AG Insurance and Flemish government-owned PMV have committed to be cornerstone investors in the fund, which has achieved a $150m close.

Belgium-based investment firm Fortino Capital Partners achieved a €125m ($150m) first close of its $240m Fortino Capital II Growth fund with insurance provider AG Insurance as a cornerstone investor.

Flemish state-owned investment firm PMV also signed up to be a cornerstone investor, as did financial services firms BNP Paribas Fortis and Belfius.

The fund will focus on scale-ups and growth-stage companies located in Belgium, the Netherlands and Luxembourg.

The fund will invest between $6m and $30m in companies with a…