The Belgian Private Capital Monitor is the first structural map of Belgian private capital: 330 active investment managers, €141.4 billion in net AUM and 7,854 connected companies, built from close to 74,000 ownership paths.
Belgian private capital is larger, more complex and more interconnected than public coverage suggests. The headline names — Sofina, GBL, Gimv, Ackermans & van Haaren — represent fewer than 5% of active managers. The other 320-plus are family offices, mid-market PE firms, regional public investors and niche VC funds that collectively shape more of the Belgian economy than most market participants realise.
Built from NBB shareholder filings, the Belgisch Staatsblad and openthebox's live ownership graph, this report covers the market as of May 2026 — with seven headline findings, full segment breakdowns and a transparent account of sources and methodology.
What's inside:
The full market map — 330 active managers across PE, VC, family offices, public investors and evergreen vehicles, with segment breakdowns and a transparent gross-to-net AUM waterfall.
Seven headline findings — including why 2023 saw a 73% drop in new positions, how family offices became a first-order source of Belgian capital, and why direct investing dominates over fund vehicles.
Strategy in contrast — side-by-side financial profiles of buyout, VC, growth and evergreen portfolios: profitability, leverage, headcount and EBITDA growth.
The co-investment network — syndication rates by strategy, the most connected managers and the top GP-GP pairs. All ten of the top ten involve a public investor.
Sector composition — what managers say they focus on versus what their portfolio companies actually do. The gap is significant, and it matters for how you read technology exposure.
Who it's for:
Private equity and M&A professionals sourcing deals or mapping the Belgian market. Bankers and lenders assessing exposure across manager types. Family office advisers benchmarking the patient-capital segment. Strategy and intelligence teams at financial institutions active in private markets.
Looking for the family office segment in detail? Read the openthebox Family Office Monitor 2026.
Download the report in the English below — free.
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