Introducing the Vintage Altaroc Odyssey FPCI

The Vintage Altaroc Odyssey is being launched against the backdrop of a gradual recovery in the private equity market, with a strategy that remains faithful toAltaroc historical fundamentalsAltaroc incorporating certain tactical adjustments. The portfolio is built on a rigorous selection of institutional managers, characterized by a long track record, high and consistent performance, a low loss rate, and a proven ability to create value through operational growth rather than leverage.The investment universe comprises seven funds from six leading managers, including Insight Partners, Hg, Great Hill Partners, New Mountain, Inflexion Nordic Capital. This structure is built around sustainable investment themes, notably significant exposure to software and technology, growth and buyout strategies, as well as lower mid-market funds backed by large-cap platforms, offering a better risk-return profile thanks to their operational and sector-specific resources.A notable shift concerns sector allocation, with increased exposure to software and technology services, now ranging between 50% and 60%, at the relative expense of healthcare, adjusted to between 10% and 20%. This rebalancing reflects both the depth of the market for software-specialized managers and favorable structural trends (SaaS, cloud, AI, recurring revenue), while taking into account the limited number of opportunities meeting Altaroc standards Altaroc healthcare.Geographically, the strategy aims for a balance between Europe and North America (45% each), with a deliberate reduction in exposure to Asia due to geopolitical risks and a less mature market. Vintage also marks a “Re-Up” phase, involving the renewal of commitments to managers already present in previous portfolios, following in-depth due diligence and ongoing comparison with a benchmark portfolio (“shadow portfolio”). Two investments have already been made: Insight Partners , focused on hyper-growth software with valuations that have become attractive again, and Hg IV, a large-cap fund specializing in software. Overall, the portfolio aims for balanced diversification across geography, sectors, and strategies, with up to 170 underlying holdings. The common thread among the selected funds remains value creation primarily driven by operational growth, with limited use of debt, thereby reinforcing a favorable asymmetric risk/return profile.