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Wallonie Entreprendre

Wallonie Entreprendre · Belgium · Europe · Founded 2023 · Strategic development fund · Not an IFSWF member

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Focus

Wallonie Entreprendre: what it invests in

Industrials and manufacturingRenewables and climateHealthcare and life sciencesTechnology
Private equityVenture capitalPrivate creditInfrastructure

Geography Mainly domestic

Scale

Wallonie Entreprendre: how big it is, and on what basis

EUR 4.98B equity (31 Dec 2025)
Net assets or equityAs of

In US dollars: about USD 5.85B. Converted at USD 1.175 per EUR, 31 December 2025

Transparency

Wallonie Entreprendre: what it publishes

4.5 of 10 Band 3 of 5

Published 2 · Partly 5 · Not published 3

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

EquityS5
EUR 4.98B (about USD 5.85B, end 2025)
As of
Invested in 2025S4
EUR 613M
As of
Companies and projectsS4
1,330
As of
Guarantees 2025S4
EUR 208M
As of
2025 profitS4
EUR 151M
As of
2025 to 2029 targetS4
EUR 2.5B
As of
Transparency scoreS9
4.5 of 10

At a glance. Wallonie Entreprendre is the Walloon Region's single public investor, formed in 2023 by merging SRIW, SOGEPA and SOWALFIN. It lends, takes equity and guarantees loans for companies at every stage. Equity stood at EUR 4.98B (about USD 5.85B) at end 2025, when it invested a record EUR 613M in 1,330 companies and projects and earned EUR 151M. S2 S4 S5 S6

Key points

  • Portfolio of nearly EUR 4.5B at end 2025. S7
  • Granted EUR 208M of guarantees to 1,588 companies in 2025. S4
  • The 2025 to 2029 roadmap targets EUR 2.5B of investment, EUR 1.25B of guarantees and EUR 750M of cumulative profit. S4
  • Paid a EUR 70.3M dividend to shareholders for 2025. S4
  • Backed European industrial deals by FN Browning, Sonaca and IBA in 2025. S4
  • Invested EUR 65M in energy infrastructure, expected to avoid about 850,000 tonnes of CO2. S4

Interesting facts

  • Its partner operators raised entrepreneurship awareness among over 100,000 young people in 2025. S4
  • It describes its money as patient capital. S8
  • It runs with a staff of about 178 full-time equivalents. S5

Mandate and goals

Support Walloon businesses to create lasting jobs, added value and sustainable growth through financing combined with support. S8

  • Drive reindustrialisation and European consolidation. S4
  • Finance the energy transition, innovation and digitalisation. S8
  • Invest EUR 2.5B over 2025 to 2029. S4

How it invests

IndustriesIndustrials and manufacturing, Renewables and climate, Healthcare and life sciences, Technology. Sector agnostic S4 S8
Asset classesPrivate equity, Venture capital, Private credit, Infrastructure S2
StagesSeed, Venture, Growth, Buyout, Credit S8
GeographyMainly domestic. Walloon companies, including their foreign acquisitions S8
Direct / through funds / co-investYes / No / Yes S8
Managed in house100 percent S8
Ticket sizeNo ticket range published S4
External managersNone S8
Co-investment programmeInvests alongside banks and private investment funds S8

Published criteria

  • Company or project based in Wallonia. S8
  • Lasting jobs and added value. S8
  • Start-up through to transfer stage. S8

Past investments

YearInvestmentTypeSectorStage
2025FN Browning (Sofisport acquisition). Helped finance the purchase of French manufacturer Sofisport. S4Direct investmentIndustrials and manufacturingBuyout
2025Sonaca (Aciturri takeover). Supported the takeover of Spanish aerostructures maker Aciturri. S4Direct investmentIndustrials and manufacturingBuyout
2025IBA (ORA acquisition). Backed IBA's purchase of Walloon company ORA. S4Direct investmentHealthcare and life sciencesBuyout
2025Demainvest. Energy infrastructure joint venture with Luminus. S4Joint venture or partnershipRenewables and climateInfrastructure
2025Bstor. Energy infrastructure investment, part of EUR 65M put into energy projects. S4Direct investmentRenewables and climateInfrastructure
2025Easi. Internationalisation financing, part of EUR 40M. S4Direct investmentTechnologyGrowth
2025Trustup. Internationalisation financing. S4Direct investmentTechnologyGrowth
2025Enodia Therapeutics. Biotech investment. S4Direct investmentHealthcare and life sciencesVenture
2025Elkedonia. Biotech investment. S4Direct investmentHealthcare and life sciencesVenture
2025Phenix AI. Artificial intelligence investment. S4Direct investmentTechnologyVenture

Case studies

Backing European industrial consolidation S4

  • What: Financing for FN Browning, Sonaca and IBA acquisitions in France, Spain and Wallonia.
  • When: 2025
  • Size: Not published
  • Why: Help Walloon firms lead consolidation in European industry.
  • Outcome: Three cross-border or local takeovers completed with WE support.

Energy infrastructure S4

  • What: Investments through the Demainvest venture with Luminus and in Bstor.
  • When: 2025
  • Size: EUR 65M
  • Why: Advance the energy transition in Wallonia.
  • Outcome: About 850,000 tonnes of CO2 expected to be avoided.

Merging three regional bodies S2 S1

  • What: SRIW, SOGEPA and SOWALFIN combined into one regional investor.
  • When: 2023
  • Size: Not published
  • Why: Give Wallonia a single economic and financial tool.
  • Outcome: EUR 613M invested in 2025, above target.

Investment process

A Board of Directors chaired by Jean Hilgers and a Management Committee decide on requests from companies. S4 S8

CommitteeRole
Board of DirectorsChaired by Jean Hilgers S4
Management CommitteeLed by Olivier Vanderijst S4
  1. Company applies through the website. S9
  2. Team assesses loan, equity or guarantee. S8
  3. Co-financing with banks or funds. S8

How to approach: Apply through the official website contact forms. S9

Size and returns

  • Headline size: EUR 4.98B equity (31 Dec 2025) (Net assets or equity, as of 2025-12-31) S5 S6
  • In US dollars: about USD 5.85B. Converted at USD 1.175 per EUR, 31 December 2025
  • Total assets: EUR 5.36B (Total assets (balance sheet), as of 2025-12-31) S5
  • Investment portfolio: Nearly EUR 4.5B (Portfolio value, as of 2026-06-26) S7
  • Returns: the fund does not publish a return figure.
  • Size over time (EUR billion): 2023 4.67, 2024 4.9, 2025 4.98 S5

Leadership

NameTitle
Jean HilgersChairman of the Board of Directors S4
Olivier VanderijstPresident of the Management Committee (departure announced) S4 S7
Amaury BertholoméAnnounced successor as head of WE S7

Governance and transparency

  • Legal basis: Walloon decree of 19 October 2022 S1
  • Oversight: Walloon Government as shareholder S1
  • Public limited company created 16 November 2022. S5
  • Annual activity report published each June. S4

Transparency score: 4.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

  • Published: annual return, named leadership. S4
  • Partly published: asset allocation, geographic or sector split, holdings or deal list, governance and mandate documents, regular reporting schedule. S4 S9
  • Not published: total assets, long-term returns, audited financial statements. S4 S9

History

DateEvent
2022-10-19Merger decree adopted. S1
2023-01-01WE begins operating. S2
2025Record EUR 613M invested; 2025 to 2029 roadmap launched. S4
2026-06-242025 results published. S4

For family offices

Co-finances alongside banks and private funds, so family offices backing Walloon companies may meet WE as a co-investor. S8

  • Co-lending and co-investing with banks and private funds. S8
  • Guarantees that support bank loans. S4

Reports

Common questions

What is Wallonie Entreprendre?

Wallonia's single public investor, formed in 2023 from SRIW, SOGEPA and SOWALFIN. S2

How big is it?

Equity of EUR 4.98B at end 2025. S5

How much did it invest in 2025?

EUR 613M in 1,330 companies and projects. S4

How do companies apply?

Through the official website. S9

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Sources

  1. S1Walloon decree of 19 October 2022
  2. S2Wallonie Entreprendre, launch of the new entity
  3. S3IFSWF, our members
  4. S4Wallonie Entreprendre, 2025 annual results
  5. S5WE SA annual accounts 2023 to 2025, company filing summary
  6. S6Frankfurter, ECB reference rates, 31 December 2025
  7. S7B4C Business for Charleroi, member news on Wallonie Entreprendre
  8. S8Wallonie Entreprendre, about us
  9. S9Wallonie Entreprendre, home page

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

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