Private Equity is now yours

The one-stop-shop solution for you and your investors to access institutional-quality Private Equity funds.

Altaroc Partners,
a leader and pioneer in the world of Private Equity.

With a rich history dating back to 1972, Altaroc Partners, formerly Amboise Partners, stands as one of Europe's oldest asset management firms.

Founded by Maurice Tchenio, the firm managed Apax's Private Equity funds from the launch of the first fund until 2010, a testament to our stability and experience in the industry.

Since 1995, Altaroc Partners has been committed to promoting the democratisation of Private Equity by serving as the investment advisor to Altamir, the first evergreen Private Equity company listed in Europe.
Altamir provides access via the stock market to a leading portfolio of growth-oriented mid-sized companies, primarily managed by the funds Seven2 (formerly Apax Partners SAS) and Apax Partners LLP.

In 2021, the firm launched the Odyssey fund range, allowing private clients to build a Private Equity portfolio each year, starting from €100,000, composed of 5 to 7 global funds of institutional quality and co-investments alongside Altaroc and its partners.

A management firms whose expertise and demanding standards are recognized and awarded.

Voted the Most Innovative Company 2023

Award for the Most Innovative company within the French market in 2023, presentedby Gestion de Fortune, a specialized French Magazine.

Voted Private Equity Platform of the year in 2024

Private Equity Platform of the year 2024 award, presented by Gestion de Fortune, a specialized French Magazine.
FOUNDERS

Two former fund managers with strong proven track records.

Maurice Tchenio,
Chairman
Co-founder ofApax, one of the world's leading Private Equity firms.
A track-record of more than 25 years as Chairman of a listed fund of funds. Pioneer of Venture Philanthropy in France through the AlphaOmega Foundation
Maurice Tchenio is the Chairman and CEO of Altaroc Partners, and also leads Altamir Gérance and the AlphaOmega Foundation.

He began his career teaching finance at HEC, followed by a stint at the IDI in Paris. In 1972, he co-founded Apax Partners, a top global Private Equity firm, and managed its French operations until 2010.

He founded Altamir, a publicly traded Private Equity company, in 1995 and the venture philanthropy foundation AlphaOmega in 2010.

Maurice Tchenio is a co-founder of AFIC (France Invest) and was a director at EVCA (Invest Europe). He holds degrees from HEC and Harvard Business School, where he was a distinguished Baker Scholar.
Fréderic Stolar,
Managing Partner
Co-founder of Sagard, a leading Buyout fund in French-speaking Europe.
A graduate of Ecole Centrale Supelec and Wharton Business School (Palmer Award with High Distinction), Frédéric Stolar has over 35 years' experience in Private Equity, including almost 20 years as Co-founder and Managing Director of Sagard funds, the leading Mid-Market Investor in French-speaking Europe.

Frédéric began his career at Apax before joining Warburg Pincus in London as Head of Financial Services. In 2001, with the support of Power Corporation of Canada and Groupe Bruxelles Lambert (Albert Frère and Paul Desmarais families), he co-founded Sagard. He successfully raised and deployed its first three funds, positioning the company as one of the most successful French investment funds in the mid-market segment.

In May 2021, Maurice Tchenio and Frédéric Stolar founded Altaroc, with Frédéric as Managing Partner.
ABOUT PRIVATE EQUITY

Understanding the Private Equity asset class.

What is Private Equity?
Private Equity involves acquiring significant or majority equity ownership in private companies that are not listed on public stock exchanges.

Private Equity firms typically raise funds from institutional investors, such as pension funds, insurance companies, and wealthy individuals, to invest in these companies and enhance their value through strategic management, operational improvements, and sometimes financial restructuring.
The ultimate goal is to achieve significant returns on investment, often exceeding 15%* internal rate of return (IRR) and 2.0x the gross investment at the time of selling the stakes, usually after holding the investments for an average of 5 to 7 years.

Private Equity investments are characterized by a long-term horizon and can be applied across various sectors, including technology, healthcare, and consumer goods.

*Performance of Private Equity growth & buyout - world.
Pitchbook - December 2023
The fundamentals of Private Equity
Private Equity firms raise capital from institutional investors and use strategies like leveraged buyouts, growth capital, and venture capital to acquire and manage companies.

They actively work to enhance operational efficiency, expand markets, and optimize financial structures in their portfolio companies. The investment is typically held for 5 to 7 years before being sold through an exit strategy like an IPO or sale to another firm or to an industrial. This approach aims to achieve high returns, offering exciting investment opportunities while managing significant risks.

Watch the video of Frederic Stolar, Managing Partner of Altaroc, to learn more about the fundamentals of the asset class.
Value creation and the benefits of investing in Private Equity
Investing in Private Equity offers private investors the potential for high returns, historically outperforming public markets, due to the active management and strategic value creation initiatives employed by Private Equity firms.

Investors can access exclusive investment opportunities in private companies, diversifying their portfolios. Private Equity investments involve long-term commitments, promoting sustained growth over short-term market fluctuations.

Additionally, when investors and Private Equity firm interests align and the firm leverages its expertise to enhance company performance, it can lead to significant capital appreciation.
Value creation in Private Equity
Understanding Private Equity
Value creation in Private Equity
The four Private Equity Strategies
There are four private equity strategies that are implemented at different stages of a company's life cycle.

Watch Louis Flamand, our chief investment officer, explain the four strategies and which ones are most suitable for private investors.
Value creation in Private Equity
Understanding Private Equity
Value creation in Private Equity
The cashflow model of a Private Equity fund
The cash flow model of a Private Equity fund involves three key stages. Initially, investors commit capital to the fund, which the fund manager draws down over time to invest in portfolio companies.

As portfolio companies grow and improve their operations, they generate cash flows to pay back investors. The fund eventually exits these investments through sales, IPOs, or other means, returning capital and profits to investors.

Throughout the fund's life, investors receive distributions from the earnings of sold investments and any residual cash flows from the portfolio companies.
Understanding the J -Curve
The J-curve in private equity refers to the typical cash flow pattern where initial returns are negative due to early investment costs and fees, followed by positive returns as investments mature and exit, creating a "J" shape when plotted over time.

Watch Louis Flamand, our chief investment officer, explain the concept of the J-Curve.
The benefits of a vintage fund of funds offering
A vintage fund of funds offering provides investors with diversified exposure to multiple private equity funds from a specific year or period, reducing the risk associated with any single fund or investment. This approach allows for smoother returns over time by spreading investments across different economic cycles and market conditions. Additionally, it grants access to top-tier fund managers and strategies that might be otherwise unavailable to individual investors while benefiting from professional management and due diligence.
Gain a comprehensive understanding of this asset class with our dedicated ebook on Private Equity.

Private Equity
key figures

Private Equity has historically outperformed public markets by investing in high-growth companies and implementing strategic value creation, making it an attractive option for long-term growth-seeking investors.
$13trn
Global Private Equity AUM

Source: PitchBook Report - December 2023
+$8trn
Increase in the size of global private markets AUM over the past decade

Source: Apollo outlook for Private Markets - March 2024
+13,4%
Average annual performance of Private Equity

Source: PitchBook Report - December 2023
Investing in Private Equity involves risks, including liquidity risk and capital loss. Past performance is not indicative of future results.
Who we are
ALTAROC IN FIGURES
A leader in Private Equity offering for private investors
+1,2
Billions euros raised
+19
Fund managers
+400
Supported companies
+60
Experts
+5
Countries
+5 000
Private investors
OUR SELECTED FUND MANAGERS
our companies

Venture into exceptional entrepreneurial opportunities and support entrepreneurial endeavors globally through Altaroc's fund-of-fund strategy.

+400 companies supported in more than sixty countries.

Altaroc Vintages

Portfolios built with conviction by recognised experts
80% of the Vintage
invested in 5 to 7 top quartile funds managed by global fund managers, carefully selected every year by Altaroc's investment team.
20% of Vintage
invested in high-potential companies as co-investments with no fees or carried by our managers.
4 preferred sectors
which historically outperform global growth: Tech & telco (including Software), Services, Healthcare, Consumer.
2 segments
of Private Equity: Buyout and Growth, which have historically been the best-performing and least volatile.
2 main geographies
of investment: North America and Europe, with global exposure depending on investment opportunities.

Source: Pitchbook - Global LBO & Growth Equity - 31/12/2023. For the 2021, 2022 and 2023 Vintages of Altaroc Odyssey, the mature funds of the 15 managers selected delivered an average net performance equal to an IRR of 2.26x and 21.8% (arithmetic mean of the net performances of the 1999-2018 Vintage funds), which exceeds the performance threshold for classification in the first quartile (2.06x/21.7%) for the 1999 to 2018 Vintages.
A fund is in the first quartile if its net performance exceeds that of 75% of funds of the same Vintage.

Investing in Private Equity involves risks, including liquidity risk and capital loss. Find out more about those risks here.

the team

A team of +60 well-seasoned experts

Altaroc's team comprises seasoned professionals with deep expertise in private equity and a passion for identifying and nurturing high-potential companies. With a commitment to excellence, the team brings together a diverse set of skills, from investment management to strategic advisory to digital and commercial expertise.

Their collective experience and innovative approach enable Altaroc to deliver an outstanding experience for its clients and partners from day one.
Altaroc Private Equity team 
Mixed Private Equity team
Private Equity management team
Marie Ange and William team, Altaroc partnership
Private Equity back office team
Private Equity marketing team
Private Equity Partnership Services
Private Equity transaction team
Private Equity underwriting
Private Equity underwriting team
Private Equity investment team
Private Equity finance and operations team
Chief Digital Officer and managing partner
Private Equity work-study team
Eliott and Isidore partnership team
Finance, reporting and Private Equity operations team
Partnership team: Isidore and Maxime
Private Equity marketing and design team
Clement and Thibault: Private Equity partner service
Prviate Equity transaction team
Olivia and Marie-Ange: partnership team
Private Equity human resources and finance team
Private Equity investment team
Marketing and projects
Marketing team
Olivia and Marie Ange: Private Equity Partnership
Core investment team: Louis and Dimitri
Swiss partnership team
Management team
Isidore and Eliott: Private Equity team
Finance and reporting team
People team
Work-study students and trainees
Operations and finance
Operations team
Arnaud and Max
Investment team
Partnership team
Private Equity underwriting team
Private Equity partner service team
Mixed Private Equity team
Partnership team
Swiss partnership team
Finance and reporting team
Partner service team
Investment team
Private Equity off team
Investment team with Louis and Dimitri
Swiss partnership team
Seated management team
Fred and Stan laugh

Get in touch

Our international team is looking forward to meeting you, answering your questions, and demonstrating how Altaroc can positively transform private equity investment for your clients.
Thibault Delbarge
Country Head BENELUX
Julie Van Campenhoudt
Head of Switzerland
Cyril Hourdry
Development Director
+33 6 62 07 83 81
cyril.hourdry@altaroc.pe
Damien Helene
Editor-in-Chief
Disclaimer
-The proposed investment is in Private Equity. Neither the capital nor the return is guaranteed. Therefore, the capital is at risk.
-The figures provided are for informational purposes only. They do not constitute a contractual commitment in any way.
-Past performance is not indicative of future results.
-The sequencing of capital calls and distributions is based on historical data and the smoothing effect provided by a fund-of-funds strategy.
-Adverse market conditions may render these assumptions obsolete.
Any entry fees charged by distributors have not been taken into account in the calculations.

LIQUIDITY RISK
Altaroc Private Equity funds invest mainly in securities of unlisted companies.
These securities are not liquid and there is no secondary market to facilitate transactions. The funds may therefore find it difficult to dispose of their holdings at the desired price or within the desired timeframe. In addition, as transfers of fund units are limited, it will be difficult for investors to transfer their units.

COMPANY-SPECIFIC RISK
Investors bear an entrepreneurial risk, linked to the unlisted companies held directly and indirectly by Altaroc Private Equity funds.
By their very nature, SMEs are generally riskier than larger companies. In addition, unlisted securities held by the funds are valued directly by management firms based on the estimated fair market value, and not directly by an organised market.

RISK OF CAPITAL LOSS
The risk of capital loss is particularly relevant to investments in unlisted securities. As Altaroc Private Equity funds do not offer a capital guarantee, the capital invested may not be returned in full or in part.

VALUATION RISK
It can be difficult to find appropriate price references for unquoted investments. This may have an impact on the valuation of the investment portfolio of Altaroc Private Equity funds.

PERFORMANCE RISK
Investment objectives present an expected result, but there is no guarantee that such a result will be achieved. Depending on market conditions and the macroeconomic environment, investment objectives may become more difficult to meet.