The Nederlandse Vereniging van Participatiemaatschappijen (NVP), the Dutch Private Equity and Venture Capital Association, has published its annual report outlining the state of venture capital (VC) and private equity (PE) in the Netherlands for 2024.
The Dutch company NVP is focused on enhancing the investment climate in the Netherlands by advocating for the private equity and venture capital sectors.
The organisation promotes research and professional development, enabling investors to improve access to capital for startups, scaleups, and SMEs.
Invested €1.2B in Dutch startups
In 2024, around €1.2B was invested by domestic and foreign venture capitalists in 398 Dutch startups, says the report.
This amount remains almost the same compared to last year (€1.2B), but the number of investments decreased slightly from 423 to 398.
VC investments in 2024 include:
- Invest-NL invested in Paques Biomaterials (biodegradable polymers).
- Innovation Industries invested in Nearfield Instruments (semiconductor metrology solutions).
- EQT Partners invested in Meridian
- Kinnevik, Goldman Sachs, Notion Capital, and LGVP invested in Mews
- Index Ventures invested in DataSnipper
Dutch scaleup received only €698M
Dutch scaleups received only €698M in growth capital, spread across 88 companies.
This is a sharp drop compared to 2023 (€1.06B across 105 companies) and the lowest level since 2016.
Larger follow-up rounds for startups (scaleups) in particular declined sharply.
Growth capital investments in 2024:
- NPM Capital invested in Conclusion (IT service provider).
- Vendis Capital invested in Skins Enterprises (luxury niche products).
- Gilde Healthcare Partners invested in Scharenborg Group (foot care services).
Regarding buyouts, private equity investors invested €5.8B in 111 Dutch companies, nearly €1B more than the €4.7B invested in 2023.
This increase occurred despite a slight decrease in deals, from 122 last year to 111 in 2024. Notably, there were no mega transactions this year, adds the report.
63 Dutch companies sold
In total, buyout funds sold 63 Dutch companies, up from 52 in 2023. This is the highest number of exits since 2021.
The majority of exits came from sales to strategic buyers or other private equity funds.
Redemptions and management buybacks played a smaller role. There was a lot of activity in sales, especially in the second half of 2024.
Raised €3.2B in 2024
Dutch venture capitalists raised €3.2B in 2024, slightly below the level of 2023 (€3.3B), but well above the trend of €1.5-2.5B in previous years.
Around €1B came from pension funds, of which 60 per cent from North America. The number of funds raised fell to 18, the lowest since 2019 (24 in 2023).
New VC Funds in 2024
Forbion Capital Partners manages two significant funds.
The Growth Opportunities III fund has a target size of €1.2B and focuses on later-stage biopharma companies in Europe and North America.
Additionally, the Ventures Fund VII, with a target of €890M, is dedicated to investing in therapeutic biotech companies across Europe.
The Innovation Industries Fund III is a €500M fund focused on deep tech companies in the Benelux and Germany.
The 4impact Fund II, with a total of €68M, is aimed at supporting digital and sustainable ventures in North-Western Europe.
Additionally, the Set Fund IV is dedicated to providing €200M for digital technologies that promote a carbon-free energy system.
Growth capital funds, including those with a mixed strategy, raised just €69M, the lowest level since 2017.
Buyout funds raised €5.1B
Buyout funds raised €5.1B in new capital, mainly from institutional investors. This is a slight decrease compared to 2023 (€5.4 billion), but remains high compared to previous years.
In 2024, several new buyout funds have emerged with a variety of focuses.
The Holland Capital Growth and Buy-out V fund, with €225M, targets medium-sized companies in healthcare, technology, and agrifood-tech.
Parcom Fund VII has a substantial €960M to invest in mid-market companies within the Netherlands.
The Mentha Impact Fund I, amounting to €153M, aims at promoting resource efficiency and supporting sustainable industries.
Quadrum Investment Fund IV, with €400M, focuses on sectors such as IT, healthcare, and packaging.
Additionally, Main Capital Partners has introduced two funds: Main Capital VIII, which has €1.9B earmarked for software companies pursuing strategic growth plans, and Main Foundation II, totaling €500M, that is dedicated to software companies with a focus on organic growth.
Felix Zwart, head of research at NVP, says, “The importance of a well-functioning sales climate cannot be overemphasized. Venture capital and private equity are investment categories that can only be successful if companies can be sold for a good price after an average of five to seven years. This often happens through a sale to a large company, sometimes through an IPO. As a result, not only investors, such as pension funds and insurers, but also the entire ecosystem of risk capital benefit. Because when a private equity or venture capital fund successfully realizes an exit, it can raise a new fund and reinvest in companies. If this cycle stalls for a few years, the entire system immediately becomes unbalanced.
“It is therefore encouraging that the sales market has started moving again. But if we really want to scale up in Europe, as stated in the Draghi report, we need to structurally make the sales market for startups more European and grow it significantly. Currently, the M&A budgets of European corporates are less than a third of those in the US. In some sectors, we even lack European champions. Private equity can play a crucial role in building these companies,” adds Zwart.
Annemarie Jorritsma, chair of the NVP, says, “It is encouraging to see that private equity and venture capital are ready to support companies with risk capital, knowledge, and expertise, even in these challenging times. It is particularly positive that no less than one billion euros in pension money has found its way to new VC funds. The startups in which these VCs invest bring the Netherlands and Europe much-needed innovation and dynamism.”
“It remains a pity, however, that mainly foreign pension funds recognize the unique combination of return and impact in Dutch VCs. Fortunately, we are slowly seeing a change in this. At the same time, the situation in growth capital, aimed at our scaleups, is worrying. There is a clear task here for all of us to work together. That is precisely where I see opportunities for institutional investors to make a difference. Growth capital offers an attractive opportunity: it makes it possible to invest large tickets in scaleups—relatively mature companies with well-developed business models that are often working on disruptive innovations. These companies have generally already achieved solid growth and are close to profitability, which makes them attractive to institutional parties that want to contribute to the scaling up of innovative, ‘game-changing’ companies,” adds Jorritsma.
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