Summary of our market study

The private equity sector in France has witnessed significant growth, with a surge in fundraising from €2.1 billion in 2016 to an impressive €11.5 billion in 2021. This growth is driven by conducive factors such as low interest rates and abundant liquidity, with investors turning to private equity in search of higher yields. The industry is largely concentrated in the Paris region, which dominates with over 80% of the nation's fundraising activity. Major private equity funds like Eurazeo, Tikehau, Meridiam, Andrea, and Infravia have been successful in accumulating substantial capital, while prominent players like Ardian and the government entity BPI France also play significant roles in the market. Sectors such as healthcare and digital have become increasingly popular among investors, with their appeal further heightened due to the COVID-19 pandemic..Private Equity Market Trends in France: An Overview of Robust Growth and Sectoral Preferences As the French private equity market continues to thrive, a closer inspection reveals several key factors and trends shaping the demand within this dynamic financial segment. The past years have seen a substantial increment in fundraising activities, showcasing an impressive escalation from between €2 and €2.5 billion in 2016 to over €11.5 billion in 2021. This remarkable growth trajectory is an indicative reflection of the burgeoning interest and confidence investors place in private equity as an alternative investment channel, especially during times of economic flux and low-interest rates. The geographical concentration of the market, with a focus on the Paris region, underlines the centralization trend in France, with this region alone accounting for over 80% of fundraising activities. This not only emphasizes the economic weight of the Parisian hub but also suggests a localized strategy for major private equity firms and investors. The presence of significant industry players like Eurazeo, Tikehau, Meridiam, Andrea, Infravia, and heavyweight entities such as Ardian, along with BPI France representing the public sector involvement, demonstrates a rich ecosystem of actors who are actively shaping the market dynamics. An analysis of sectoral preferences indicates a pronounced inclination towards the healthcare and digital sectors. These segments have not only remained perennially attractive to investors but have also emerged stronger post the health crisis, underscoring their resilience and promising growth potential. The enhanced focus on these sectors can be attributed to the continuous innovations and the escalating need for healthcare services and digital solutions in modern economies. In conclusion, the French private equity market is characterized by robust growth, a Paris-centric approach in fundraising, and an evident lean towards sectors that are vital for economic and societal transformation. As investors continue to chase lucrative returns in a low-interest landscape, it is likely that the market will maintain its upward trajectory, especially within favored sectors that exhibit both stability and innovation potential..### Prominent Players Steering the French Private Equity Landscape The French private equity market is home to a cadre of formidable players, each contributing to the dynamic growth and success of the sector. These firms have carved out significant positions in the market, setting themselves apart through strategic fund-raising and investment in high-potential sectors. **Ardian** stands as a titan in the industry, a global investment firm headquartered in Paris that has garnered a reputation for its diversified investment strategies and substantial market impact. Known for its robust funds and significant investment firepower, Ardian is a go-to name for companies seeking substantial equity support and expertise to fuel their growth trajectories. **BPI France**, a public investment bank, holds a unique position by bridging the gap between government-backed financial support and private sector dynamism. Through its involvement in various private equity transactions, the institution plays a vital role in nurturing and scaling French companies, underlining the strategic importance of state involvement in fostering a competitive business environment. **Eurazeo** is another major contender, with its multifaceted approach spanning from venture capital to growth and buyout activities. Its presence and activities signal confidence in the market's potential for yielding considerable returns, reinforcing France's position as an attractive hub for private equity investments. **Tikehau Capital** has made its mark with a strong emphasis on alternative asset management and investment, tapping into the potential of various sectors. Its proficiency in discerning and capitalizing on profitable opportunities has made it one of the key drivers of growth within the private equity scene. **Meridiam**, with a keen focus on the development of public and community infrastructure, has positioned itself as a specialized investor with a long-term sustainable investment philosophy. Its approach underscores the importance of resilience and sustainability in investment strategies in today's market. **Andrea** and **Infravia** are also notable investors in the private equity landscape, with their strategic focus areas and investment philosophies further enriching the diversity and depth of the market. The expertise and capital these players bring to the table further fuel the growth narrative of the French economy, highlighting private equity's critical role in the broader financial ecosystem. In conclusion, these key actors in the French private equity market represent a blend of robust financial capabilities, strategic foresight, and commitment to supporting the growth of enterprises. Their positioning and continued success are reflective of a market that is mature yet dynamic, offering a fertile ground for financial innovation and compelling investment opportunities.
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Summary and extracts

1 Market overview

1.1 Definition and scope of the study

Private equity is a particularly risky business, which consists of providing equity capital to finance the development of a company.

In recent years, the sector has experienced record growth, benefiting from very favorable factors. Low interest rates and abundant liquidity have driven investors seeking returns to this mode of financing. As an illustration of this growth, fundraising in France has risen from €2.1 billion in 2016 to over €11.5 billion in 2021.

Reflecting French centralization, the private equity market in France is centered on the Paris region, which accounts for more than 80% of fundraising in France. Several private equity funds are raising increasingly large amounts of capital, including Eurazeo, Tikehau, Meridiam, Andrea, Infravia, etc. The importance of private equity firms such as Ardian and the public sector through BPI France should not be underestimated.

Among investors' favorite sectors, healthcare and digital continue to attract investment. Already attractive, these sectors are emerging even stronger from the health crisis.

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Latest news

Private equity: CVC postpones IPO to 2024 - 01/11/2023
  • CVC has postponed its IPO to 2024
  • CVC manages a portfolio of 177 billion euros in assets.
  • CVC's IPO was supposed to involve 10% of the manager, with a hoped-for valuation of between 10 and 15 billion euros
  • CVC's investors include Singapore's sovereign wealth fund GIC, Hong Kong's central bank and Kuwait's sovereign wealth fund KIA.
  • CVC recently acquired infrastructure manager DIF Capital Partners
  • CVC raised a €26 billion fund in six months, the largest LBO fund ever raised in the history of the unlisted sector.
  • Since coming to market in 2019, Sweden's EQT has risen by over 140%
CVC accelerates private equity consolidation - 06/09/2023
  • CVC takes control of Dutch infrastructure manager DIF for 1 billion euros.
  • DIF Capital Partners manages assets worth 16 billion euros.
  • Prior to this acquisition, CVC managed 177 billion euros in assets.
  • CVC also has a significant presence in credit, where it manages some 38 billion euros.
  • CVC closed the largest fund in LBO history at 26 billion euros.
  • Goldman Sachs and Morgan Stanley have been mandated for a potential CVC IPO.
Infrastructure expert Infravia enters the real estate market - 10/07/2023
  • Investment fund Infravia has recently entered the real estate sector, despite market uncertainties.
  • Infravia has announced the acquisition of Oreima, which holds real estate assets worth 2 billion euros. Oreima's next fund aims to raise 500 million euros.
  • In 2018, Infravia managed €4 billion in assets and employed around 30 people.
  • By 2024, Infravia plans to manage €20 billion in assets via four investment themes and employ 120 people.
  • Assets under management in infrastructure should still account for around three-quarters of Infravia's investments next year.
  • A new critical metals fund is due to be raised by the end of the year, with €2 billion under management.
  • Oreima specializes in real estate investment and is present in office buildings in Paris
Bpifrance ready to launch a third private equity fund - 19/12/2022
  • 100 million euros raised in six months from 7,000 non-professional investors
  • Its predecessor, the Bpifrance Entreprises 1 fund, attracted 4,000 retail investors
  • Bpifrance Entreprises 2 is based on a portfolio of 1,500 companies in which the public bank has already invested
  • The average investment per investor was 15,000 euros

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Raise invest
BPI France
Tikehau Capital
CVC Capital Partners
Infravia Capital
Macquarie Capital Group
Oaktree Capital Management
Butler Capital Partners

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