The Re-up programme by Louis Flamand, Altaroc’s Chief Investment Officer

Altaroc Re-up programAltaroc on a core belief in private equity: it is impossible to time the market. Unlike in public markets, investors have no control over when to enter or exit; these decisions are made by the fund managers. In this context, the only truly effective strategy for maximizing performance is to invest regularly—ideally the same amount each year—in order to capture all economic cycles and not miss out on the best opportunities. In practice, even the largest institutional investors struggle to apply this discipline. Three major constraints explain this difficulty. First, the denominator effect: when public markets decline, the proportion of private equity in their portfolio automatically becomes too high, forcing them to reduce their commitments at the worst possible time. Second, the numerator effect: when private equity outperforms, its weight becomes too significant in the overall allocation, again leading to a forced reduction in investments. Finally, allocation decisions are often influenced by internal or strategic considerations outside of private equity, which prevents a consistent approach over time. The Re-up program enables private investors to overcome these constraints by adopting a disciplined and scheduled approach. By investing regularly over several years, they gradually build a diversified portfolio, gain exposure to different economic cycles, and maximize their chances of capturing the asset class’s overall performance. This approach offers several competitive advantages. First, it draws on the experience ofAltaroc founders, former fund managers, who bring institutional expertise to the table. Second, the portfolios are intentionally concentrated on the best funds to generate more alpha than more diversified institutional allocations. Finally, Re-up’s discipline enables the structuring of an investment program optimized for the long term—an area where even large institutional investors face challenges. Ultimately, Re-up transforms a structural constraint of private equity into a genuine performance driver by combining consistency, temporal diversification, and rigorous manager selection.