of-funds investment vehicle launched in 2019 with EUR 312 million in committed capital at final closing. It invests in late-stage venture, growth and buy-out funds that support promising Belgian scale-ups and growth companies. BGF I has committed capital to 19 underlying funds, which in turn invested EUR 576-717 million in 40-48 Belgian scale-ups.
• Belgian Growth Fund II (BGF II) A second fund-of-funds vehicle launched in 2024 with EUR 247.5 million in committed capital at second closing (December 2025), targeting EUR 350 million. Like BGF I, it commits capital to funds providing later-stage venture, growth, and buy-out capital to Belgian scale-ups and growth companies. BGF II has so far committed EUR 95 million across 6-8 underlying funds.

Quantifiable outcome

• BGF I funds invested EUR 576-717 million in 40-48 Belgian scale-ups, representing 2.3-3.7x the amount BGF I committed to those funds.
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Regional players

• SRIW: Société Régionale d'Investissement de Wallonie is the Walloon regional investment company, operating as a fund investor and direct investor in Wallonia-based SMEs and scale-ups. Operates a comparable government-mandated PE/VC fund-investment model but is focused on the Walloon rather than national Belgian ecosystem.

Broad incumbents

• Sofina: Belgian-listed investment company with growth and venture portfolios across European and emerging-market scale-ups. A broad incumbent Belgian investor comparable in activity type (growth/VC investing with Belgian roots) though structurally distinct (public-listed, direct investor rather than FoF).
• Gimv: Listed Belgian PE/growth firm operating as a direct investor in Benelux scale-ups across multiple stages and sectors. While not a FoF, it is one of the largest incumbent Belgian growth investors and a frequent peer/competitor for BGF-supported underlying fund managers' deal flow.
• Israel Innovation Authority: Israeli government-backed authority providing funding programs and fund-of-funds investments to support Israeli innovation. Comparable as a state-mandated institution channeling public/private capital into a national innovation ecosystem through fund-of-funds mechanisms.
• Bpifrance: France's public investment bank operates as a broad direct investor and fund-of-funds across the French innovation ecosystem. Overlapping mandate with BGF (mobilizing institutional capital for French scale-ups) but with a much wider portfolio of direct and indirect investment activities.
• British Business Bank: UK government-backed economic development bank managing VC/growth fund programs addressing UK financing gaps. Comparable in policy intent (mobilizing institutional capital into UK scale-ups) and in operating VC/growth fund-of-funds vehicles, though much larger and broader in scope.

Direct peers

• KfW Capital: Germany's KfW Capital is a government-backed fund-of-funds investing in German and European VC funds, providing German VC investors with anchor LP commitments. Structurally analogous to BGF as a state-sponsored FoF anchoring a national VC ecosystem.
• European Innovation Council Fund (EIC Fund): The EIC Fund is an EU-level fund-of-funds and direct investor in deep-tech and high-growth European scale-ups. Comparable as a public-mandated, FoF-style vehicle deploying institutional capital to address European innovation financing gaps.
• Vækstfonden: The Danish Growth Fund is a government-backed fund-of-funds and direct investor that was explicitly cited as the inspiration for Belgian Growth Fund. Both operate as national vehicles mobilizing institutional capital into domestic VC/growth ecosystems with similar 'second equity gap' mandates.

Emerging players

• Invest-NL: Dutch national investment vehicle that invests in funds and Dutch scale-ups focused on sustainability and innovation. Comparable as a government-backed impact FoF addressing national scale-up financing, but more narrowly focused on climate/sustainability than BGF's broad Belgian angle.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/belgiangrowthfund

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Belgian Growth Fund