Fund Investments

PMV fund investments provides risk and growth capital through independent funds.


PMV invests together with other, private investors (‘limited partners’) in investment funds managed by independent fund managers (‘general partners’). These funds provide risk capital or growth capital to start-ups & scale-ups and SMEs respectively.

In this way, PMV Fund Investments activates the available risk and growth capital in Flanders and can significantly increase the investment resources to close the first equity gap of start-ups and the second equity gap of scale-ups and to support the growth path of SMEs.

The funds can operate within or outside Flanders.  There should always be a solid link to Flanders through the manager or investment strategy.

Start-up funds


focus mainly on recently established companies. Investments are typically made very early in a company’s existence (‘seed capital’) or in follow-up capital rounds (‘early stage venture capital’)

Scale-up funds


have their focus on high-growth companies that already have initial market validation. Investments are often made in larger rounds of capital later in the company’s life cycle (‘later-stage venture capital’)

Growth & acquisition funds


look primarily at companies in the traditional economy facing succession issues or capital needs to support their growth

PMV Fund Investments has committed capital to 31 investment funds amounting to EUR 285 million.

Given the rolling nature of PMV’s fund investments, there are 20 funds in investment phase and 11 funds in divestment phase.

Funds in investment phase are looking for new promising companies.

Funds in investment phase

Fund name Investment focus Website
Amavi Proptech Fund Start-up/Scale-up www.amavi.capital 
Angelwise (i.a. BAN Flanders) Seed/Start-up/Business angels www.angelwise.be
Astanor Ventures II Seed/Start-up/Scale-up www.astanor.com
Bioqube Factory Fund I Seed/Start-up www.bioqubeventures.com
Capricorn Digital Growth Fund Start-up/Scale-up www.capricorn.be
Capricorn Sustainable Chemistry Fund Start-up/Scale-up www.capricorn.be
CIM Capital Restruct Fund I Restructuring www.cimcapital.be
Down2Earth II Capital Growth & Acquisitions www.d2e.be
DROIA Genetic Disease Fund Seed/Start-up www.droia.be
DROIA Oncology II Seed/Start-up www.droia.be
Force Over Mass IV Start-up/Scale-up www.fomcap.com
Fortino Capital Growth PE II Scale-up www.fortino.be
Fortino Capital Venture II Start-up www.fortino.be
ForsVC Game Fund I Seed/Start-up www.fors.vc 
Heran HealthTech Fund I Seed/Start-up www.heranpartners.com
Hummingbird Opportunity Fund II Scale-up www.hummingbird.vc
Hummingbird Ventures IV Start-up www.hummingbird.vc
imec.xpand II Seed/Start-up/Scale-up www.imecxpand.com
In2Action Capital Restructuring www.in2actioncapital.be
Innovation Fund Seed/Start-up www.innovationfund.eu 
Junction Growth Investors Fund Scale-up www.junctiongrowthinvestors.com
LSP Health Economics Fund II Scale-up www.lspvc.com
LSP 7 Start-up/Scale-up www.lspvc.com
Newion Investments IV Start-up/Scale-up www.newion.com
Novalis II Seed/Start-up www.noval.is
OMX Europe Venture Fund Start-up/Scale-up https://www.merieux-partners.com/venture-capital-fund
Qbic III Fund Seed/Start-up www.qbic.be
SI3 Fund Social impact fund www.shapingimpact.group/fondsen/si3-gelijke-kansen
Smartfin Ventures II Start-up www.smartfinvc.com
Tioga Capital Partners Seed/Start-up www.tioga.capital
Volta Ventures 2 Seed/Start-up www.volta.ventures
V-Bio Ventures Fund II Seed/Start-up www.v-bio.ventures
Vectis Private Equity IV Growth & Acquisitions www.vectispe.be

Funds in disinvestment phase

Fund name Investment focus Website
ARK-Angels Activator Fund Seed/Start-up www.aaafund.be
Capital-E II ARKIV Start-up/Scale-up www.capital-e.com
Capricorn ICT ARKIV Start-up www.capricorn.be
Fortino Capital I ARKIV Start-up/Scale-up www.fortino.be
Gimv Arkiv Tech Fund II Start-up www.gimv.be
Hummingbird ARKIV Start-up/Scale-up www.hummingbird.vc
Hummingbird Ventures III Start-up/Scale-up www.hummingbird.vc
imec.xpand Seed/Start-up/Scale-up www.imecxpand.com
KMOFIN 2 (LRM) Seed/Start-up/scale-up www.lrm.be
LSP 6 Start-up/Scale-up www.lspvc.com
Newion Investments III Start-up/Scale-up www.newion.com
Qbic ARKIV Fund Seed/Start-up www.qbic.be
Qbic II Fund ARKIV Seed/Start-up www.qbic.be
Vectis ARKIV Growth & Acquisitions www.vectispe.be
Vectis Private Equity III ARKIV Growth & Acquisitions www.vectispe.be
V-Bio Ventures Fund I ARKIV Seed/Start-up www.v-bio.ventures
Vesalius Biocapital II ARKIV Start-up www.vesaliusbiocapital.com
Volta Ventures ARKIV Seed/Start-up www.volta.ventures

Team Fund Investments

Filip Lacquet Group manager corporate finance Filip.Lacquet@pmv.eu +32 (0)2 274 63 40
Wouter Winnen
Wouter Winnen Head of fund investments Wouter.Winnen@pmv.eu +32 (0)2 274 63 59
Christophe Behiels Investment analyst christophe.behiels@pmv.eu
Joachim Exter Fund administrator joachim.exter@pmv.eu
Koen Heindryckx Senior Investment Manager koen.heindryckx@pmv.eu
Ruben Clerebaut Investment analyst ruben.clerebaut@pmv.eu
Issandra Tursini Business flow coordinator issandra.tursini@pmv.eu
Filip Goossens Principal investment manager filip.goossens@pmv.eu
Geert Schoukens Senior investment manager geert.schoukens@pmv.eu
Thomas Berger Investment manager thomas.berger@pmv.eu