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

ARKimedes-fund NV, in liquidation

On 30 July 2018, the extraordinary general meeting of ARKimedes Fund NV (hereinafter ARKimedes Fund) decided to dissolve and liquidate the company.

Upon dissolution of the company, the shareholders of ARKimedes Fund enjoyed a regional guarantee of 90% on the price at issuance (being 90% of 250 euros per share, less the amount of an advance on the liquidation bonus from available cash of ARKimedes Fund that the shareholders received before they could claim the regional guarantee). Payment of the regional guarantee was subject to 0.35% stock exchange tax, however. Available cash amounted to €22 million. This cash was paid out to all ARKimedes Fund shareholders on 14 September 2018. Per share, 72.18 euros was thus paid out.

Subsequently, shareholders had the choice between:

exchange their shares at 152.82 euros per share, being the amount of the regional guarantee of 225 euros per share less an amount of 72.18 euros per share, which they had already received as an advance on the liquidation balance. On this amount they will then pay 0.35% stock exchange tax, i.e.
remain shareholders for the duration of the liquidation until the effective closure of the liquidation.

KPMG Advisory Burg. CVBA (hereinafter: KPMG) was appointed by ARKimedes-Fonds to estimate the realisation value of an ARKimedes-Fonds share and to assist the shareholders in their choice whether or not to exchange their shares for the amount of the regional guarantee less 72.18 euros.

Based on the valuation analysis it conducted, KPMG concluded that: “it is very unlikely that the realisation value (including interim capital distributions) will be above 225 euros per share. We wish to emphasise that the responsibility for the choice of the shareholders of ARKimedes Fund based on this conclusion lies with them.”

Shareholders who did not opt for the regional guarantee should wait for the closure of the liquidation before the remaining balance of the liquidation bonus can be distributed.

Shareholders who wished to claim the regional guarantee had to notify their financial institution by 15 October 2018.

A total of 289,240 out of 300,000 shares opted to take up the regional guarantee (96.4%).

By 15 December 2018, they received the balance of the regional guarantee (€152.82 per share).

The liquidator of ARKimedes Fund NV, in liquidation, reported on the state of the liquidation in accordance with Article 189a of the Companies Code:

General meeting

The general meeting always takes place on the last Thursday of May, at 6pm. The location is mentioned in the annual notice. See also the publication in the Belgian Official Gazette (in Dutch) and in De Tijd (in Dutch).

To be admitted to the general meeting, holders of dematerialised shares at a registered office or branch of KBC Bank, Belfius Bank or ING Belgium must express their desire to attend the meeting. In exchange, they will receive an admission card for the general meeting.

With this access card the shareholders can, if they wish, obtain a copy of the agenda and accompanying documents from fifteen days before the general meeting at the address of ARKimedes Fund.

The official documents of the general meeting of 27 May 2022 can be downloaded here, in Dutch: the annual report, the annual accounts and the auditor’s report.