# PE firms based in Belgium (2026 list) > 98 PE firms based in Belgium. Led by Gimv, Merifin Capital, KBC Private Equity. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-based-in-belgium (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms based in Belgium Updated 7 November 2026 PE firms headquartered in Belgium. [See all 98 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-based-in-belgium)The top 25 **98** investors on the list No change this week **0** cheques in 12 months Too few cheques to tell **$12M** median round they joined *+54%* against the market median **0%** wrote a cheque in 12 months **7%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for - 1 [Gimv](https://millionrounds.com/fund/gimv) quiet Private equity · Belgium **104** **$42M** median round **Dec 2019** last seen - 2 [Merifin Capital](https://millionrounds.com/fund/merifin-capital) quiet Private equity · Belgium **11** **$11M** median round **Oct 2015** last seen - 3 [KBC Private Equity](https://millionrounds.com/fund/kbc-private-equity) dormant Private equity · Belgium **10** **$9.6M** median round **Jan 2012** last seen - 4 [Saffelberg Investments](https://millionrounds.com/fund/saffelberg-investments) quiet Private equity · Belgium **5** **$1.7M** median round **Feb 2021** last seen - 5 [Ackermans & van Haaren](https://millionrounds.com/fund/ackermans-and-van-haaren) quiet Private equity · Belgium **4** **$30M** median round **Jul 2024** last seen - 6 [KBC](https://millionrounds.com/fund/kbc) quiet Growth equity · Belgium **4** **$47M** median round **Nov 2008** last seen - 7 [PureTech](https://millionrounds.com/fund/puretech) quiet Growth equity · Belgium **3** **$42M** median round **Mar 2019** last seen - 8 [Nausicaa Ventures](https://millionrounds.com/fund/nausicaa-ventures) quiet Growth equity · Belgium **3** **$10M** median round **Nov 2015** last seen - 9 [AMAVI Capital](https://millionrounds.com/fund/amavi-capital) quiet Private equity · Belgium **2** **$7.9M** median round **Sept 2022** last seen - 10 [Buysse & Partners](https://millionrounds.com/fund/buysse-and-partners-private-equity-and-real-estate) quiet Private equity · Belgium **2** **$4.2M** median round **Sept 2015** last seen - 11 [ElectriFI](https://millionrounds.com/fund/electrifi) quiet Private equity · Belgium **2** **$6M** median round **Nov 2025** last seen - 12 [Miles Ahead](https://millionrounds.com/fund/miles-ahead-capital) quiet Private equity · Belgium **2** **$1.8M** median round **Oct 2025** last seen - 13 [QAT Investments](https://millionrounds.com/fund/qat-investments) quiet Private equity · Belgium **2** **$3.6M** median round **May 2009** last seen - 14 [SOFINDEV](https://millionrounds.com/fund/sofindev-private-equity-partners) quiet Private equity · Belgium **2** **$11M** median round **Sept 2005** last seen - 15 [Vendis Capital](https://millionrounds.com/fund/vendis-capital) quiet Private equity · Belgium **2** **$11M** median round **Mar 2013** last seen - 16 [Altya Invest](https://millionrounds.com/fund/altya-invest) quiet Growth equity · Belgium **1** **$21M** median round **Jan 2022** last seen - 17 [Apheon](https://millionrounds.com/fund/apheon) quiet Private equity · Belgium **1** **$232M** median round **Sept 2025** last seen - 18 [AtlasInvest](https://millionrounds.com/fund/atlasinvest) quiet Private equity · Belgium **1** **$24M** median round **Sept 2018** last seen - 19 [BNP Paribas Fortis](https://millionrounds.com/fund/bnp-paribas-fortis) quiet Private equity · Belgium **1** **$18M** median round **Oct 2015** last seen - 20 [BNP Paribas Fortis Private Equity](https://millionrounds.com/fund/bnp-paribas-fortis-private-equity) quiet Private equity · Belgium **1** **$44M** median round **Sept 2019** last seen - 21 [Baltisse](https://millionrounds.com/fund/baltisse) quiet Private equity · Belgium **1** **$100M** median round **Nov 2016** last seen - 22 [Dovesco](https://millionrounds.com/fund/dovesco-fund-investments) quiet Private equity · Belgium **1** **$42M** median round **Dec 2024** last seen - 23 [ECCO](https://millionrounds.com/fund/ecco) quiet Growth equity · Belgium **1** **$25M** median round **May 2015** last seen - 24 [IMBC](https://millionrounds.com/fund/imbc) quiet Growth equity · Belgium **1** **$14M** median round **Feb 2025** last seen - 25 [Incofin Investment Management](https://millionrounds.com/fund/incofin-investment) quiet Private equity · Belgium **1** **$5M** median round **Mar 2014** last seen **73 more on this list** All 98 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-based-in-belgium) ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[Sawa Energy](https://millionrounds.com/company/sawa-energy)** Other · $2.9M *With* [ElectriFI](https://millionrounds.com/fund/electrifi) - **9** Oct **[DevAlly](https://millionrounds.com/company/devally)** Pre-seed · $2.3M *Led by* [Miles Ahead](https://millionrounds.com/fund/miles-ahead-capital) - **5** Sept **[Ortivity](https://millionrounds.com/company/ortivity)** Growth · $232M *Led by* [Apheon](https://millionrounds.com/fund/apheon) - **1** Sept **[Tretau](https://millionrounds.com/company/tretau)** Series C · $23M *With* [Syensqo Ventures](https://millionrounds.com/fund/syensqo-ventures) - **13** Feb **[Fyteko](https://millionrounds.com/company/fyteko)** Series B · $14M *With* [IMBC](https://millionrounds.com/fund/imbc) - **22** Jan **[IntelliProve](https://millionrounds.com/company/intelliprove)** Seed · $1.3M *Led by* [Miles Ahead](https://millionrounds.com/fund/miles-ahead-capital) ## Cheques by Quarter Led Joined 2 Q1 25 Q2 25 2 Q3 25 2 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms based in United States 25,936](https://millionrounds.com/lists/vc-firms-based-in-united-states) - [PE firms based in United States 19,904](https://millionrounds.com/lists/pe-firms-based-in-united-states) - [VC firms based in United Kingdom 2,451](https://millionrounds.com/lists/vc-firms-based-in-united-kingdom) - [VC firms based in China 1,473](https://millionrounds.com/lists/vc-firms-based-in-china) - [VC firms based in India 1,309](https://millionrounds.com/lists/vc-firms-based-in-india) - [VC firms based in Canada 1,211](https://millionrounds.com/lists/vc-firms-based-in-canada) - [VC firms based in Germany 1,186](https://millionrounds.com/lists/vc-firms-based-in-germany) - [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom) - [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about PE firms based in Belgium ### Who are the most active PE firms based in Belgium? By cheques observed, the most active are Gimv, Merifin Capital, KBC Private Equity, Saffelberg Investments and Ackermans & van Haaren. ### How many PE firms based in Belgium are there? 98 are on record. 0% made an investment in the last 12 months and 7% have led a round. ### How big are the rounds PE firms based in Belgium join? The typical (median) round among the leading investors here is $14M. ### Which PE firms based in Belgium lead the most rounds? Gimv (3 led), Saffelberg Investments (2 led) and Miles Ahead (2 led). ### What have PE firms based in Belgium invested in recently? Recent rounds include Sawa Energy (Other, Nov 2025, with ElectriFI), DevAlly (Pre-seed, Oct 2025, with Miles Ahead) and Ortivity (Growth, Sept 2025, with Apheon). ### How is this list of PE firms based in Belgium ranked? By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night. ### Can I see all 98 PE firms based in Belgium? The top 25 are here. All 98 are in the app, with filters for stage, sector, market and cheque size. A free account shows 10 per search, Pro up to 1,000. Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)