Belgian Growth Fund

Belgian Growth Fund (BGF) is a fund-of-funds structure that invests in private equity funds across multiple stages, including late-stage venture, growth, and buyouts. Through its portfolio funds, a significant portion of BGF’s capital is deployed in Belgian scale-ups and fast-growing SMEs. Its limited partners include institutional investors such as AG Insurance, SFPIM, PMV, BNP Paribas Fortis, Belfius Insurance, Ethias, KBC Insurance, VDK Spaarbank & Crelan, supplemented by various pension funds and family offices. PMV (Fund Investments Team) and BNP Paribas Fortis Private Equity act as investment advisors and service providers to the BGF funds. Belgian Growth Fund I, launched in 2019, successfully raised €312 million and has built a portfolio of 19 fund investments, representing €308 million in capital commitments. The full BGF I portfolio can be viewed here: https://belgiangrowthfund.be/bgf-1/portfolio. Belgian Growth Fund II, launched at the end of 2024, is currently in its fundraising phase. The current BGF II portfolio can be explored here: https://belgiangrowthfund.be/bgf-2/portfolio.