Frequently asked questions about Private Equity and offers Altaroc

Investing in Vintage Odyssey
The minimum subscription amount Vintage the Odyssey range Vintage Odyssey Odyssey , Horizon , or ELTIF) depends on both:
- of the jurisdiction of subscription, and
- the investor's regulatory classification (professional client, semi-professional client, or "well-informed investor").
For professional clients, the minimum subscription amount is generally set at €100,000, regardless of the jurisdiction in the countries where the Odyssey range is marketed.
For semi-professional or "well-informed" investors, the minimum amounts vary depending on the jurisdiction, in accordance with the applicable regulatory framework:
- France, Switzerland, Italy: €100,000
- Germany: €200,000
- Belgium: €250,000
In all cases, the amounts committed are drawn down gradually over a period of 5 years.
For example, a commitment of €100,000 corresponds to an annual call for funds of €20,000, divided into two payments of €10,000.
Our teams are available to confirm the amount applicable to your client's situation, based on their country of residence and regulatory classification.
Yes. The Odyssey range Vintage Odyssey whether Odyssey , Horizon , or ELTIF funds—are listed with almost all Luxembourg life insurers.
This listing allows them to be included in Luxembourg life insurance contracts, subject to the specific conditions of each insurer and the investor's regulatory profile.
Our teams can assist you in checking the practical details with the relevant insurer.
The funds in the Odyssey range Odyssey Odyssey , Horizon , or ELTIF) do not provide for liquidity windows during their lifetime.
Shares may therefore not be redeemed at the investor's initiative before the fund's maturity date, including in the event of any extension, in accordance with the regulatory documentation.
This lack of intermediate liquidity is inherent to the nature of private equity. Capital is invested in funds that are themselves committed to long-term investment and divestment cycles. Distributions occur gradually, as the underlying funds complete divestments.
Investing in a Vintage the Odyssey range Odyssey therefore be considered from a long-term perspective, corresponding to the lifespan of the underlying funds, which is generally 10 years and may be extended by an additional 2 to 3 years.
Starting in 2023, and for all Vintage funds Vintage the Odyssey range Odyssey whether Altaroc Odyssey , Horizon , or ELTIF funds—the terms and conditions for capital calls are as follows:
- 20% of the committed amount is called on the closing date;
- Subsequently, calls for funds are made twice a year, on fixed dates, for an amount equal to 10% of the amount committed at each due date, or 20% per year.
This mechanism ensures clear and predictable visibility for investors regarding the pace of disbursement of their commitment.
It should be noted that investors who subscribe after the first closing must pay a subscription premium to the fund. This practice, which is common in private equity, aims to preserve fairness between investors who have subscribed on different dates.
For more details on how this premium is calculated, please refer to the regulations of the fund concerned.
Vintage Odyssey Vintage Odyssey mainly marketed byAltaroc partners, including wealth management advisors, family offices, and private banks.
Subscription is primarily carried out through these professionals, as part of a support process tailored to the client's profile and regulatory situation.
In addition, depending on the jurisdiction, a subscription may also be made directly when the subscriber does not have a designated intermediary. In this case, contact is made via the "Subscribe" section of theAltaroc website.
The subscription conditions are exactly the same, whether the investment is made through a partner or directly.
Investing in private equity involves, among other things, a risk of capital loss and a liquidity risk, and should be considered from a long-term perspective.
The Altaroc product range
The pace of deployment Vintage the Odyssey range Vintage Odyssey whether Odyssey Horizon funds Horizon can be explained by a deliberately structured and forward-looking investment organization.
Firstly, the selection of underlying funds takes place during the first year of Vintage life, and at the latest during the following year. Conversely, many funds of funds spread their selection phase over a period of up to three years in order to build their diversification. Our approach therefore significantly speeds up the portfolio construction process.
Next, we select managers who themselves have a sustained deployment rate, which helps to put the invested capital to work quickly.
Finally, we commit to the selected funds at a very early stage, which gives our subscribers access to Odyssey Vintage funds Vintage are Odyssey heavily invested at the time of subscription.
This combination—rapid selection, dynamic managers, and early commitment—explains the speed of deployment observed on the Vintage Odyssey.
The Odyssey range Vintage products Odyssey mainly marketed through a network of partners (wealth management advisors, family officers, and private bankers).
However, depending on the jurisdiction, it is possible to subscribe directly when prospects come to us via our website and do not have an advisor. This distribution channel remains a minority one and is not favored: our business development efforts are primarily focused on our network of partners.
In all cases, the pricing conditions applied are strictly identical, whether the subscription is made directly or through a partner.
The Altaroc team Altaroc carried interest compensation only on the 20% of the funds' co-investments.
In addition, carried-interest (or performance fees) are only paid if the fund has returned to investors the full amount of their commitment in cash.
Investing in Private Equity involves risks. Past performance is no guarantee of future results.
For more details on carried interest, see the fund regulations.
Thanks to its international network, its ability to analyze management teams, and its capacity to make significant and recurring commitments, Altaroc to funds managed by players that historically rank in the top quartile globally for their strategy, according to available performance data.
Access to these funds is generally conditional on the ability to make a substantial and long-term commitment, with the best-performing managers often having limited capacity and high demand from institutional investors.
In addition, a growing number of leading asset managers are looking to diversify their investor base by opening up to a demanding private clientele. To do so, they are seeking structured partners capable of aggregating commitments and providing an appropriate operational and regulatory framework.
In this context,Altaroc size, credibility, and positioningAltaroc key factors in accessing funds that have historically ranked in the top quarter of their category.
Technology, Healthcare, B2B Services and Digital Consumers are the growth sectors that will drive the transformation of the economy in the years to come, and are characterised by their resilience. This is why Altaroc's investment team has developed particularly sharp expertise in these sectors.
Altaroc and Altamir are both managed and advised by Altaroc Partners.
Altaroc SA (formerly Amboise Partners) is an asset management company founded in 1972 by Maurice Tchenio, one of the pioneers of private equity in France. He was responsible for creating the concept of the first FCPRs (venture capital mutual funds) and helped define the standards of the profession in his market.
Altamir relies on the Odyssey range Vintage funds Odyssey its geographic diversification and diversification of managers.
Altaroc is backed by a highly experienced investment team, with five experts combining over 100 years of experience:
- Maurice Tchenio, Chairman and Co-founder, founded Apax in 1972, today one of the world's undisputed leaders in LBOs; he was instrumental in the creation and development of the Private Equity industry in Europe. In 1995, he also founded Altamir, a listed Private Equity company specializing in Private Equity, listed on Euronext, to give private individuals access to institutional-quality Private Equity.
- Frédéric Stolar, Managing Partner and Co-founder, began his career in 1991 at Apax with Maurice Tchenio. He then headed the Financial Services division at Warburg Pincus Europe, one of the largest American Private Equity funds. In 2001, with the support of the Albert Frère and Paul Desmarais families, he co-founded the Sagard Private Equity fund, which he managed for almost 20 years.
- Louis Flamand, Chief Investment Officer, has over 20 years' experience in funds of funds, including as Head of Investments Europe and Asia for Metlife and Global Head of Private Equity for UBS Private Bank,
- Dimitri Bernard, Investment Director, has over 10 years' experience in the world of Private Equity. He was in charge of Private Equity fund selection at Indosuez, as well as funds of Private Equity funds for Ardian.
- Eric Sabia, CFO, joined Altamir in 2016 as Chief Financial Officer, then Altaroc in 2021 where he holds the same position.
The Odyssey range
Altaroc 's Odyssey range of Vintage products is much faster to deploy than conventional funds of funds: in fact, all subscriptions to the underlying funds are completed in less than 12 months, compared with 3 to 4 years for a conventional fund of funds.
What's more, since underlying funds take an average of 4 years to deploy the capital raised, the portfolio of underlying companies is built up in 3 to 4 years, compared with 7 to 8 years for a conventional fund of funds.
Vintage Odyssey Vintage Odyssey on an identical investment strategy, founded on the rigorous selection of private equity funds with proven track records and a diversification approach.
However, they are not strictly identical in terms of their composition. The underlying funds selected may vary from one Vintage another, as may the companies held indirectly through these funds.
Each Vintage thus Vintage the market opportunities available at the time of its creation, while complying with the strategic framework and investment criteria specific to the Odyssey range.
The value proposition ofAltaroc
Investing in Altarocs vintage ranges enables customers to protect themselves against macroeconomic risk by investing in several Vintage.
Private equity investments entail risks of liquidity and capital loss.
Past performance is not a reliable guide to future returns.
Private Equity
Investors are solicited as investments are made by the underlying funds. Calls for funds are mainly concentrated during the investment period, i.e. the first 4 to 5 years of the fund's life.
However, calls may be made during the post-investment period, to finance management fees and/or additional investments in portfolio companies.
Originating in the United States, Private Equity has developed rapidly over the last 40 years, initially among institutional investors such as pension funds, insurance companies, etc., who wished to invest in unlisted companies by delegating the management of their investments to specialized management companies. It consists of an operation whereby an investor buys shares in unlisted companies seeking equity capital.
Management companies support and/or improve the performance of the companies in which they acquire stakes. The companies acquired are supported for an average of five to seven years, then sold with a crystallised capital gain when they are taken public or resold, either to industrial groups or to other funds. The companies we support generally have one of the following profiles:
- unlisted growth companies,
- so-called "orphan" companies or underdeveloped divisions of large corporations,
- listed companies that are undervalued or whose growth potential could be better exploited by a private shareholder.
The Private Equity model can be applied to a wide range of companies, whatever their type, size, sector or geographical area. There are many cases in which Private Equity generates real added value, particularly when the companies it supports need to change size, strategy or organisational set-up.

Carried interest is defined as profit-sharing for the Private Equity fund management teams, based on the fund's performance. In general, this participation corresponds to 20% of realized capital gains, provided that the investor has achieved a minimum annual IRR (Internal Rate of Return, or "hurdle rate") of 8% - in most cases - after management fees.
If the minimum IRR is not reached, no carried interest is payable.
Asset class performance & risk
Investing in Private Equity entails risks, particularly in terms of liquidity and capital loss. Find out more about the main risks associated with Private Equity investing on our Private Equity Performance and Risks page.
Private Equity's performance is based on a series of levers explained by Frédéric Stolar in this short video.
Private Equity investments entail risks of liquidity and capital loss. Past performance is no guarantee of future results.
Solutions designed to be a long-term part of institutional allocations.
We ensure strong alignment between investors, management teams, and underlying managers. Our solutions are structured to support long-term allocation strategies, incorporating the governance, liquidity, and risk management constraints specific to institutions.
A rigorous selection, due diligence, and monitoring process, incorporating risk analysis.
Each manager is evaluated according to demanding quantitative and qualitative criteria, with particular attention paid to the consistency of performance and the robustness of the operational model. Investment monitoring is part of a process of continuous control and transparency in line with institutional standards.
In-depth knowledge of cycles, international managers, and value creation drivers.
Our team combines institutional experience with dedicated expertise in private equity. We analyze market dynamics, valuation trends, and manager strategies to enable our partners to integrate private equity consistently into their clients' overall asset allocation.
Strategies developed by leading managers, which are often difficult to access directly.
We select teams recognized for the quality of their track record, their investment discipline, and their ability to create value over multiple cycles. Our positioning gives us access to attractive segments of private equity and opportunities generally reserved for a limited number of investors.
Investing in Private Equity entails risks, particularly in terms of liquidity and capital loss. Find out more about the main risks associated with Private Equity investing on our Private Equity Performance and Risks page.
The minimum subscription amount Vintage the Odyssey range Vintage Odyssey Odyssey , Horizon , or ELTIF) depends on both:
- of the jurisdiction of subscription, and
- the investor's regulatory classification (professional client, semi-professional client, or "well-informed investor").
For professional clients, the minimum subscription amount is generally set at €100,000, regardless of the jurisdiction in the countries where the Odyssey range is marketed.
For semi-professional or "well-informed" investors, the minimum amounts vary depending on the jurisdiction, in accordance with the applicable regulatory framework:
- France, Switzerland, Italy: €100,000
- Germany: €200,000
- Belgium: €250,000
In all cases, the amounts committed are drawn down gradually over a period of 5 years.
For example, a commitment of €100,000 corresponds to an annual call for funds of €20,000, divided into two payments of €10,000.
Our teams are available to confirm the amount applicable to your client's situation, based on their country of residence and regulatory classification.
The pace of deployment Vintage the Odyssey range Vintage Odyssey whether Odyssey Horizon funds Horizon can be explained by a deliberately structured and forward-looking investment organization.
Firstly, the selection of underlying funds takes place during the first year of Vintage life, and at the latest during the following year. Conversely, many funds of funds spread their selection phase over a period of up to three years in order to build their diversification. Our approach therefore significantly speeds up the portfolio construction process.
Next, we select managers who themselves have a sustained deployment rate, which helps to put the invested capital to work quickly.
Finally, we commit to the selected funds at a very early stage, which gives our subscribers access to Odyssey Vintage funds Vintage are Odyssey heavily invested at the time of subscription.
This combination—rapid selection, dynamic managers, and early commitment—explains the speed of deployment observed on the Vintage Odyssey.
Yes. The Odyssey range Vintage Odyssey whether Odyssey , Horizon , or ELTIF funds—are listed with almost all Luxembourg life insurers.
This listing allows them to be included in Luxembourg life insurance contracts, subject to the specific conditions of each insurer and the investor's regulatory profile.
Our teams can assist you in checking the practical details with the relevant insurer.
The funds in the Odyssey range Odyssey Odyssey , Horizon , or ELTIF) do not provide for liquidity windows during their lifetime.
Shares may therefore not be redeemed at the investor's initiative before the fund's maturity date, including in the event of any extension, in accordance with the regulatory documentation.
This lack of intermediate liquidity is inherent to the nature of private equity. Capital is invested in funds that are themselves committed to long-term investment and divestment cycles. Distributions occur gradually, as the underlying funds complete divestments.
Investing in a Vintage the Odyssey range Odyssey therefore be considered from a long-term perspective, corresponding to the lifespan of the underlying funds, which is generally 10 years and may be extended by an additional 2 to 3 years.
The Odyssey range Vintage products Odyssey mainly marketed through a network of partners (wealth management advisors, family officers, and private bankers).
However, depending on the jurisdiction, it is possible to subscribe directly when prospects come to us via our website and do not have an advisor. This distribution channel remains a minority one and is not favored: our business development efforts are primarily focused on our network of partners.
In all cases, the pricing conditions applied are strictly identical, whether the subscription is made directly or through a partner.
Starting in 2023, and for all Vintage funds Vintage the Odyssey range Odyssey whether Altaroc Odyssey , Horizon , or ELTIF funds—the terms and conditions for capital calls are as follows:
- 20% of the committed amount is called on the closing date;
- Subsequently, calls for funds are made twice a year, on fixed dates, for an amount equal to 10% of the amount committed at each due date, or 20% per year.
This mechanism ensures clear and predictable visibility for investors regarding the pace of disbursement of their commitment.
It should be noted that investors who subscribe after the first closing must pay a subscription premium to the fund. This practice, which is common in private equity, aims to preserve fairness between investors who have subscribed on different dates.
For more details on how this premium is calculated, please refer to the regulations of the fund concerned.
Investing in Altarocs vintage ranges enables customers to protect themselves against macroeconomic risk by investing in several Vintage.
Private equity investments entail risks of liquidity and capital loss.
Past performance is not a reliable guide to future returns.
Vintage Odyssey Vintage Odyssey mainly marketed byAltaroc partners, including wealth management advisors, family offices, and private banks.
Subscription is primarily carried out through these professionals, as part of a support process tailored to the client's profile and regulatory situation.
In addition, depending on the jurisdiction, a subscription may also be made directly when the subscriber does not have a designated intermediary. In this case, contact is made via the "Subscribe" section of theAltaroc website.
The subscription conditions are exactly the same, whether the investment is made through a partner or directly.
Investing in private equity involves, among other things, a risk of capital loss and a liquidity risk, and should be considered from a long-term perspective.
The Altaroc team Altaroc carried interest compensation only on the 20% of the funds' co-investments.
In addition, carried-interest (or performance fees) are only paid if the fund has returned to investors the full amount of their commitment in cash.
Investing in Private Equity involves risks. Past performance is no guarantee of future results.
For more details on carried interest, see the fund regulations.
Thanks to its international network, its ability to analyze management teams, and its capacity to make significant and recurring commitments, Altaroc to funds managed by players that historically rank in the top quartile globally for their strategy, according to available performance data.
Access to these funds is generally conditional on the ability to make a substantial and long-term commitment, with the best-performing managers often having limited capacity and high demand from institutional investors.
In addition, a growing number of leading asset managers are looking to diversify their investor base by opening up to a demanding private clientele. To do so, they are seeking structured partners capable of aggregating commitments and providing an appropriate operational and regulatory framework.
In this context,Altaroc size, credibility, and positioningAltaroc key factors in accessing funds that have historically ranked in the top quarter of their category.
Technology, Healthcare, B2B Services and Digital Consumers are the growth sectors that will drive the transformation of the economy in the years to come, and are characterised by their resilience. This is why Altaroc's investment team has developed particularly sharp expertise in these sectors.
Altaroc 's Odyssey range of Vintage products is much faster to deploy than conventional funds of funds: in fact, all subscriptions to the underlying funds are completed in less than 12 months, compared with 3 to 4 years for a conventional fund of funds.
What's more, since underlying funds take an average of 4 years to deploy the capital raised, the portfolio of underlying companies is built up in 3 to 4 years, compared with 7 to 8 years for a conventional fund of funds.
Vintage Odyssey Vintage Odyssey on an identical investment strategy, founded on the rigorous selection of private equity funds with proven track records and a diversification approach.
However, they are not strictly identical in terms of their composition. The underlying funds selected may vary from one Vintage another, as may the companies held indirectly through these funds.
Each Vintage thus Vintage the market opportunities available at the time of its creation, while complying with the strategic framework and investment criteria specific to the Odyssey range.
Investors are solicited as investments are made by the underlying funds. Calls for funds are mainly concentrated during the investment period, i.e. the first 4 to 5 years of the fund's life.
However, calls may be made during the post-investment period, to finance management fees and/or additional investments in portfolio companies.
Altaroc and Altamir are both managed and advised by Altaroc Partners.
Altaroc SA (formerly Amboise Partners) is an asset management company founded in 1972 by Maurice Tchenio, one of the pioneers of private equity in France. He was responsible for creating the concept of the first FCPRs (venture capital mutual funds) and helped define the standards of the profession in his market.
Altamir relies on the Odyssey range Vintage funds Odyssey its geographic diversification and diversification of managers.
Altaroc is backed by a highly experienced investment team, with five experts combining over 100 years of experience:
- Maurice Tchenio, Chairman and Co-founder, founded Apax in 1972, today one of the world's undisputed leaders in LBOs; he was instrumental in the creation and development of the Private Equity industry in Europe. In 1995, he also founded Altamir, a listed Private Equity company specializing in Private Equity, listed on Euronext, to give private individuals access to institutional-quality Private Equity.
- Frédéric Stolar, Managing Partner and Co-founder, began his career in 1991 at Apax with Maurice Tchenio. He then headed the Financial Services division at Warburg Pincus Europe, one of the largest American Private Equity funds. In 2001, with the support of the Albert Frère and Paul Desmarais families, he co-founded the Sagard Private Equity fund, which he managed for almost 20 years.
- Louis Flamand, Chief Investment Officer, has over 20 years' experience in funds of funds, including as Head of Investments Europe and Asia for Metlife and Global Head of Private Equity for UBS Private Bank,
- Dimitri Bernard, Investment Director, has over 10 years' experience in the world of Private Equity. He was in charge of Private Equity fund selection at Indosuez, as well as funds of Private Equity funds for Ardian.
- Eric Sabia, CFO, joined Altamir in 2016 as Chief Financial Officer, then Altaroc in 2021 where he holds the same position.
Private Equity's performance is based on a series of levers explained by Frédéric Stolar in this short video.
Private Equity investments entail risks of liquidity and capital loss. Past performance is no guarantee of future results.
Originating in the United States, Private Equity has developed rapidly over the last 40 years, initially among institutional investors such as pension funds, insurance companies, etc., who wished to invest in unlisted companies by delegating the management of their investments to specialized management companies. It consists of an operation whereby an investor buys shares in unlisted companies seeking equity capital.
Management companies support and/or improve the performance of the companies in which they acquire stakes. The companies acquired are supported for an average of five to seven years, then sold with a crystallised capital gain when they are taken public or resold, either to industrial groups or to other funds. The companies we support generally have one of the following profiles:
- unlisted growth companies,
- so-called "orphan" companies or underdeveloped divisions of large corporations,
- listed companies that are undervalued or whose growth potential could be better exploited by a private shareholder.
The Private Equity model can be applied to a wide range of companies, whatever their type, size, sector or geographical area. There are many cases in which Private Equity generates real added value, particularly when the companies it supports need to change size, strategy or organisational set-up.

Carried interest is defined as profit-sharing for the Private Equity fund management teams, based on the fund's performance. In general, this participation corresponds to 20% of realized capital gains, provided that the investor has achieved a minimum annual IRR (Internal Rate of Return, or "hurdle rate") of 8% - in most cases - after management fees.
If the minimum IRR is not reached, no carried interest is payable.





































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