11 top-performing Dutch venture capital funds by IRR

European VC deal activity has been ticking upward recently, according to PitchBook’s Q2 2024 European Venture Report—and our analysts expect that trend to continue through the end of the year. Larger transactions gained momentum in the second quarter, while AI companies snagged a significant proportion of top deals. Meanwhile, Q2 also saw the UK and Ireland knocked from their top position of most capital raised in Europe for the first time since 2018. France and the Benelux region, which includes the Netherlands, now hold the top spot.

In this blog post, we’re looking at high-performing venture capital funds in the Netherlands. In particular, we’re highlighting the top VC funds across the country by IRR, or internal rate of return, as of August 1, 2024.

Note that clicking on any fund or company in the list below will point you to a PitchBook profile preview, which provide a peek into the robust data PitchBook clients can access with subscription to our platform.

What is IRR?

IRR, or internal rate of return, is a primary metric used for benchmarking funds and assessing fund performance. On a technical level, IRR is the discount rate that makes the net present value (NPV) of future cash flows equal to zero. This is vital intel for firms, as it can be used to gauge how profitable an investment might be. The higher the IRR, the more profitable the investment—which you’ll see reflected in our list of funds below.

Top 11 Dutch VC funds by IRR*

_{*According to PitchBook data as of August 1, 2024; data is subject to change frequently}

1. BioGeneration Ventures II

📈IRR: 104%
🗓️Vintage: 2012
💰Fund size: €15M
⌛️Close date: December 2012

Based in Naarden, Netherlands and led by Founder and Managing Partner Edward van Wezel, BioGeneration Ventures II is a VC fund that invested in healthcare companies, specifically life sciences, oncology, pharmaceuticals, and biotech, across all stages. The fully invested fund has three active investments in Maastricht’s Cristal Therapeutics, developer of a nanomedicine to target and improve the treatment of cancer and other diseases.

2. Forbion Capital Fund IV

📈IRR: 71.3%
🗓️Vintage: 2018
💰Fund size: €360M
⌛️Close date: September 2018

Headquartered in Naarden, Forbion is a VC firm that works closely with entrepreneurs to build life sciences companies with technologies and products designed to transform peoples’ lives. Forbion Capital Fund IV focuses on healthcare opportunities in the EU and UK, as well as in North America. The fund has three active investments, including in Oxford, England’s Oxular and Berlin-based OMEICOS Therapeutics.

3. Forbion Capital Fund III

📈IRR: 44%
🗓️Vintage: 2015
💰Fund size: €183M
⌛️Close date: April 2016

A member of the Forbion fund family, Forbion Capital Fund III provides capital to early-stage VC healthcare startups, and particularly in drug, device and diagnostics companies across Europe, Canada, and the US. Around A few of Forbion III’s 28 active investments include Brighton, UK-based Enterprise Therapeutics and Amsterdam’s NorthSea Therapeutics, among others.

4. FORWARD.one Fund I

📈IRR: 40.8%
🗓️Vintage: 2018
💰Fund size: €38M
⌛️Close date: May 2019

Part of the FORWARD.one fund family, FORWARD.one Fund I is based in Amstelveen and invests in companies based in Belgium, Luxembourg, and the Netherlands. The fund targets a handful of industries, including electronic equipment and instruments, alternative energy equipment, semiconductors, and more. Most recently, the fund invested in Amsterdam’s Aito—developer of a touch interface technology—in 2022.

5. Curie Capital

📈IRR: 37.8%
🗓️Vintage: 2019
💰Fund size: €18M
⌛️Close date: October 2022

Curie Capital is a venture firm based in Amsterdam that manages a fund by the same name. Targeting Netherlands-based companies within the healthcare, pharmaceutical, and biotechnology spaces, the Curie Capital fund most recently invested in Oss’ Immagene—the developer of a precision immunoncology treatment—in March 2024.

6. FCF I Co-Invest Fund I

📈IRR: 30.8%
🗓️Vintage: 2009
💰Fund size: €54M
⌛️Close date: September 2010

Another fund managed by Forbion, FCF I Co-Invest Fund I is a fully invested co-investment general fund. Oslo, Norway-based insurance company Kommunal Landspensjonskasse is a limited partner on FCF I. The fund has one former investment in Rhein Biotech, a biotech company headquartered in Düsseldorf, Germany.

7. Newion Investment II

📈IRR: 28.4%
🗓️Vintage: 2011
💰Fund size: €48M
⌛️Close date: April 2011

Amsterdam’s Newion Investments II is a venture capital fund whose fund strategy includes investing in startups in software and TNT across Belgium, Luxembourg, and the Netherlands. Of the fund’s 11 active investments, the most recent include online order management software Deliverect, based in Belgium, and Foleon, a B2B content creation platform headquartered in Amsterdam.

8. henQ II

📈IRR: 27%
🗓️Vintage: 2009
💰Fund size: €9M
⌛️Close date: October 2009

HenQ II is an early-stage VC fund managed by HenQ, a venture capital firm headquartered in Amsterdam. The fully invested fund invested in startups offering a scalable product and that strong management teams. The fund, which targeted international growth markets like new media, mobile and software, has 13 former investments, including in the Netherlands’ SEOshop Group and CWR Mobility.

9. Dutch Security Tech Fund (TIIN Tech Fund IV)

📈IRR: 26.5%
🗓️Vintage: 2019
💰Fund size: €36M
⌛️Close date: March 2020

Managed by TIN Capital, the Dutch Security Tech Fund (also known as TIIN Tech Fund IV) is located in Amsterdam and invests in companies across Europe. The fund targets information tech, cyber security, and internet of things (IoT) investments ranging from €200,000 to €2.5 million. In September 2023, the fund invested €2 million into Eindhoven’s Datenna, a data intelligence platform for government decision-making in China.

10. Newion Investments III

📈IRR: 24.7%
🗓️Vintage: 2017
💰Fund size: €79M
⌛️Close date: December 2018

Managed by Amsterdam’s Newion Investments, their fund III invests in companies headquartered in Finland, Sweden, Belgium, Germany, Luxembourg, and the Netherlands. Although the fund invests primarily in software, of its 18 active investments, it most recently invested in the seed round of Berlin-based Parloa—the developer of an AI platform—in 2022.

11. TIIN Tech Fund III

📈IRR: 24.3%
🗓️Vintage: 2012
💰Fund size: N/A
⌛️Close date: 2012

In addition to the Dutch Security Tech Fund, TIN Capital also manages TIIN Tech Fund III, based in Naarden. Investment Managers Michael Lucassen and Maarten Derks lead the fully invested fund, which focused on providing capital to software and telecommunications, media, and technology (TMT) companies. The fund’s former investments include Talmundo (2017) and Eindhoven-based Sendcloud (2016).