Altaroc Horizon 2026: A Luxembourg Framework for International Private Equity

45% in Europe and 45% in North America: these two regions are the main geographic targets for theAltaroc Horizon 2026 fund. This fund aims to invest in unlisted companies through a selection of funds and co-investments. It is structured as a Luxembourg-based vehicle intended for sophisticated investors who are eligible under their respective jurisdictions.

To analyze this international offering, two aspects must be distinguished: the companies to which the portfolio provides access and the framework under which the investor holds his or her shares.

The legal structure, marketing terms, tax implications, and payment obligations are just as important as the underlying strategy. Here are the key points to understand when evaluating Altaroc Horizon 2026.

What sets " Altaroc "Horizon , and 2026 apart?

Altaroc Horizon 2026 is a sub-fund ofAltaroc Global SCA – SICAV-RAIF, a Luxembourg-based closed-end alternative investment fund. Managed by Altaroc Partners, it is part of an organization dedicated to the international distribution of a private equity strategy.

Its international nature encompasses two distinct aspects. The portfolio seeks exposure to multiple markets, while the marketing of the vehicle is subject to the rules applicable in each country.

Two international dimensions to distinguish

Geographic diversification applies to companies held directly or indirectly in the portfolio. It allows investments to be spread across multiple economies, without eliminating the risks common to the relevant sectors or markets.

International distribution, on the other hand, refers to the individuals to whom the fund may be offered. A Luxembourg-based investment vehicle is not automatically available to all European or international investors.

This distinction helps avoid a common misunderstanding: the fund’s domicile does not determine either the location of all its holdings or the eligibility of each investor.

A Different Kind of Vehicle fromOdyssey 2026

Altaroc Horizon 2026 and Altaroc Odyssey 2026 provide access to a strategy managed by the same master fund, Altaroc Master 2026 SLP. However, their subscription vehicles are different.

Horizon is a sub-fund of a Luxembourg SICAV-RAIF. Odyssey 2026 is a French specialized professional fund organized as a general partnership.

How does the Luxembourg structure work?

The structure ofAltaroc Horizon 2026 is based on a framework reserved for certain categories of investors. Understanding this structure makes it possible to distinguish between the investment vehicle, its manager, and the investments to which it provides access.

What the RAIF Framework Means

RAIF stands for Reserved Alternative Investment Fund. The vehicle is subject to the Luxembourg regulatory framework applicable to this category of funds.

Altaroc Horizon 2026 is not subject to authorization or direct supervision by the Luxembourg Financial Sector Supervisory Commission (CSSF). It is managed by Altaroc Partners, an external alternative investment fund manager authorized and supervised bythe French Financial Markets Authority (AMF).

The Role of the Master Fund

Altaroc Horizon 2026 operates as a feeder fund for theAltaroc Master 2026 SLP. The master fund holds investments in the underlying funds and co-investments.

The investor therefore holds an interest in the vehicle Horizon, which provides indirect exposure to the master fund’s portfolio. Cash flows follow this structure before reaching the investor.

Who is the target audience for the Altaroc Horizon 2026?

Access to the fund depends on both the investor’s status and the applicable marketing framework in the investor’s jurisdiction. The first step, therefore, is to verify eligibility.

The Concept of a Savvy Investor

Altaroc Horizon 2026 is intended for investors who meet the definition of a “well-informed investor” under Luxembourg regulations applicable to RAIFs.

This qualification is based on specific criteria. It does not stem simply from a familiarity with finance or an interest in private equity.

The criteria must be reviewed in light of the fund’s documentation and local regulations. Financial capacity to invest is not, on its own, sufficient to determine the suitability of the product.

Restrictions Vary by Jurisdiction

Eligible investor categories may vary depending on the country in which the fund is offered. The Altaroc Horizon 2026 fund is available in the following countries:

• Netherlands,
• Switzerland,
• Germany,
• Belgium,
• Italy,
• United Kingdom,
• Spain,
• Portugal,
• Singapore.

The minimum subscription amount must also be confirmed for the relevant class of shares and circumstances. A threshold presented in a commercial context does not replace this verification.

What should you check depending on your country of residence?

A cross-border investment requires consideration of several complementary factors. Tax residency, the investor’s status, and the terms of ownership can affect the analysis.

Availability and Applicable Documents

The first question is whether the fund can be offered to the investor in that jurisdiction. This assessment must take into account the fund’s regulatory classification and the terms of the distribution channel.

Next, you must identify the documentation pertaining to the fund and the shares you are considering. The prospectus, the articles of incorporation, the subscription form, and the key information document—where applicable—set forth the rights and obligations.

The language in which the documents are available and an understanding of the terms of the contract are also part of this review. A general overview of the product is not a substitute for the application documents.

Individual Tax Consequences

The fact that the fund is domiciled in Luxembourg does not necessarily imply a uniform tax advantage. The tax treatment depends, in particular, on the country of residence, the status of the holder, and the form of ownership.

The analysis must distinguish between amounts paid, distributions received, and any reporting requirements. It must also take into account whether the entity is an individual or a corporation.

A change in tax residency during the term of imprisonment may require further review. These matters should be discussed with qualified legal counsel in the relevant jurisdictions.

What is the exposure to unlisted companies?

The investment framework constitutes the first part of the analysis. The second part focuses on the economic drivers of the portfolio: the companies, their sectors, and their methods of value creation.

A structure combining direct investments and co-investments

Altaroc Horizon The 2026 fund aims for an allocation of 80% in private equity funds and 20% in co-investments, with exposure to more than 150 underlying companies over time. These figures represent portfolio construction targets and do not necessarily reflect the portfolio’s composition at launch.

The underlying funds provide access to companies selected by the partner managers. Co-investments offer targeted exposure to certain transactions carried out alongside them.

Diversification should be assessed at the company and economic risk levels. A single company may be included in both a fund and a co-investment portfolio.

The Value Creation Drivers We Are Seeking

The targeted strategies are primarily buyout and Growth Equity. They are based on supporting companies, with different investment structures and financing needs.

Managers can drive business growth, international expansion, digital transformation, or complementary acquisitions. Value creation depends on the successful execution of these transformations and the price at which the investment can subsequently be sold.

Environmental, social, and governance issues are also factored into the analysis of companies and their practices. Their integration must be assessed based on the processes actually implemented, without making assumptions about financial results.

Guidelines for the 2026 Vintage

Technology and software account for 50 to 60 percent of the portfolio, compared with 10 to 20 percent for healthcare. B2B services and B2C digital complement these sector-specific focuses.

The indicative geographic breakdown targets 45% in Europe, 45% in North America, and 10% in Asia and the rest of the world. These targets may change depending on opportunities and management decisions.

The investment universe includes, among others , Hg , Genesis 11 ,Main Capital , IX, Main Foundation III, Bridgepoint , Europe VIII, GTCR Fund XV, andApax , XII. The status of commitments and the actual composition of the portfolio should be monitored in the management reports.

What commitments does signing up entail?

Investing in a private equity fund is not just about the initial investment. The financial commitment must be considered over the entire holding period, regardless of expected distributions.

Fundraising Appeals fromAltaroc Horizon 2026

The capital call schedule calls for 10% at subscription, followed by 10% every six months starting in April 2027. Subsequent payment dates are scheduled for around the end of March and the end of September, in accordance with the terms of the agreement.

For the final closing scheduled for March 31, 2027, the call amounts to 20%, combining the subscription payment and the payment for the first half of 2027. The applicable terms and conditions must be verified at the time of investment in the fund.

For example, a hypothetical commitment of €300,000 results in a payment of €30,000 for a 10% call. This arithmetic example does not define the minimum subscription amount.

Cash Flow Management for the Long Term

Investors must be able to meet their obligations without relying on early redemptions or distributions that are still uncertain. A predictable payment schedule does not make the investment liquid.

Financial simulations can illustrate a deployment and distributions over several years. However, they alone cannot determine the contract term, the options for extension, or the date of principal repayment.

The Re-Up program adds an extra dimension when an investor is considering several consecutive vintages. Each subscription remains separate and optional.

How do you analyze costs and performance?

The stated goal for “ Altaroc Horizon 2026” is 13% IRR , net of fees. This is a non-guaranteed investment objective and does not correspond to an annual payout of 13%.

The IRR takes into account the amount and date of redemptions and distributions. A timing difference in redemptions can affect this metric, even when the total amount ultimately recovered changes only slightly.

Fund managers’ track records are not indicative of the fund’s future performance Horizon. When reviewing them , it is particularly important to identify the time periods, the investments made, and the portion of the performance that is still based on valuations.

Fees must be reviewed for the relevant class of shares and across the entire structure. A distinction should be made between the fund’s costs, the costs of the underlying investments, and any performance-based fees.

What are the risks associated with international investment?

The risk of capital loss refers to the possibility of recovering less than the amounts invested, or even losing the entire investment. Diversification does not eliminate this risk.

The risk of illiquidity stems from the nature of the assets and the restrictions applicable to the units. A sale may be difficult or may not occur at the desired price or within the desired timeframe.

International exposure may also entail foreign exchange risk. The currency used for subscription is not sufficient to determine the currencies to which the companies in the portfolio are economically exposed.

Valuations of unlisted companies are based on periodic estimates. The fact that these estimates are published less frequently than stock prices does not mean that companies are immune to market fluctuations.

Finally, risks can be cumulative: debt, economic slowdown, competition, and exit difficulties. Diversification across countries and fund managers does not guarantee that these factors will evolve independently.

Altaroc Horizon 2026 must therefore be evaluated from two complementary perspectives : the portfolio’s economic strategy and the legal, financial, and tax conditions governing its ownership.

Key Takeaways

• A Luxembourg SICAV-RAIF sub-fund, reserved for eligible sophisticated investors.
• Access requirements vary by jurisdiction, and sales in France are restricted to professionals.
• 80% in funds and 20% in co-investments: the target allocation.
• 45% in Europe and 45% in North America: the main geographic markets targeted.
• 13% of “ IRR ” net of fees: a non-guaranteed target, distinct from annual income.
• Risks of capital loss, illiquidity, valuation, and foreign exchange must be considered together.

FAQ on Altaroc Horizon 2026

Altaroc Horizon Is 2026 a Luxembourg fund?

Yes. Altaroc Horizon 2026 is a sub-fund ofAltaroc Global SCA – SICAV-RAIF, a Luxembourg-based closed-end alternative investment fund. It is managed by Altaroc Partners.

Is the fund available in all countries?

No. Access depends on the marketing rules and eligibility requirements applicable in each jurisdiction. The fund’s domicile in Luxembourg does not create a universal right to subscribe.

Can an individual subscribe to the Altaroc Horizon 2026?

It depends on the fund’s classification and jurisdiction. The fund is intended for eligible, sophisticated investors. In France, it is available only to professional investors. The “ Altaroc Horizon 2026” fund is offered in the Netherlands, Switzerland, Germany, Belgium, Italy, the United Kingdom, Spain, Portugal, and Singapore.

What is the difference between the fund's domicile and its investments?

The domicile refers to the vehicle’s legal framework. The investments relate to the companies to which the portfolio provides exposure. A Luxembourg fund may thus invest indirectly in companies in Europe, North America, and other regions.

Altaroc Horizon Does 2026 pose a currency risk?

An international exposure may entail foreign exchange risk. The analysis of this risk depends, in particular, on the currencies of the assets, the companies’ operations, and any hedging mechanisms in place. The subscription currency alone is not sufficient to measure this risk.

Does the 13% target correspond to annual income?

No. This objective is expressed as a “ IRR ” net of fees, a metric that takes into account the timing of cash flows. It is neither a promised annual return nor a guarantee of performance.

What documents should you review before signing up?

You should review the prospectus, the articles of incorporation, the subscription documents, and the key information document, if applicable. You should verify the class of shares, fees, risks, and local conditions.

This content is educational and informational. It does not constitute an offer to subscribe or personalized investment advice. Investing involves the risk of capital loss and illiquidity. Past performance is not indicative of future results. Tax treatment depends on each investor’s individual circumstances. Any decision must be based on the applicable regulatory documentation.