- Entity formation
- Entity management
- M&A transaction support
- Private capital & hedge fund core services
- Private capital
- Hedge fund
- Technology solutions
- Other funds services
- SPV corporate services
- Agency services
- Loan administration
- Cross capital market services
- Structures implementation and management
- Private client services
- Reporting services
Explore content
Show all >Featured articles and media

Insights | Corporate Client Services
Voluntary carbon credits bolster green bonds
25 May 2023
Read >
Featured articles and media
Show all media for Private Capital & Hedge Fund Services >Featured articles and media
Show all media for Capital Markets >Featured articles and media
Show all media for Private Clients >Featured events

Events | Virtual
Bankruptcy and Restructuring: Navigating Distress in the Evolving Markets
22 Jun 2023
Learn more >
Events | Virtual
Private Funds Industry Live, Expanding Private Funds in Global Markets
10 Jan 2023
Watch the recording >
Events | Virtual
Private Funds Industry Live, Demystifying Private Capital Funds
6 Dec 2022
Watch the recording >- Home
- Our services
- Corporate Client Services
- Entity formation
- Entity management
- M&A transaction support
- Private Capital & Hedge Fund Services
- Private capital & hedge fund core services
- Private capital
- Hedge fund
- Technology solutions
- Other funds services
- Capital Markets
- SPV corporate services
- Agency services
- Loan administration
- Cross capital market services
- Private Clients
- Structures implementation and management
- Private client services
- Reporting services
- Corporate Client Services
- Our locations
- About us
- News & Insights
- Login
Growing popularity of Belgian Private Equity Fund vehicle ‘Private Privak’
30 August 2019
First created in 2003, the Private Privak, an investment vehicle primarily intended for private equity investments, had limited success. This changed when, in the Act of 26 March 2018, both the corporate and tax treatment of the private privak were changed in order to make it more attractive and flexible for investment in private equity and growth companies.
What’s changed?
The most important changes identified are the reduced investment threshold, the abolishment of the restriction on acquiring a controlling stake in the portfolio companies. The maximum term of existence for the Private Privak also became more flexible and there have also been some favourable tax related changes.
The aim of these changes was to grant a similar status as those for foreign investment funds and create a financial centre in Belgium for private equity funds looking at the European market.
On 26 April 2019, the Belgian Parliament adopted a law which contained various financial provisions, some of which impacted provisions of the AIFM Law applicable for the Private Privak.
The main aspects we take away from this reform are that the sole minimum capital requirements should be those pursuant to the Belgian Company Code, although if the vehicle is compartmentalised each compartment will need to meet these requirements separately. The law also provides a broader definition of non-listed companies in which the Private Privak can invest, now including companies established outside of the European Economic Area.
Furthermore the law has clarified the supervision powers of the SPF Finance who will monitor the compliance of the Private Privaks with the AIFM Law and the Royal Decree. As part of their compliance control the law has granted SPF Finance several tools.
Increased popularity
One year after the changes in the framework it is clear that the measures have increased the popularity of the investment vehicle. Today Belgium counted 78 Private Privaks, with more in the pipeline, compared to 50 this time last year.