📅 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.
The tax shelter: why the Belgian picture differs
Investing directly in a Belgian start-up or scale-up can qualify for the tax shelter: a federal income-tax reduction on subscriptions to new shares, subject to conditions. That makes the trade-off fundamentally different from buying listed private-equity exposure, where no such relief exists.
Two things matter more than the headline percentage:
- The holding period. The relief is tied to holding the shares for a minimum term. Sell earlier and part of the benefit is clawed back. The relief is therefore not a discount at purchase but a reward for staying.
- The conditions on the company. Not every business qualifies: criteria apply on size, age and activity, and certain structures are excluded. Whether your investment qualifies depends on the company, not on your intention.
Rates and conditions for this scheme are revised regularly. Check the current rules with FPS Finance or a tax adviser before subscribing — do not rely on a percentage quoted in an older article.
Where the real risk sits
The relief softens the entry risk; it does not remove it. Three characteristics define this asset class:
- Total loss is a realistic outcome, not a tail risk. For early-stage companies it is the base case for a meaningful share of the portfolio.
- Illiquidity. There is no market to fall back on; capital is locked until an exit that may never come.
- Dilution. Later funding rounds can shrink your stake even when the company does well.
The sensible place for this is a small satellite sleeve, funded with money you can fully afford to lose and spread across several holdings — not as a substitute for a broadly diversified core.
Sources
- ELTIF Regulation — EU 2023/606
- FSMA — Crowdfunding platforms list
- FPS Finance — Tax shelter for start-ups
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