According to Preqin’s comprehensive Fund Manager Profiles database, there are 149 private equity fund managers located in the Benelux region. Collectively, these firms have raised €18.6bn in the last decade and have an estimated €6.1bn available in dry powder. There are 86 fund managers based in the Netherlands which have raised an aggregate €12.5bn over the last ten years and have an estimated €4.1bn in uncalled capital. Belgium has the second largest amount of fund managers, with 34 based in the country, closely followed by Luxembourg with 29. Belgium- and Luxembourg-based fund managers have raised an aggregate €2.6bn and €3.5bn over the last decade respectively, and combined have an estimated €2bn in uncalled capital.
The largest fund manager located in the Netherlands is Waterland, which has raised five funds with an aggregate final size of €2.6bn since establishment in 1999. It currently targets investment opportunities in the Benelux region, Germany, Austria, Poland and Switzerland, and has recently opened offices in Munich and Warsaw.
Belgium is home to Ergon Capital Partners, a mid-market buyout firm focusing on investments in the Benelux region, Italy, Iberia, France and Switzerland. The firm has raised three funds to date; most recently it closed Ergon Capital Partners III in 2010, which raised €350mn. Collectively Ergon has raised €775mn since it established in 2005.
Quilvest Private Equity is a Luxembourg-based firm and is the private equity arm of the Quilvest Group. The firm predominantly raises private equity fund of funds vehicles, but this year began raising capital for QS Direct Small Investments 2, a direct buyout fund focusing on investments in Europe, US and emerging markets. The firm has raised €1.2bn over the last decade and has a presence in Europe, Latin America, Asia and the Middle East.