What assumptions are applied in the Re-up programme?

Frédéric Stolar explains that the performance of the Re-up program relies entirely on the AltarocAltaroc model, Altarocwhich is the standard structure of a private equity fund: capital invested gradually over five years, with repayments beginning in the fourth year, targeting a performance of approximately 1.7x the investment and an annual gross return of around 13%. This model, taken on its own, is already effective, but it remains imperfect because the capital is not utilized continuously. This is precisely where the Re-up strategy comes into play. It optimizes capital efficiency by extending the investment horizon and, above all, by systematically reinvesting distributions. Instead of leaving outflows idle, they are immediately reinvested in new funds. Capital never “sits idle,” which automatically improves overall performance without increasing risk or altering return assumptions. The main challenge, therefore, is not to aim for a return exceeding 13%, but to ensure that this return is consistently achieved. Over the long term, this continuity of investment generates a powerful multiplier effect through compound interest. Over a 15-year period, this can lead to very significant multiples, even under conservative assumptions. However, this strategy can only work with the right infrastructure. It requires the ability to produce new, high-quality vintages every year, constant diversification across portfolios, technical expertise in recycling cash flows, and a digital platform to manage the entire process seamlessly. It is precisely this combination that setsAltaroc apart. Ultimately, the strength of Re-up does not rest on an unrealistic promise, but on rigorous investment discipline and the optimal use of capital over time. It is not financial magic, but structured optimization that maximizes long-term performance.