Senior Investment Manager – Fund Investments
As the investment company of the Flemish authorities, ParticipatieMaatschappij Vlaanderen (PMV) is one of the largest providers of venture capital, guarantees and corporate loans in Flanders. PMV acts as an investor of its own funds or of funds of third parties, as an administrator for the Flemish Region, or as an adviser to the Flemish government and Flemish government organisations.
PMV finances promising companies from the moment they are set up and assists companies during their growth phase, including international expansion. In the field of infrastructure, real estate and energy, PMV realises projects on behalf of and with the Flemish Government and private actors.
In addition to profitability, PMV also strives for sustainability and social impact. PMV manages more than € 1 billion of assets and employs 125 people.
Fund of Funds department
PMV invests in venture capital and in private equity funds. These funds, managed by external managers, use their resources to develop portfolios in start-ups and SMEs. Fund investments are an important pillar within PMV. Since 2005, PMV has invested more than € 300 million in 32 funds.
In addition to this PMV evergreen portfolio, the PMV Fund of Funds team manages Belgian Growth Fund ("BGF") together with the BNP Paribas Fortis Private Equity team. BGF has a fund size of 300 mio € and was launched last year. Currently, the portfolio consists of 4 investments : Fortino Growth, Smartfin, Sofindev and Gilde Healthcare. The aim is to build a portfolio of 10 to 15 funds.
These are minority shareholdings in funds managed by market participants. 80% of the funds are related to Venture Capital (start-ups in ICT, biotech, sustainable energy, ...); 20% are growth capital, often in cooperation with other investors such as banks, insurers, family offices, Imec, VIB, ....
PMV Fund of Funds consists of 5 team members. The investments are between 2.5 € and 25 € mio (participations of 5 to 20% in funds).
A number of new assignments, combined with the expansion of the existing activities, results in PMV wanting to enlarge its Fund Investments team.
The Senior Investment Manager at PMV Fund Investments has a helicopter view on the Flemish venture capital market and is in contact with the most important fund managers.
He/she deals with :
- Identifying and analysing investment opportunities in funds (due diligence)
- Drawing up investment notes
- Negotiating and structuring potential investments
- Monitoring the investments made
- Representing PMV/BGF in the governing bodies of these funds (approx. 4x/year)
- Periodic risk assessment and the related valuation exercise
The range of tasks is challenging, very diverse and market-oriented, and covers 3 important aspects :
- Financial analysis
- Building long-term relationships
The Senior Investment Manager will report to Mr. Jan Alexander, Business Manager Fund Investments.
- A university degree in finance/economics or equivalent
- Approx. 7 years’ work experience; knowledge of venture capital and/or private equity is an additional asset. Experience in consulting, law firms, banking, ... can also be taken into account
- A strong financial and/or industry knowledge
- Excellent interpersonal skills; able to easily build up networks
- Commercially oriented and able to detect and optimize investment opportunities
- Experience in elaborating and/or analyzing business models and business plans or investment analyses
- Solutions-oriented and a real team player
- Pragmatic, self-confident and enthusiastic
- Analytical and critical
- Good knowledge of Dutch and English