On Thursday 23rd, the M&A Community Belgium hosted the second edition of the Private Equity Summit, once again a resounding success. Over 150 fund managers and industry experts came together to network and exchange ideas on how private equity firms must evolve to stay competitive, relevant, and impactful over the next five years and beyond.
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After an engaging networking lunch at Loyens & Loeff, Community Manager Charlotte Declercq welcomed the distinguished audience. She reiterated the mission of the M&A Community Belgium: to connect the people shaping the M&A market through knowledge-sharing and networking events, the annual M&A Awards, and digital platforms MandA.be and Dealmakerdata.be.
Declercq presented the day’s programme and extended special thanks to the sponsors who made the event possible – in particular Platinum Partner PwC, Principal Community Sponsor Ansarada, and host Loyens & Loeff.
A macro view on private investments – insights from the Executive Chairman of WorxInvest
The summit opened with a keynote from Filip Dierckx, Chairman of Gimv, Executive Chairman of WorxInvest, and Chairman of the Board of SD Worx. His central question: How can private equity firms adapt to a shifting world order?
Dierckx began with a macroeconomic perspective, urging investors to cut through the noise and take a long-term view. Yes, turbulence lies ahead – “not least because of Donald Trump”, he noted – and the cost of capital will rise. Yet his message was clear: “Don’t bet against the US in the long term.”
“Europeans tend to be pessimistic”, Dierckx continued. “We are seeing a paradigm shift where Europe is becoming less dependent on its traditional relationship with the US.” His conclusion: private equity operates in a slow-moving sector that demands patience and perspective and from this long-term standpoint, “the glass is definitely half full.”
The most promising sectors for private equity
Turning to opportunities, Dierckx highlighted the sectors he sees as most promising for investors. While some warn of an AI bubble, he believes artificial intelligence is fundamentally transforming the world – helping companies structure vast data sets, automate processes, boost efficiency, and even generate code. “Once again”, he said, “the glass is half full and PE managers can look to the future with optimism.”
To succeed, private equity firms need focus and professionalism. “You need sector knowledge”, he emphasized. Areas with strong tailwinds include:
• Automation and digital infrastructure: Europe urgently needs productivity growth, which will drive demand in this sector.
• Healthcare: With aging populations and rising costs, solutions that improve efficiency and affordability present major investment opportunities.
• Energy transition and clean tech: Though challenging, the climate transition is inevitable and investors must be part of the solution.
• Industry and infrastructure: The backbone of economic development and national security.
• Knowledge- and service-based industries: Characterized by high recurring revenues, healthy margins, scalability, and resilience to supply chain disruptions.
Creating value in the age of Turbulence
According to Dierckx, the era of easy value creation through multiple expansion is fading. “Private equity pays a little more than corporates. We’re smarter, yes”, he joked. “But don’t count too much on multiple expansion going forward.”
"Don’t count too much on multiple expansion going forward.”
He also cautioned against excessive leverage. “A certain level of debt will always remain”, he said, “but be careful. Always aim for a sound financial structure and healthy balance sheet.”
Instead, Dierckx advocates operational value creation. “Companies must transform. Innovation is essential, and execution is key. Wonderful plans alone are not enough.”
Using WorxInvest as a case study, Dierckx explained how value creation can be achieved:
• Cultural transformation, shifting the focus firmly toward profitability.
• Strategic evolution, expanding from services to both services and technology.
• European ambition, growing beyond Belgium to become a major continental player – capitalizing on trends such as the global hunt for talent.
The transformation of WorxInvest reflects Dierckx’s view on investing. It’s about professionalism and sector knowledge as well as long term value creation and talent. His final advice to the PE Community: “Don’t become arrogant. The major mistake is when you don’t allow yourself to be challenged any longer.”
Panel discussion: Private equity in 2030 – What will it take?
Following Dierckx’s thought-provoking keynote, a panel of private equity leaders explored what it will take for PE to successfully navigate the future. The discussion was moderated by Thomas Lenné of Loyens & Loeff.
The first topic addressed was how today’s global volatility affects private equity. “It has become part of PE’s operating system”, said Carl Annicq, Partner at M80. “This means part of your portfolio selection should focus on companies that can take a punch. Conduct stress tests, explore different scenarios, and bring more rigor to the process. Also, make sure funding is secured throughout the entire lifecycle of buy-and-build strategies.”
"Part of your portfolio selection should focus on companies that can take a punch."
Another key requirement is diversification, even for sector specialists such as Vendis Capital. “Don’t put all your eggs in one basket”, said Michiel Deturck, Partner at Vendis. “Even within our sector – consumer businesses – we diversify. Also, don’t rely too heavily on leverage. At Vendis, we keep as much cash as possible within the company so it can be used for value creation. Operational improvements are still possible within portfolios. The best way for PE to succeed is by growing the companies and reducing risk.”
Korys, the entrepreneurial investment company of the Colruyt family, takes a different approach as an evergreen fund. “We have no fixed exit date, we stay on board as long as we can create value”, said Katti van Oosterwijck, Senior Investment Manager at Korys. “We are entirely focused on strategic and operational value creation, with particular attention to the quality of our management teams.”
Deturck agreed: the management team is crucial. At Vendis, they prefer not to interfere too much in day-to-day operations. “We do ask questions, but if we start telling managers what to do, we’ve hired the wrong people.” Similarly, Korys maintains a certain distance from management teams. “You invest because of the team”, said Van Oosterwijck. “But the relationship must be strong enough to allow for deep, constructive discussions about the company.”
The importance of collaboration with management was echoed by Nicolas Linkens, who heads the Belgium office of Rivean Capital. “We maintain close and continuous engagement with portfolio teams and build long-term relationships with them. Especially in challenging times, staying close is absolutely crucial”, he said.
Navigating turbulence – From global risks to strategic resilience
After discussing exit opportunities and the state of financing (banks versus direct lenders), the panel discussion came to a close, and attendees moved on to a series of parallel sessions and networking moments in between. Topics on the agenda included the state of ESG, Moore’s buy-and-build strategy, and Belgium’s tax reform.
The programme concluded with a pressing topic: national security. While defence and space are currently excluded from private equity investments, they nevertheless represent a promising – albeit complex – investment frontier. Beyond that, national security carries broader implications for the private investment community.
In his closing keynote, Lieutenant-General (retired) Marc Thys delivered a powerful message about the geopolitical reality we face today, a world where brute power has once again become the language of politics. For the past 80 years, Europe largely succeeded in maintaining peace, but, as Thys noted, “our current solutions don’t work in the laws of the jungle.”
“We have to revamp it”, said Thys. “Why are we rich? Because individual liberties are at the centre of our society.”
He outlined the multiple lines of defence that underpin democratic societies, ranging from families and communities to personal freedom, internal security, defence, and diplomacy. “These are all crucial to maintain”, he stressed. “This is something we have to work on.”
“Why are we rich? Because individual liberties are at the centre of our society.”
To do so, we must redefine what we mean by peace and war. “Peace is more than the absence of war”, Thys explained. “It’s about creating just and balanced living conditions for everyone, with a perspective for the future. What we have in Gaza right now is not peace. It’s a ceasefire at best.”
War, he continued, is the act of fundamentally altering power relations within or between countries. It extends beyond military confrontation to include information warfare, cyberattacks, economic coercion, and diplomatic manoeuvring. “In that sense, the second Cold War is upon us”, Thys said.
He warned that Europe’s instruments of power are not in good shape. “We may be an economic giant, but we are also deeply dependent. If we want to limit risk, we must examine our supply chains and work towards strategic autonomy. Access to and control over materials, water, and energy – and the willingness to protect them – are absolutely vital.”
Thys pointed to China and Russia’s ongoing hybrid strategies to divide Europe. “If they can split us into smaller parts, they can consume us one by one”, he cautioned. His call to action was clear: “We must rebuild social self-confidence, restore awareness, and dare to speak the language of power.”
After the lieutenant-general’s stirring address, Thomas Lenné of Loyens & Loeff wrapped up the day’s discussions: “Multiple expansion is not what it used to be. Deals are about people, culture, and leadership and operational excellence and innovation are key to creating long-term value.”
As the afternoon transitioned into evening, attendees enjoyed excellent food and drinks on the seventh floor of Loyens & Loeff, while Storm Benjamin raged outside the windows – a fitting metaphor for the turbulent state of the investment community and the European continent. Yet, the day had offered plenty of valuable insights and inspiration. The PE managers left confident and ready to face the challenges ahead.
