Inside Private Equity - June 25, 2025 issue

This special episode of Inside Private Equity is dedicated to Maurice Tchenio, a founding figure of private equity in France. Through his career, the program traces the emergence and widespread adoption of this asset class, as well as how private equity can support entrepreneurs, help structure businesses, and champion causes of public interest. The first part highlights two iconic success stories. Christophe Czajka, founder of Infopro Digital, explains how he transformed print publications and professional directories into digital platforms based on data, content, and technology. Alongside him, Alain Afflelou reflects on the disruption he brought to the eyewear industry by transforming glasses—once seen as a utilitarian medical product—into an accessible and desirable accessory through now-famous marketing concepts like “Tchin-Tchin.” Both speak to the decisive role played by Maurice Tchenio and Apax their development, particularly during the acceleration, transformation, and internationalization phases. The “Au cœur des fonds” segment revisits another major milestone in Maurice Tchenio’s career: the creation of Altamir, followed byAltaroc, with the ambition of making private equity accessible to private investors. Eddy Misrahi, Sophie Javary, and Marion Chapel Massot explain how Altamir was founded in the 1990s to enable individuals to gain indirect access to this asset class via the stock market, beforeAltaroc this democratization approach through wealth management advisors and private banks.The program then turns to Maurice Tchenio’s philanthropic commitment through the AlphaOmega Foundation. Inspired by private equity methods, this foundation applies the principles of venture philanthropy to the nonprofit sector: long-term guidance, financial support, strategy, organization, digital transformation, and operational excellence. Christophe Paris, CEO of Afev, demonstrates how this support has enabled his organization to scale up its efforts in the fight against educational inequality by engaging students to work with children from priority neighborhoods. Jean-Sébastien Decaux, for his part, explains why the Decaux family supports the AlphaOmega Foundation. He shares a vision of capital as a tool for the public good, capable of strengthening local communities, preserving heritage skills, and supporting projects with long-term impact. Finally, the “Authors’ Voices” section is dedicated to the book *Bats-toi*, published by Maurice Tchenio at Fayard. In it, he reflects on his personal history, his relationship with destiny, his passion for entrepreneurial struggle, and his desire to pass on a decision-making method to his children, grandchildren, and young entrepreneurs. The book serves as a personal account, but also as a living record of the birth of private equity in France.