Category: family office knowledge

Belgian Family Offices: Dominance in the Benelux Investment Landscape

Belgian Family Offices: Dominance in the Benelux Investment Landscape

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Belgium punches above its weight in European wealth management. While the Benelux region—comprising Belgium, the Netherlands, and Luxembourg—hosts some of Europe’s most prolific single-family investment offices, a striking reality emerges from recent data: Belgian family offices dominate the region’s investment activity. In 2025, three of the five most active Benelux family offices are based in Belgium, according to analysis of the familyofficehub.io database of the region’s 100 largest family offices. This concentration is no accident, but rather reflects Belgium’s deep heritage of family-owned enterprises, its sophisticated investor class, and the strategic positioning of Brussels as a European financial and investment hub.

The Belgian Triumvirate

Verlinvest, Alychlo, and Baltisse represent the current apex of Belgian family office activity, collectively demonstrating the diversity and sophistication of Belgium’s investment landscape.

Verlinvest: Global Scale, Strategic Focus

Leading the rankings is Verlinvest, the Brussels-based investment vehicle backed by the de Spoelberch family—heirs to AB InBev’s founding fortunes. With several billion euros under management, Verlinvest exemplifies the sophisticated, globally-oriented approach characterizing top-tier Belgian family offices. The firm’s 2025 transaction portfolio spanning four continents demonstrates both geographic diversification and sector selectivity. Its flagship investment, a €75 million minority stake in The Eye Foundation in October 2025, represents one of South India’s largest single-specialty healthcare deals, reflecting the firm’s willingness to pursue international growth opportunities in emerging markets.

Verlinvest’s investment approach combines traditional buyout-style investments with growth equity positions. Beyond eye care, the firm has invested in late-night consumer goods through Insomnia Cookies, expanded recreational infrastructure through bouldering gym operator Boulders, and backed beverage brands across geographies. This diversification across consumer, food, healthcare, and leisure reflects a portfolio construction strategy designed to balance growth potential with operational leverage across sectors and regions.

Alychlo: Consumer Experiences and Platform Building

Marc Coucke’s Alychlo, established in 2015 following his €3.6 billion sale of pharmaceutical company Omega Pharma, has emerged as a major force in consumer and leisure investing. The firm’s approach emphasizes platform consolidation, as evidenced by its flagship 2025 deal: the SnowWorld-Snowcentres merger combining Europe’s largest indoor ski operations into a 12-site platform generating over €120 million in annual revenue and attracting 4.5 million visitors annually.

Alychlo’s strategy reflects a distinctly Belgian approach to family office investing—identifying fragmented markets with consolidation potential, acquiring controlling positions, and building integrated platforms through add-on acquisitions. Beyond snow sports, Coucke has invested in mobility platforms like LIZY, acquiring the Zoute Grand Prix automotive event, and expanding into Belgian coastal institutions. This focus on experiential consumer businesses differentiates Alychlo from traditional private equity approaches, emphasizing entertainment value and lifestyle integration alongside financial returns.

Baltisse: Specialization and Portfolio Expansion

Filip Balcaen’s Baltisse, established in 2007 following her sale of flooring company IVC to Mohawk Industries, pursues a consolidation strategy focused on professional services. The firm’s largest 2025 transaction, the Brokers in Excellence platform consolidation that absorbed six insurance brokerages in a single May transaction, exemplifies this approach. By establishing portfolio platforms in insurance brokerage and accountancy services, Baltisse targets fragmented, relationship-driven markets where family office ownership offers competitive advantages over institutional investors.

The Belgian Family Office Advantage

The prominence of Belgian family offices reflects several structural advantages and cultural factors unique to Belgium’s business environment. Belgium has long been characterized by multi-generational family businesses, with many firms now in their third, fourth, or even fifth generation of family ownership. As these businesses mature and families expand, many establish dedicated family offices to manage growing wealth, plan succession, and develop cohesive investment strategies across diversifying portfolios.

Unlike larger institutional investors or international private equity funds, Belgian family offices often enjoy local relationships and deep understanding of the Belgian economy. Business owners in Belgium tend to prefer selling to buyers who understand the local market, Belgian employment practices, and regional nuances. This gives family offices a natural advantage in acquiring and integrating Belgian businesses compared to foreign PE firms. Family offices also operate with multi-generational time horizons, enabling the patient capital approach essential for building platforms and executing long-term value creation strategies.

Regional Context: Why Belgium Leads Benelux

While the Netherlands also hosts major family offices—particularly Reggeborgh Group (€1.6 billion in VolkerWessels divestments in 2025) and HAL Investments—Belgium’s concentration in the top rankings reflects several factors. Belgium’s central location within Europe, sophisticated professional services ecosystem, and deep heritage of family business ownership create a dense environment of potential investment targets and investor networks.

Brussels, as the capital of the European Union and a major financial center, attracts international wealth and provides sophisticated infrastructure for managing complex, globally-diversified portfolios. The Flemish region’s industrial heritage in chemicals, pharmaceuticals, manufacturing, and consumer goods created substantial family fortunes, many of which are now transitioning to professional family office management. The Walloon region’s historical focus on steel, mining, and heavy industry similarly generated family wealth now seeking new investment vehicles.

Future Outlook

The trajectory of Belgian family offices suggests continued growth and increasing sophistication. The Benelux Family Office Report indicates that family offices are increasingly co-creating multi-family office structures, a trend expected to accelerate through 2026. These collaborative vehicles enable smaller families to access professional management, sophisticated investment platforms, and governance structures previously available only to larger, independent offices.

Technology adoption remains a critical frontier. Family offices increasingly recognize that successful multi-generational wealth transfer requires modern reporting infrastructure, transparent governance tools, and technological platforms enabling diverse family members across generations to engage with wealth management processes. Digital innovation in portfolio management, reporting, and governance will likely become competitive differentiators.

Geographically, Belgian family offices appear positioned for continued European focus while diversifying into growth markets, particularly Asia and North America. The relative maturity of Western European investment opportunities and increasing competition from institutional capital may drive further geographic expansion, with Belgian family offices leveraging their operational expertise and patient capital approaches in higher-growth markets.

Why Family Offices Are Turning to Active Management Strategies
Why Family Offices Are Turning to Active Management Strategies

Why Family Offices Are Turning to Active Management Strategies

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Table of Contents

Introduction

As global economic uncertainty and market volatility persist, family offices are increasingly reevaluating their investment approaches. In 2025, active management is emerging as a crucial strategy for achieving robust portfolio diversification. Unlike passive investing, active management offers family offices the flexibility and agility needed to respond to rapid changes in market dynamics, enabling them to better safeguard their wealth across generations.

Case Studies: FGTC Investment and Weybourne

The transformation of Do Investment into FGTC Investment exemplifies the increasing role of active management within family offices. Formerly a single-family office for the Dornier family, FGTC Investment now operates under the Viessmann Generations Group. This transition highlights the importance of aligning investment strategies with long-term family goals. FGTC Investment’s emphasis on liquid portfolio management and sustainable growth underscores the value of active management in navigating modern financial landscapes.

Similarly, Weybourne, the family office of James Dyson, demonstrates the advantages of active management. Under Jane Simpson’s leadership as Chief Investment Officer, Weybourne has expanded its focus on hedge funds, venture capital, and real estate. The office’s ability to adapt its strategies, such as acquiring prime real estate like 126-127 New Bond Street in London, showcases how active management can capitalize on emerging opportunities.

Benefits of Active Management for Family Offices

Active management provides several benefits that are particularly relevant for family offices. These include:

  • Customized Solutions: Active management allows for tailored investment strategies that align with a family’s unique goals and values.
  • Enhanced Risk Management: By closely monitoring market conditions, active managers can adjust portfolios to mitigate risks effectively.
  • Access to Niche Opportunities: Active management facilitates investments in specialized sectors such as venture capital and private equity.

For families like the Viessmanns and Dysons, these benefits are essential for preserving wealth while driving innovation and sustainability.

Active Management Strategies in 2025

In 2025, successful family offices are employing diverse strategies to maximize the benefits of active management. These strategies include:

  • Allocating to alternative investments such as private equity and venture capital to achieve higher returns.
  • Integrating ESG criteria into investment decisions to meet both ethical and financial objectives.
  • Leveraging data analytics and AI-driven tools for more informed decision-making.

By embracing these approaches, family offices can enhance their portfolios’ resilience and long-term performance.

Executive Summary

In 2025, the shift towards active management reflects the evolving priorities of family offices. By focusing on tailored strategies, enhanced risk management, and access to niche opportunities, active management enables families to navigate complex markets while preserving and growing their wealth. Examples like FGTC Investment and Weybourne illustrate how active management aligns with long-term goals, providing flexibility and resilience in an unpredictable world. As market dynamics continue to evolve, active management is set to play an integral role in portfolio diversification and wealth preservation for family offices worldwide.

Definition: What is a Cyber Security Threat Assessment for Family Offices?
Definition: What is a Cyber Security Threat Assessment for Family Offices?

Definition: What is a Cyber Security Threat Assessment for Family Offices?

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Cybersecurity is becoming an increasingly essential topic for family offices. For this, Deloitte has published its own family office cybersecurity report. Focusing on IT security makes sense since family offices are becoming more and more often subject to cyberattacks. This also plays an important role in the IT management of the largest US family offices.

Definition of Cyber Security Threat Assessment

A cyber security threat assessment is a systematic evaluation of potential vulnerabilities, risks, and threats to a family office’s digital infrastructure,
assets, and sensitive information. For family offices, this is particularly crucial given the wealth and private data they manage, which makes them prime targets
for cyberattacks.

Why is Cyber Security Critical for Family Offices?

Family offices often handle sensitive data, such as personal financial details, investment portfolios, and confidential communications. A breach can lead to
financial losses, reputational damage, and privacy violations. A cyber security threat assessment helps identify weak points and implement measures to
mitigate risks, ensuring the safety of family assets and information.

For example, phishing attacks or ransomware targeting a family office’s email system could compromise highly sensitive information.

Key Elements of a Cyber Security Threat Assessment

A comprehensive cyber security threat assessment for a family office typically includes the following steps:

  • Identifying Digital Assets: Cataloging all IT systems, networks, applications, and sensitive data to understand what needs protection.
  • Analyzing Potential Threats: Evaluating risks such as phishing, malware, ransomware, insider threats, and external attacks.
  • Assessing Vulnerabilities: Examining weak points in the IT infrastructure, such as outdated software, unsecured devices, or poor password practices.
  • Simulating Attacks: Conducting penetration tests to simulate cyberattacks and evaluate the system’s resilience.
  • Providing Recommendations: Offering actionable insights to enhance security, such as implementing multi-factor authentication or network monitoring tools.

Imaginary Example: The Stevenson Family Office

The Stevenson family office manages $800 million in assets, including investments in tech startups. Following an attempted phishing attack targeting the CEO,
the family office conducts a cyber security threat assessment. The evaluation reveals:

  • Weak password policies, with multiple shared accounts among staff.
  • Lack of encryption for sensitive financial documents shared via email.
  • Unsecured IoT devices on the office’s Wi-Fi network.

As a result, the family office implements stronger password protocols, encrypts all sensitive data, and segregates IoT devices on a separate network.
These actions reduce the likelihood of future breaches.

Proactive Cyber Security Measures

Beyond threat assessments, family offices should adopt proactive measures such as:

  • Employee Training: Educating staff about phishing, social engineering, and secure data practices.
  • Regular Audits: Conducting periodic security reviews to address new vulnerabilities.
  • Advanced Tools: Utilizing firewalls, endpoint protection, and intrusion detection systems.
  • Incident Response Plan: Establishing a clear protocol for responding to cyberattacks to minimize damage.

Picture source: Getty Images

Definition: Family Office Board Meetings
Definition: Family Office Board Meetings

Definition: Family Office Board Meetings

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In this article, we describe the important structure of family office board meetings. Many family offices, like Bessemer Trust, offer this service for their clients.

What Are Family Office Board Meetings?

Family office board meetings are structured gatherings of key stakeholders within a family office to discuss strategy, governance, and the management of
family assets. These meetings typically include family members, board members, and external advisors, ensuring that decisions align with the family’s
vision and long-term objectives.

The Purpose of Family Office Board Meetings

The primary purpose of these meetings is to facilitate transparent communication, make informed decisions about investments, succession planning, and risk
management, and maintain alignment with the family’s mission. Board meetings also serve as a forum for addressing emerging challenges and ensuring the
continued professionalism of the family office.

Imaginary Example: The Braun Family Board Meeting

The Braun family runs a multi-generational family office overseeing assets worth $500 million, including real estate, investments, and a private equity fund.
During their quarterly board meeting, key topics discussed include:

  • Performance updates on the real estate portfolio, including a potential acquisition of a commercial property.
  • Review of next-generation education programs, ensuring younger family members are prepared to take active roles.
  • Approval of a sustainability initiative aligning the family’s investments with their environmental values.

Decisions from this meeting set the foundation for both immediate actions and long-term strategies for the family office.

Key Components of a Family Office Board Meeting

Effective family office board meetings typically include the following components:

  • Agenda Setting: A well-prepared agenda ensures that discussions are focused and productive.
  • Performance Reviews: Regular updates on financial and operational performance provide insights for informed decision-making.
  • Governance Updates: Discussions about succession planning, risk management, and governance policies maintain alignment with family goals.
  • Education and Training: Sessions to involve and prepare younger generations for future responsibilities.
  • Expert Input: External advisors often provide specialized knowledge on tax, legal, or market-related matters.

Imaginary Example: The Chen Family Annual Governance Review

The Chen family, with diverse global investments, holds an annual governance-focused board meeting. This year, their agenda includes:

  • Reviewing the family constitution and making updates to reflect changes in family dynamics.
  • Electing a next-generation family member to the board as part of a mentorship program.
  • Hearing from a legal expert on changes in international tax laws affecting the family’s investments.

These discussions strengthen the family office’s governance framework and ensure continued alignment with the family’s shared vision.

Picture source: Dane Deaner

Definition: Wealth Transfer Planning in the Scope of Family Office Services
Definition: Wealth Transfer Planning in the Scope of Family Office Services

Definition: Wealth Transfer Planning in the Scope of Family Office Services

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In this article series, we define key concepts of family office services. Wealth transfer planning is offered by many US multi family offices, such as Alpha Capital.

What is Wealth Transfer Planning?

Wealth transfer planning involves the strategic distribution of assets from one generation to the next. Within the realm of family office services,
it includes legal, financial, and emotional preparations to ensure that wealth is preserved, grown, and handed down effectively. This process often requires
collaboration among tax experts, estate planners, investment advisors, and legal professionals.

The Role of Family Offices in Wealth Transfer

Family offices are uniquely positioned to provide holistic wealth transfer solutions. They go beyond simple asset management by offering tailored strategies
for maintaining family unity, minimizing tax burdens, and ensuring the longevity of wealth. A family office may also include educational programs to prepare
the next generation for their responsibilities as stewards of the family fortune.

Imaginary Example: The Meyers Family

The Meyers family owns a successful manufacturing business valued at $50 million. With three adult children, the patriarch, Thomas Meyers, wants to
ensure the business remains a family asset while supporting his children’s individual ambitions.

Working with their family office, the Meyers establish a trust structure where ownership of the business is transferred to a trust managed by
professional advisors. The children receive annual distributions, but the trust retains control to prevent mismanagement. In addition, the family
office coordinates tax strategies to reduce inheritance taxes, ensuring the business’s value is preserved.

Imaginary Example: The Rodriguez Legacy Fund

After decades of successful investments, Maria Rodriguez has accumulated significant wealth. She wants to leave a legacy that supports her grandchildren’s
education while funding social initiatives in her hometown. Maria’s family office designs a wealth transfer plan that incorporates a charitable foundation.

The Rodriguez Legacy Fund is established to provide scholarships for her grandchildren and annual grants to local non-profits. Her family office also
implements a gifting program that takes advantage of annual tax exemptions, transferring assets to her grandchildren in a tax-efficient manner.

Key Strategies in Wealth Transfer Planning

Effective wealth transfer planning often employs strategies such as:

  • Trusts: Structures like family trusts or charitable trusts can safeguard assets while providing flexibility and tax benefits.
  • Gifting Programs: Annual gifting programs can transfer wealth tax-free up to the allowable limits.
  • Succession Planning: For family businesses, clear succession plans ensure continuity and reduce conflicts.
  • Educational Programs: Preparing heirs for wealth stewardship can mitigate risks of mismanagement.

Picture source: Morgan Housel