Belgium-based investment firm Fortino Capital Partners achieved a €125m ($150m) first close of its $240m Fortino Capital II Growth fund with insurance provider AG Insurance as a cornerstone investor.
Flemish state-owned investment firm PMV also signed up to be a cornerstone investor, as did financial services firms BNP Paribas Fortis and Belfius.
The fund will focus on scale-ups and growth-stage companies located in Belgium, the Netherlands and Luxembourg.
The fund will invest between $6m and $30m in companies with a minimum turnover of $6m to $12m and are powering digital transformation of traditional industries. Fortino has already identified several potential investees, though it has not yet disclosed details.
The vehicle follows the $95m Fortino Capital Fund, which has invested in 13 companies primarily operating in the software and e-commerce sectors. The first fund focused on early-stage businesses.
Max Jadot, chief executive of BNP Paribas Fortis, said: “Supporting the growth of promising scale-ups in the Benelux is an important anchor point in BNP Paribas Fortis’ strategy.
“The choice of Fortino is obvious; the team uses their expertise, individual capacities and an extensive network to guide entrepreneurs in the development of a successful company. Furthermore, Fortino also has access to an attractive deal flow.”