Register of published terms
6 categories trackedFonds d'Investissement
Dated survey, fund by fund

Bring in a fund without losing control

Ticket sizes, instruments and holding periods collected from nine funds active in Wallonia and Brussels, with every clause translated into a share of your capital.

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Ranking

SME investment funds in Belgium: 9 players compared

Nine funds and public invests active in Wallonia and Brussels, ranked on ticket size, instruments and exit horizon, as published on 15.10.2026.

Survey · 2026-10-15
FundPublished ticketProfileScoreScore
ORSA (formerly Investsud)Walloon SME of 20 to 150 people, growth or succession
€500,000 – €2.5M
EvergreenThe only player in the panel combining an evergreen fund, a non-dilutive subordinated loan and a published ticket of €500,000 to €2.5M across Wallonia. Not the right door below €500,000.
92/100
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Namur InvestSME in the province of Namur, including below €500,000
€100,000 – €2.5M
Small ticketsThe widest published range of instruments (equity, convertible, subordinated and bullet loans, property leasing) and tickets from €100,000, but only in the province of Namur.
86/100
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Invest.BW (formerly Nivelinvest)Start-up or SME in Walloon Brabant
up to €2.5M
Published horizonPublished 5-to-10-year horizon and tickets up to €2.5M in one or several rounds; always invests alongside other funders.
83/100
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SambrinvestSME or start-up in the Charleroi area
not published
Life sciencesMore than 35 years of experience, nearly 300 SMEs in portfolio and more than €200M under management, with life sciences among its priorities. Ticket not published.
80/100
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Noshaq (formerly Meusinvest)Liège-based company, from start-up to established SME
not published
Liège groupThe most active invest on record: €120M of investments decided per year on average over five years, through several specialised entities. Ticket not published.
78/100
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Method

Three checks before the first meeting

1

Place your file

Region, amount sought and the share of capital you are willing to give up.

2

Read the published terms

Ticket, instrument and horizon, taken from each fund's own website, with the date.

3

Put a number on each clause

The percentage you keep, and the price at which you can exit.

Top of the survey

ORSA (formerly Investsud)

Walloon SME of 20 to 150 people, growth or succession

€500,000 – €2.5M
92/100
  • No imposed exit horizon (open-ended evergreen fund)
  • Equity, quasi-equity or Smart Bond (5-to-10-year subordinated loan, non-dilutive)
  • Published ticket and criteria; more than 300 companies backed since 1985
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2Namur InvestSmall tickets€100,000 – €2.5M3Invest.BW (formerly Nivelinvest)Published horizonup to €2.5M4SambrinvestLife sciencesnot published5Noshaq (formerly Meusinvest)Liège groupnot published6IMBCCentral Hainautnot published
The blog

Read the clause before you sign it.

Funds, instruments, buyouts: every article puts a number on what happens to your stake.

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Illustration — Comprendre les fonds

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6 articlesIllustration — Lever & négocier

Raising & negotiating

11 articlesIllustration — Fonds propres ou dette

Equity or debt

5 articlesIllustration — Reprise & transmission

Buyouts & succession

5 articlesIllustration — Start-up & scale-up

Start-ups & scale-ups

4 articlesIllustration — Fonds par région

Funds by region

3 articles
Read this week
Buying back a fund's shares in your Belgian SME
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Buying back a fund's shares in your Belgian SME

Buying back the shares of the fund that invested in your SME: personally, through a holding company or by the company itself. Costed example, Belgian company law, clauses.

26 October 2026 · 8 min
Mezzanine debt: cost, equity kicker and Belgian lenders
Equity or debt

Mezzanine debt: cost, equity kicker and Belgian lenders

Mezzanine debt for a Belgian SME: definition, real cost with capitalised interest and equity kicker, how it differs from unitranche, who lends and at what ticket.

23 October 2026 · 6 min
Stock options and warrants in Belgium: the plan step by step
Start-ups & scale-ups

Stock options and warrants in Belgium: the plan step by step

Stock options and warrants in Belgium: pool size, company law procedure, 18% or 9% flat-rate tax at grant, the 20% cap and the stake a founder gives up.

22 October 2026 · 7 min
Before you sign

Compare the funds on what they publish themselves.

Ticket, instrument, area and survey date. Anything not published is marked “not published”.

Open the comparison →