The Private Equity White Paper

Gain a basic understanding of how the secondary private equity market works, its advantages, its limitations, and the main types of transactions.

The key criteria to consider when choosing an Evergreen fund: investment strategy, structure, liquidity, fees, and portfolio composition.

Understand the differences between generalist funds, specialized funds, and thematic funds, as well as the advantages of each approach in private equity.

Private Equity Explained Simply: Investing in Unlisted Companies, Its Various Forms, and Its Potential for Long-Term Value Creation.

A detailed analysis of the secondary market in private equity to understand its opportunities and mechanisms.

Eliott Vincent's insights on how to choose the right evergreen fund in private equity.

Louis Flamand, Chief Investment OfficerAltaroc, explains how a private equity fund operates, discusses market cycles, and outlinesAltaroc positioningAltaroc the enterprise software sector in light of artificial intelligence.

Antoine Duchiron explains the key criteria for evaluating an Evergreen private equity fund: underlying strategy, open- or closed-end structure, fees, and, above all, liquidity (gate mechanisms).

What is the secondary market in private equity, and what is its real purpose? A clear explanation of its mechanisms, advantages, limitations, and the main LP-led and GP-led strategies.

Private equity funds are becoming increasingly specialized. In this video, learn about the differences between generalist, specialized, and thematic funds, and why this matters for value creation.

How should we interpret a private equity fund’s performance over time? A clear understanding of performance dynamics and short-term biases.

Private equity invests in unlisted companies. In this video, you’ll explore the entire investment cycle: key players, strategies, value creation, and exits.

Private equity favors a long-term horizon and gradual deployment.

Private equity offers performance, diversification, and access to a broader universe.

Why private equity fees contribute to net performance.

Invest in private equity without delay thanks to a vintage approach.

Generalist or specialist funds: what are the differences in private equity?

Understanding the fundamentals and value creation in private equity.

Private Equity allows investors to invest in unlisted companies with specialized managers aiming for high returns by supporting fast-growing, well-managed businesses. Unlike the stock market, where judgement is quarterly, Private Equity offers an investment horizon of 5 to 7 years to develop and execute a business plan.

Private equity invests in unlisted companies and aims to achieve sustainable long-term performance.

Altaroc long-standing strategyAltaroc private equity funds of funds.

Louis Flamand highlights the team risk andAltaroc selection approach.

Private equity creates value through active governance and long-term growth.

Louis Flamand advocates a disciplined approach to buyout growth equity.

Private equity encompasses venture capital, growth capital, LBO turnarounds, with a wide range of investment profiles.

Private equity has historically outperformed and offers diversification that is uncorrelated with listed markets.

Louis Flamand, CIO, presents the mechanism and challenges of the J-curve in private equity.

Private Equity: A Relatively New and Often Misunderstood Field

Evergreen funds allow for long-term investment in private equity and other private assets without a predetermined term. More flexible than closed-end funds, they offer regular subscription opportunities and controlled liquidity, while maintaining a long-term investment horizon.

Family offices place significant emphasis on private equity in their asset allocations. In France, it accounts for an average of 34% of their portfolios, according to the 2025 AFFO-EY Barometer. This allocation is part of a long-term strategy based on diversification, rigorous selection of managers, and access to unlisted companies.

There is no “ideal” percentage for private equity. Its role in a portfolio depends on wealth management goals, investment horizon, liquidity needs, and risk tolerance. More than just a percentage, it is the consistency of the overall allocation and the selection of fund managers that are decisive.

Private equity can complement a wealth management strategy when it is part of a diversified portfolio tailored to the investor’s objectives. This asset class offers exposure to unlisted companies and is suited to a long-term investment approach. Due to its illiquidity and the risk of capital loss, its role depends in particular on wealth management objectives, the investment horizon, liquidity needs, and risk profile.

According to France Invest's 2023 annual study, French private equity has historically generated an average net internal rate of return (IRR) of 13.3% per year over a ten-year period.

For more than twenty years, the world’s largest institutional investors—from Canadian pension funds to major U.S. universities—have been gradually increasing their exposure to private equity.

According to Bain & Company, technology has been one of the top investment sectors for private equity globally for several years.

After reaching a peak in market capitalization in 2021, publicly traded SaaS companies experienced a historic correction.

Behind the terms “GP-led” and “LP-led” lie two distinct mechanisms that address different needs within the private equity ecosystem.

With nearly $240 billion in transactions completed in 2024, according to Jefferies, the private equity secondary market has reached an all-time high.

According to several historical studies, private equity has at times outperformed public markets over long periods. However, these results depend on many factors, including the selection of managers, the investment year, and market conditions, and are not a guarantee of future performance.

Investing in private equity involves allocating capital to unlisted companies via specialized funds, with a view to providing strategic support and transformation over the long term.

Growth buyout of the natural evolution of private equity. Value creation depends first and foremost on the quality of the business plan and the ability to execute it operationally.

Investment funds and mutual funds play an important role in asset management and wealth management.

Deal flow is the starting point for any private equity strategy. It refers to all the investment opportunities that a fund identifies, analyzes, and filters over time.

The J curve is one of the most frequently used concepts to describe the performance dynamics of a private equity fund.

A co-investment involves an investor participating directly, alongside a private equity fund, in an investment in a specific company. The co-investment is made in addition to any commitment to the main fund.

Unlisted investments, often grouped under the term "private markets," are playing an increasingly important role in long-term management. They provide access to companies, projects, and assets that operate outside the public financial markets.

Private equity and venture capital play a key role in financing unlisted companies. These strategies enable companies at different stages of maturity to be supported by specialized funds that raise capital over the long term.