M&A Community Belgium league tables reveal the PE firms topping Dealmakerdata.be this quarter and changing the ‘why’ behind dealmaking.
In the second quarter of 2026, announced M&A reached €262.5 billion across 3,315 transactions in Europe. Private equity (PE) investments contributed €30.6 billion of that total, according to Andersen's European Market Overview.
However, PitchBook’s Q2 2026 European PE Breakdown cautions that headline strength is increasingly concentrated in a handful of massive transactions rather than broad-based volume growth. Deal count across Europe fell to its lowest level in 12 months by June 2026, driven by elevated European Central Bank (ECB) financing costs following the June rate adjustment and lingering valuation-expectation gaps between buyers and sellers.
Rather than chasing volume for its own sake, PE funds are focusing capital on high-conviction megadeals, resilient niches, software and tech plays with proven economics and complex carve-outs.
In Belgium, this European selectivity is mirrored in a flight toward operational excellence, structured growth and carve-outs. In a recent interview, Eight Advisory’s Rob van den Berg emphasises that corporate carve-outs have become particularly relevant in today's PE climate: “Broader due diligence and more active value creation have become increasingly important in recent years.”
Corporates are streamlining non-core operations, creating attractive buy-and-build opportunities for PE funds willing to handle operational complexity. On the other hand, mid-market sponsors are avoiding over-leveraged speculative acquisitions, prioritising companies with clear balance-sheet durability, strong pricing power, or strategic technology advantages.
“Periods of weak fundraising often coincide with attractive entry points,” Schroders Capital’s Nils Rode notes in another interview. “In less crowded market segments, where valuations are lower and competition is reduced, long-term opportunities emerge.”
He explains that, historically, small and mid-sized buyouts have proven to be among the most consistent sources of returns in PE, showing remarkable resilience during major market disruptions.
In the current volatile macro conditions, Belgian investors are concentrating on four primary focus areas: operational value creation, rigorous cash flow management, selective buy-and-build bolt-ons and disciplined pricing.
Read also: Four focus areas for private equity in these uncertain times
PE market dynamics on display
The M&A Community Belgium’s Q2 League Tables capture this private equity paradox well. Based on data from Dealmakerdata.be – Belgium's fast-growing database tracking announced transactions and the sponsors behind them – the rankings capture a mix of active platform consolidators, early-stage technology syndicates and large-ticket growth deployments.
Note that what follows is not a definitive list of top performers, but rather an overview of what firms and professionals were most visible on Dealmakerdata.be in the second quarter of 2026.
Top-ranked Gimv maintained its position as Belgium’s most active PE dealmaker by volume, completing seven transactions this quarter. The company’s deals demonstrated a prioritisation of portfolio optimisation alongside targeted growth, with the choice to discontinue new investments in life sciences and reallocate capital into healthcare, smart industries and sustainable cities.
This quarter, Gimv expanded its environmental footprint by acquiring Groupe Cap Vert, France’s leader in tree management, and led a €51 million Series B round for Exciva. The company further strengthened its deployment capacity by securing a revolving credit facility. It also monetised mature assets by selling its majority stake in ALT Technologies to CCL Industries and divesting its stake in Alpenland Kliniken.
Tilleghem secured second place with four deals backing high-performing consulting and professional services platforms. The firm stepped in as a new strategic investor in the management consulting firm Nova Reperta to fuel its next growth phase, deepen its operational expertise and expand its AI-driven transformation capabilities.
Syndicate One ranked third by volume, driving early-stage Belgian tech ecosystem rounds by participating in multi-investor rounds alongside Fortino Ventures' co-investments, co-backing Belgian AI detective startup Holmes in its €1.1 million round and supporting Belgian startup Webclew's €1.6 million pre-seed funding.
Down 2 Earth Capital focused on buy-and-build strategies and circular industries, supporting portfolio platform Accuramed in its strategic acquisition of Bemedico to expand its Benelux medical distribution footprint and partnering with Derotex to accelerate growth in circular fibers.
Fortino Capital’s ranking reflects its disciplined approach to B2B software investment, exemplified by its strategic partnership with HR software provider Shiftbase.
Belgium's sovereign wealth fund, SFPIM, continued funding strategic climate technologies, joining the €17.5 million round for D-CRBN to scale plasma-driven CO₂ recycling.
From multiple expansions to exclusive strategies
Contrary to declining global deal volumes, PE deal volumes in Belgium are picking up, as most firms listed in the league tables this quarter saw an increase compared to the first quarter of 2026.
And, while deal values are not disclosed for every transaction in our database, notable large-scale capital deployments were recorded by Wallonie Entreprendre (totalling €97.50 million) and Fortino Capital (totalling €53.30 million) in technology-related businesses.
Read more:
- Vertical Compute has secured a total of 57 million euros in seed funding to tackle AI’s memory bottleneck
- Shiftbase secures strategic partnership with Fortino Capital
What the results do highlight, however, is how private equity strategies in Belgium are evolving. With financial leverage becoming more expensive and valuation gaps persisting, funds can no longer rely on multiple expansion alone to drive returns.
As Rob van den Berg aptly puts it: “Private equity must be more creative than before.”
The New Alpha: How private equity creates value today
At the third edition of the Private Equity Summit (22 October 2026), organised in partnership with Loyens & Loeff and the M&A Community Belgium, we will explore where value is truly being created today, and which approaches make the difference for private equity players active in the Belgian market.
This event brings together top minds in PE for an in-depth look at the trends shaping the industry today and in the years to come. This summit is the ideal opportunity to connect with peers, expand your network, and engage in thought-provoking discussions with the leaders of the Private Equity and M&A sectors.
Find out more about the Summit and register, here.
Disclaimer
The League Tables are always a snapshot in time. As a result, the published results on MandA.be may differ from what is shown on Dealmakerdata.be at a later date. The online version on Dealmakerdata.be always reflects the most up-to-date status.
Please keep adding your deals to the database. The deadline for the Q3 League Table submissions is 16 October 2026.
Do you have questions or need assistance? Our deal team is ready to support you.
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