Federal Holding and Investment Company (SFPIM / FPIM), Belgium

Société fédérale de Participations et d'Investissement / Federale Participatie- en Investeringsmaatschappij · Belgium · Europe · Founded 1962 · State holding company · Not an IFSWF member

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Focus

Federal Holding and Investment Company (SFPIM / FPIM), Belgium: what it invests in

Financial servicesIndustrials and manufacturingTransport and logisticsEnergy: oil and gasRenewables and climateInfrastructure and utilities

Strategic state holdingsPrivate equityVenture capitalPrivate creditCash and money markets

Geography Mainly domestic

Scale

Federal Holding and Investment Company (SFPIM / FPIM), Belgium: how big it is, and on what basis

EUR 11,679M

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 13.7B. Converted at EUR 0.85106 per US dollar on 31 December 2025.

Transparency

Federal Holding and Investment Company (SFPIM / FPIM), Belgium: what it publishes

7.0 of 10 Band 4 of 5

Published 4 · Partly 6 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Balance sheet totalS4 S6: EUR 11.7B (about USD 13.7B, end 2025); As of 2025-12-31
Portfolio companiesS4: 189; As of 2025-12-31
New investments 2025S4: 8 (companies or funds); As of 2025-12-31
Top 10 share of valueS1: About 90%; As of 2023-12-31
Transition envelopeS1: EUR 250M (since 2023); As of 2023-12-31
TeamS4: 40; As of 2025-12-31

At a glance. SFPIM is the Belgian federal state's holding and investment company and describes itself as the country's federal sovereign fund. It had a EUR 11.7 billion balance sheet at end 2025, about USD 13.7 billion, with 189 portfolio companies. It holds strategic stakes in banks, insurers and market infrastructure and invests in priority sectors such as aeronautics, mobility, defence and the energy transition. S4 S1 S6

Key points

Balance sheet of EUR 11,679 million at end 2025, of which EUR 9,847 million in financial fixed assets and EUR 1,355 million in cash. S4
189 companies in the portfolio and 8 new companies or funds added in 2025, run by a team of 40. S4
Top 10 holdings make up about 90 percent of portfolio value, led by Euroclear, BNP Paribas, Fluxys and Euronext. S1
In 2026 SFPIM began a process to sell up to 20 percent of its Belfius shares, advised by BofA Securities. S7
Runs a EUR 250 million ecological transition envelope set by royal decree in January 2023. S1
Wants at least one board seat in every company it backs and weighs social value alongside return. S2

Interesting facts

Its balance sheet grew from EUR 2.5 billion in 2021 to EUR 10.1 billion in 2022. S4
It runs subsidiaries for defence, relaunch, international and real estate investing. S8
It reviews its goals, strategy and procedures every four years. S2

Mandate and goals

SFPIM invests for the Belgian state in companies of strategic or economic interest, balancing financial return with social value. It also carries out delegated missions, holding and managing assets on the state's behalf. S2 S1 S7

Earn a normal return with a clear dividend policy over time. S2
Anchor strategic Belgian assets in banking, insurance and market infrastructure. S1
Back priority sectors such as aeronautics, mobility and the energy transition. S1
Promote good corporate governance in investee companies. S2

How it invests

Industries	Financial services, Industrials and manufacturing, Transport and logistics, Energy: oil and gas, Renewables and climate, Infrastructure and utilities S1
Asset classes	Strategic state holdings, Private equity, Venture capital, Private credit, Cash and money markets S4 S1
Stages	Venture, Growth, Buyout, Infrastructure S1 S8
Geography	Mainly domestic. Belgium, with an international subsidiary S1
Direct / through funds / co-invest	Yes / Yes / Yes S4 S2
Ticket size	No ticket size is published. S2
External managers	Not described S8
Co-investment programme	Invests alongside private shareholders in many holdings S1

Sector weights: Priority sectors 93.0%, Real estate 2.4% (as of 2023-12-31) S1

Published criteria

A clear strategy with credible 3 to 5 year forecasts in a financial plan. S2
A balance sheet in line with market practice and a normal level of profitability. S2
Social value: useful products, jobs, ethics, environment, human and consumer rights. S2
Sound corporate governance rules that are clear and transparent. S2
At least one SFPIM representative on the investee's board. S2

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	Belfius Bank (partial sale). Sale process for capital partners, run for the state under a delegated mission; expressions of interest were due 20 August 2026. S7	Sale or exit	Financial services	Not stated	Up to 20% of SFPIM's shares
Not published	Euroclear. Securities settlement group; one of the top 10 holdings. S1	Direct investment	Financial services	Not stated	Not published
Not published	BNP Paribas. Listed bank stake held as a strategic asset; a top 10 holding. S1	Direct investment	Financial services	Public markets	Not published
Not published	Fluxys. Gas transmission and storage group; a top 10 holding. S1	Direct investment	Energy: oil and gas	Infrastructure	Not published
Not published	Euronext. Pan-European exchange operator; a top 10 holding. S1	Direct investment	Financial services	Public markets	Not published
Not published	bpost. Listed postal and parcels group; a top 10 holding. S1	Direct investment	Transport and logistics	Public markets	Not published
Not published	Ageas and Ethias. Insurance holdings named as strategic assets. S1	Direct investment	Financial services	Not stated	Not published
Not published	Brussels Airport. National airport operator; a top 10 holding. S1	Direct investment	Transport and logistics	Infrastructure	Not published
Not published	Lineas Group loan. Loan to the rail freight operator under a delegated mission. S8	Direct investment	Transport and logistics	Credit	Not published
Not published	Belgian Growth Fund II. Growth fund programme; SFPIM ran the selection of its fund services provider. S8	Fund commitment	Technology	Growth	Not published

Case studies

Opening Belfius to a capital partner S7

What: SFPIM launched the sale of up to 20 percent of its Belfius ordinary shares to partners joining the main shareholders.
When: 2026
Size: Up to 20% of shares
Why: Partial privatisation of the bank, run for the Belgian state.
Outcome: Expressions of interest closed 20 August 2026.

Ecological transition envelope S1 S8

What: A EUR 250M delegated mission to invest in the energy and ecological transition, with a published strategy and charter.
When: From 2023
Size: EUR 250M
Why: Set by royal decree to steer state capital into transition projects.

Investment process

A Board of Directors oversees SFPIM; an executive committee led by the CEO, with two Chief Investment Officers, runs investments. Delegated missions are carried out for the state under article 2 of the 1962 law. S1 S5 S7

Committee	Role
Board of Directors	Oversight of strategy and investments S1
Executive committee	CEO, finance chief and two CIOs S5

The company prepares a full file, including a 3 to 5 year financial plan. S2
SFPIM weighs financial return against social value and governance. S2
The Board approves; SFPIM takes at least one board seat. S2
SFPIM follows the investment and reviews its own strategy every four years. S2

How to approach: Companies submit a full investment file as set out on the investment criteria page. S2

Size and returns

Headline size: EUR 11,679M (Total assets (balance sheet), as of 2025-12-31) S4
In US dollars: about USD 13.7B. Converted at EUR 0.85106 per US dollar on 31 December 2025.
Own funds: EUR 11,445M (Net assets or equity, as of 2025-12-31) S4
Returns: the fund does not publish a return figure.
Staff: Team of 40 S4
Size over time (EUR million): 2021 2,521, 2022 10,077, 2023 9,709, 2024 11,523, 2025 11,679 S4

Leadership

Name	Title
Koenraad Van Loo	Chief Executive Officer S5
Michael Vanloubbeeck	Chief Administration and Finance Officer S5
Céline Vaessen	Chief Investment Officer S5
Tom Feys	Chief Investment Officer S5
Laurence Bovy	Chair of the Board (2023 report) S1

Governance and transparency

Legal basis: Law of 2 April 1962 on the Federal Holding and Investment Company and the regional investment companies S1
Oversight: Federal government as sole shareholder; Board of Directors S2 S1
Auditor: Statutory auditor appointed by the general meeting on 10 May 2022 S1
Not an IFSWF member. S3
Publishes an ecological transition charter and a CSR approach. S8

Transparency score: 7.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, holdings or deal list, governance and mandate documents, named leadership. S1 S4 S5
Partly published: annual return, long-term returns, asset allocation, geographic or sector split, audited financial statements, regular reporting schedule. S1 S4

History

Date	Event
1962-04-02	Founding law adopted. S1
2022	Balance sheet reaches EUR 10.1B, up from EUR 2.5B. S4
2023-01-15	Royal decree sets the EUR 250M transition envelope. S1
2025	Eight new investments; balance sheet EUR 11.7B. S4
2026-08-20	Deadline for interest in up to 20 percent of its Belfius shares. S7

For family offices

SFPIM invests alongside private shareholders in Belgian companies and funds. Families may meet it as co-shareholders in growth companies or as fellow investors in the funds it backs. S2 S8

Co-investing in Belgian companies where SFPIM takes a minority stake and board seat. S2
Taking part in sale processes such as the Belfius capital partner call. S7

Reports

Annual report 2023 (French): https://sfpim.be/uploads/2025/11/SFPIM_RA2023_DEF_LR.pdf S1
Publications: annual accounts to 2025 and reports since 2006: https://sfpim.be/fr/publication-et-actualites/ S8

Common questions

How big is SFPIM?

Its balance sheet was EUR 11.7 billion at end 2025, about USD 13.7 billion. S4 S6

Who leads it?

Koenraad Van Loo is CEO. S5

What law governs it?

The law of 2 April 1962. S1

What does it look for in an investment?

A clear strategy, credible 3 to 5 year forecasts, normal profitability, social value and good governance, plus a board seat. S2

Is it selling part of Belfius?

Yes. In 2026 it launched a process to sell up to 20 percent of its Belfius ordinary shares to capital partners. S7

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All sovereign wealth funds in Europe · All state holding companys · All funds in Belgium

Sources

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