📅 Last updated: 8 May 2026
· 🏷 Topic: Private equity, start-ups, ELTIF
· 🇧🇪 For: Belgian investors
Private equity = investing in non-listed companies. Historically inaccessible to Belgian retail investors due to high entry thresholds (€100,000+) and long lock-up periods. ELTIF 2.0 has been changing this since 2024.
Two categories
1. Direct in start-ups via crowdfunding:
Belgian platforms such as Bolero Crowd, MyFirstCompany, Corp.bank offer subscription to share rounds of Belgian start-ups from typically €500–€5,000.
Risks:
– Very high default risk (~50% of start-ups fail within 5 years).
– Illiquid — sometimes 5–10 years before you see your cash back.
– Market valuations often optimistic.
Belgian taxation:
– On sale with a capital gain since 1 January 2026: 10% above the €10.000/jaar exemption (with a €1.000/jaar carry-forward, max €5.000 cumulative).
– On default: loss, not deductible.
– VVPR-bis can lower the dividend withholding tax to 15% on registered (op-naam) SME shares after the 3-year wait — gedematerialiseerde shares do NOT qualify. The 20% intermediate tier was abolished from 1 January 2026 for new contributions. ⚠️ A pending 2026 programme law would raise the VVPR-bis final rate to 18%; the vote was postponed on 29 April 2026 for Council of State referral, expected June 2026 at the earliest.
2. Private equity funds via ELTIF 2.0
ELTIF = European Long-Term Investment Fund. Simplified since 2024 with ELTIF 2.0:
- Lower minimum subscription — previously €10,000+, now often €1,000–€5,000.
- Access for retail investors made possible.
- Term typically 7–10 years with limited interim sale.
Available for Belgians:
– BlackRock ELTIF
– Schroders ELTIF
– Partners Group ELTIF
– Allianz ELTIF Real Estate
Pros and cons of private equity
Pros:
– Higher expected return than listed equities over the long term (PE premium).
– Diversification vs. public markets.
– Access to companies that are otherwise inaccessible.
Cons:
– High fees — typically 1.5–2% management fees + 20% performance fee.
– Lock-up — money tied up for 7–10 years.
– High risk in the start-up segment.
– Research is questionable: some studies suggest that, after fees, PE does not outperform public markets.
For whom does it make sense?
Yes:
– Wealth position of €500k+ where a long-term allocation is feasible.
– Aware of illiquidity and risk.
– Willing to allocate at most 5–10% of wealth to PE.
No:
– Beginners without first a diversified base in a world index ETF.
– Anyone who may need the money within 5–10 years.
– Anyone who cannot bear the risk of losing the principal.
Belgian crowdfunding platforms — considerations
MyFirstCompany, Bolero Crowd, Corp.bank: all FSMA-regulated. Verify:
- Track record: how many successful exits?
- Diversify: spread across 10–20+ companies, not 1–2.
- Tax credit: some Belgian start-ups offer the Tax shelter voor startende ondernemingen — 45% reduction for micro-companies or 30% for small SMEs, max €100.000 investment per investor per year, with a 4-year minimum holding period.
Tax shelter for start-ups
A specific Belgian tax benefit, with two tiers:
– 45% tax reduction for investment in a recognised micro-company (microvennootschap).
– 30% tax reduction for investment in a recognised small SME (kleine vennootschap) start-up.
– Cap of €100.000/year/person.
– Hold shares for at least 4 years (early sale = pro-rata clawback).
– Loss of the company = loss of the principal, but the tax reduction remains.
See tax shelter legislation for the detailed conditions.
Practical advice
- First 80% of your wealth in a diversified world index ETF.
- Maximum 10–15% private equity — as a satellite, not as the core.
- Spread across different funds or start-ups within the PE portion.
- Use the tax shelter if you go into the Belgian start-up segment.
💡 Private equity is not for everyone. For most retail investors, a world index ETF delivers higher risk-adjusted returns than PE after fees, with much more liquidity.
🔗 See Crypto and alternative assets for the broader alternative-assets overview.
Sources
- ELTIF Regulation — EU 2023/606
- FSMA — Crowdfunding platforms list
- FPS Finance — Tax shelter for start-ups
