Top 10 Dutch Venture Capital Funds by IRR
European venture capital activity has been steadily rising, with Q2 2024 showing a surge in larger deals, particularly in AI companies. Notably, the UK and Ireland ceded their top spot in capital raised for the first time since 2018, with France and the Benelux region—including the Netherlands—taking the lead.
In this post, we spotlight the highest-performing Dutch VC funds by internal rate of return (IRR) as of August 1, 2024.
Understanding IRR
The internal rate of return (IRR) is a key metric for evaluating fund performance. It represents the discount rate that sets the net present value of future cash flows to zero. In simple terms, a higher IRR signals greater profitability—crucial for investors benchmarking fund performance.
The Dutch VC Landscape: Top 11 Funds
1. BioGeneration Ventures II
IRR: 104% | Vintage: 2012 | Fund Size: €15M | Close: Dec 2012
Based in Naarden, BioGeneration Ventures II focuses on healthcare, oncology, pharmaceuticals, and biotech across all stages. Active investments include Maastricht’s Cristal Therapeutics, specializing in nanomedicine for cancer and other diseases.
2. Forbion Capital Fund IV
IRR: 71.3% | Vintage: 2018 | Fund Size: €360M | Close: Sep 2018
Also headquartered in Naarden, Forbion targets life sciences companies in the EU, UK, and North America. Notable investments: Oxular (Oxford, UK) and OMEICOS Therapeutics (Berlin).
3. Forbion Capital Fund III
IRR: 44% | Vintage: 2015 | Fund Size: €183M | Close: Apr 2016
This fund backs early-stage healthcare startups across Europe, Canada, and the US, with investments like Enterprise Therapeutics (Brighton, UK) and NorthSea Therapeutics (Amsterdam).
4. Curie Capital
IRR: 37.8% | Vintage: 2019 | Fund Size: €18M | Close: Oct 2022
Amsterdam-based Curie Capital targets healthcare, pharmaceuticals, and biotech startups. Notable investment: Immagene (Oss), a precision immuno-oncology company.
5. FCF I Co-Invest Fund I
IRR: 30.8% | Vintage: 2009 | Fund Size: €54M | Close: Sep 2010
Managed by Forbion, this co-investment fund includes one former investment in Rhein Biotech (Düsseldorf). LP involvement includes Kommunal Landspensjonskasse (Norway).
6. FORWARD.one Fund I
IRR: 40.8% | Vintage: 2018 | Fund Size: €38M | Close: May 2019
Based in Amstelveen, FORWARD.one Fund I invests across Belgium, Luxembourg, and the Netherlands, with focus industries including semiconductors, electronic equipment, and alternative energy. Recent investment: Aito, a touch interface technology developer in Amsterdam.
7. Newion Investments II
IRR: 28.4% | Vintage: 2011 | Fund Size: €48M | Close: Apr 2011
Focused on startups in software and tech across Benelux, notable portfolio companies include Deliverect (Belgium) and Foleon (Amsterdam).
8. henQ II
IRR: 27% | Vintage: 2009 | Fund Size: €9M | Close: Oct 2009
Early-stage VC targeting new media, mobile, and software with scalable products. Former investments include SEOshop Group and CWR Mobility.
9. Dutch Security Tech Fund (TIIN Tech Fund IV)
IRR: 26.5% | Vintage: 2019 | Fund Size: €36M | Close: Mar 2020
Managed by TIN Capital, the fund invests in IT, cybersecurity, and IoT across Europe. Recent investment: Datenna (Eindhoven), a data intelligence platform.
10. Newion Investments III
Internal rate of return: 24.7% | Vintage: 2017 | Fund Size: €79M | Close: Dec 2018
Invests primarily in software across Northern Europe, with recent seed investment in Parloa (Berlin), an AI platform.
Key Takeaways
Dutch VC funds show strong Internal rate of return performance, particularly in healthcare, biotech, and technology.
Forbion, Newion, and TIN Capital are repeat high performers, reflecting strategic focus and cross-border investments.
High IRR funds tend to have smaller, highly targeted portfolios in growth sectors like life sciences, software, and AI.
Explore More:
European Private Capital Trends: Download PitchBook’s Q2 2024 European PE Breakdown.
European Private Capital Outlook: Midyear 2024 forecast.
VC Female Founders Dashboard: Track investments in female-led startups across Europe.
