2022 and 2023: fruitful years for Nordic Capital

Since joining the company in 2024 as Director of Compliance, Internal Control, and Risk, Diana Valier has been working to structure and strengthenAltaroc culture of rigor.

As the largest intergenerational transfer of wealth in history gets underway, private banks face an unprecedented challenge: winning over and retaining the loyalty of a new generation of investors who no longer see wealth as an inheritance, but as a lever for action. This colossal transfer of capital is not only upsetting the balance, it's redefining the way wealth is thought of and used. This generation of committed, connected investors in search of meaning is overturning the codes of private banking, and in this movement, private equity is establishing itself as the common language between capital and impact.

"Peter Chung, Managing Partner of Summit Partners, talks to us in Boston about his career, the Group's investment philosophy and his vision of private equity in a changing market environment.

From Oslo to San Diego, from Tel Aviv to Lyon, this special Summer 2025 issue takes you on a tour of the private equity world, to meet visionary CEOs and world-class asset managers.

Damien Helene and Louis Flamand spoke to Cathrin Petty, Co-Head of North American Private Equity and Global Head of Healthcare at CVC.

Faced with the growing challenge of demographic ageing and the erosion of returns on traditional assets, US pension funds are ahead of the game.

Faced with the growing challenge of demographic ageing and the erosion of returns on traditional assets, US pension funds are ahead of the game.

The hospital sector is undergoing a period of profound transformation, fueled by the rapid integration of advanced technologies. In this dynamic, private equity plays a key role, supporting innovative companies that are shaping the hospitals of tomorrow. Managers are investing in solutions that not only modernize infrastructure but also fundamentally change the way care is delivered, while improving operational efficiency and ensuring attractive financial returns.

As medicine undergoes an unprecedented transformation, visionary companies are pushing the boundaries of healthcare research and development. New therapies now target previously incurable diseases, while clinical trial processes are evolving to accelerate the arrival of innovations in hospitals.

50 to 60% of operations are currently performed on an outpatient basis, i.e. with a hospital stay of less than 12 hours.

Despite impressive technological advances, one question remains: will tomorrow's hospital be truly "intelligent", or will it remain trapped within the same structural and human constraints? Digital innovations promise to make care faster, more precise and more accessible, but they are not enough on their own. True transformation requires a complete reinvention of hospital models, capable of combining efficiency, humanity and ethics. Hospitals must now navigate a complex ecosystem, where economic, regulatory and organizational constraints are intertwined with a growing demand for quality care. Against this backdrop of deep crisis in the healthcare system, technological modernization must go hand in hand with adaptation to societal expectations: personalized, equitable and truly patient-centered care. The future of hospital establishments therefore depends on their ability to harmoniously integrate innovation, ethical responsibilities and human needs. At the heart of this revolution, healthcare data is emerging as a strategic lever. Intelligent analysis of medical records, connected devices and telehealth platforms enables earlier detection of risks, optimized care paths and truly personalized treatments. For doctors and hospitals, this information becomes a powerful decision-making tool, capable of anticipating future needs and reducing inefficiencies. Properly harnessed, data transforms the hospital: it becomes more agile, more human and, above all, fairer for all patients.

New Mountain distinguished itself by winning the prestigious "Fundraise of the Year - Americas" award at the PEI Awards 2024 for its New Mountain Partners VII fund, present in the Vintage FPCI Altaroc Odyssey 2023. This recognition underscores the firm's exceptional ability to raise significant capital, despite global economic challenges.

Hg was named "Private Equity House of the Year - Large-Cap" at the Real Deals Private Equity Awards 2025, in recognition of its consistent performance, solid sector strategy and the quality of its transactions in the segment of companies valued at over €500 million. This award confirms the positioning of Hg - present in the Vintage FPCI Altaroc Odyssey 2022 and in the selection universe of the Vintage FPCI Altaroc Odyssey 2025 - as one of the most recognized managers in European private equity.

Faced with ever more discerning investors, private equity managers have to strike a balance between financial performance and social responsibility. These new expectations are part and parcel of the need to ensure the long-term viability of investments.

Investing, yes, but how and at what price? We continue our interview with Darren Foreman, former Director of Private Equity at pension fund PSERS.

Former Director of Private Equity for the Pennsylvania Public School Employees Retirement System (PSERS) fund, Darren Foreman looks back on more than twenty years of private equity investing. He welcomed us to his home in Pennsylvania.

In the world of American private equity, dominated by media giants and high-profile transactions, New Mountain Capital cultivates a rare discretion. And yet, behind this reserved demeanor lies one of the most robust and unique models in the mid-market. Founded in 1999 by Steve Klinsky, a historic figure in US private equity, the firm was built on a simple but demanding idea: to favor defensive growth over speculative performance, and rigorous sector selection over opportunism.

In an exclusive interview with Altaroc, Steve Klinsky, founder and CEO of New Mountain Capital, highlights his firm's resilience and adaptability in the face of changing market conditions.

Since its creation in 1999, New Mountain Capital has built its reputation on the stability and consistent performance of its buyout funds, consistently ranking in the top quartile* of global private equity managers. True to its prudent and rigorous investment philosophy, the firm maintains strict requirements when selecting companies, with a meticulous approval process by its investment committee.

For almost 25 years, New Mountain Capital has built its success around an in-depth thematic approach, aimed at identifying and investing in defensive growth sectors. This method is based on a rigorous analysis of long-term economic dynamics: the firm selects sectors capable of prospering over a decade, regardless of cyclical fluctuations, such as variations in energy or construction prices.

For over forty years, Thoma Bravo has set the standard in private equity by revolutionizing technology investment. With $166 billion under management, the firm specializes in acquiring and optimizing companies in the software and cybersecurity sectors.

Thoma Bravo founder Orlando Bravo shares a resolutely optimistic vision of the future of private equity, particularly in the software sector. In the face of economic uncertainty, Bravo advocates a pragmatic approach: focus on acquiring leading companies and creating value, whatever the market context. For him, the future of private equity is inextricably linked to the software sector, which will continue to dominate transactions in the years to come.

Since its creation, Thoma Bravo has established itself as a key player in private equity, particularly in the software sector. Behind its buyouts is a clear strategy: identify market leaders, optimize their performance and maximize their value through far-reaching operational transformations. Orlando Bravo, the firm's founder, shares two emblematic transactions illustrating the fund's methodology: Compuware/Dynatrace and Axiom/Calypso, two examples of significant value creation.

In the world of private equity, few managers can boast as close and lasting a relationship with their investors as Thoma Bravo. Under Orlando Bravo's leadership, the American firm has won the loyalty of some of the world's largest institutions, while expanding its circle of partners. Through an approach combining transparency, performance and proximity, Thoma Bravo has created a unique model for managing investor relations, enabling it to raise colossal sums for its funds.

Over the years, private equity has seen its ambitions grow in the software sector. Thoma Bravo, a key player in this industry, has demonstrated that it is possible to carry out large-scale operations while ensuring successful exits, notably through sales to strategic acquirers. Orlando Bravo, co-founder of the firm, offers us valuable insights into the evolution of these dynamics, and the growing appetite of manufacturers for large software companies.

Over the past two decades, the software sector has become a strategic priority for private equity managers. At the forefront of this transformation is Thoma Bravo, an American manager who has established himself as one of the world's leading players in software buyouts.

For the past decade, New York-based investment consultancy GrowthCap has been selecting the world's best growth equity funds. Its 2024 ranking, which has just been unveiled, includes 5 managers present in the Vintage Altaroc : General Atlantic, TA Associates, Summit Partners, Thoma Bravo and Insight Partners.

Hg, a private equity firm founded in 1997, specializes in the acquisition of technology and services companies in Europe and the United States. With offices in London, Munich and New York, this European manager is present in the Vintage Altaroc Odyssey 2022. PitchBook recently ranked it as the most active investor in the IT sector in its 2024 global ranking.

For over ten years, the Private Equity Wire European Awards have been recognizing excellence in service delivery, fundraising and portfolio performance. Nordic Capital was one of the winners announced at the event, which took place in London on February 13, 2025. The two awards are recognition of its expertise.

Private equity remains largely unknown to the general public. Yet this asset class, long the preserve of pension funds, sovereign wealth funds and large family fortunes, plays an essential role in the functioning of the global economy.

Private equity is often perceived as a field reserved for institutional or wealthy investors, due to its specific characteristics. However, as the market develops and new access mechanisms are put in place, more and more investors are becoming interested in this asset class.

Beyond the financial returns it offers investors, private equity plays an essential role in economic development and business transformation. By supporting companies at different stages of their development, private equity funds provide the capital, strategic skills and long-term vision that foster innovation, growth and job creation. This economic impact is particularly visible in the technology, industrial and healthcare sectors.

At the 16th edition of the M&A Atlas Awards, organized by the Global M&A Network, Thoma Bravo, manager of the Vintage Altaroc Odyssey 2024, was honored with two prestigious awards, cementing his position as a leader in the private equity industry: Tech Private Equity Investor of the Year and Americas M&A Deal of the Year (Large-cap), the latter for the sale of Adenza Group to Nasdaq Inc.

Present in the Vintage Altaroc Odyssey 2023, Inflexion has established itself as a leader in European mid-market private equity thanks to the size of its organization and the quality of its operations.

In an ever-changing global economic environment, John Hartz, co-founder and Managing Partner ofInflexion, shares his vision of the medium- and long-term prospects for the private equity sector.

In a global economic climate marked by uncertainty, investors are asking themselves when is the right time to commit capital to private equity. John Hartz, co-founder and Managing Partner ofInflexion, sheds valuable light on this question, highlighting the resilience and effectiveness ofInflexion's strategy.

At the heart ofInflexion 's strategy is a distinct entrepreneurial culture. While many private equity firms emphasize highly qualified professionals and sophisticated financial strategies, Inflexion places great emphasis on creating a supportive and collaborative atmosphere. This approach aims to put the entrepreneur at the center of attention, listening carefully to his or her needs and ambitions.

Inflexion is a London-based private equity firm renowned for its expertise and innovative approach to investment. Founded in 1999, it specializes in supporting companies with high growth potential. It stands out for its commitment to providing strategic and operational support to its portfolio companies, facilitating their expansion and development.

Present in the Vintage Altaroc Odyssey 2022, STG is a key private equity player specializing in enterprise software. For over 20 years, the firm has distinguished itself through a rigorous approach based on four pillars: focus on software, mid-market positioning, strategic value enhancement and operational transformation.

Founded in 1989, Nordic Capital is one of Europe's leading private equity firms, renowned for its expertise in the healthcare, technology, payments and financial services sectors. With over three decades of experience, the Scandinavian asset manager stands out for its ability to generate sustainable value and support the growth of portfolio companies. This approach has enabled Managing Partner Kristoffer Melinder to be named one of the 50 most influential figures in European private equity by Private Equity News for the seventh year running. This distinction underlines his central role in Nordic Capital's strategy and success.

Our Special Report No. 8 devotes an in-depth analysis to Hg, a European private equity manager renowned for its specialization in B2B software and services, and present in the Vintage Altaroc Odyssey 2022. With $65 billion in assets under management, the firm has established itself as a key player, supporting the growth of high-potential companies in Europe and North America.

STGis one of the most prestigious private equity firms in the world. Since 2020, funds raised by STG have been in the top quartile worldwide, i.e. in the top 25% of international private equity funds*. This success is mainly attributable to the diversity and quality of its investors.

STG, the manager in the Vintage Altaroc Odyssey 2022, stands out for its ability to generate value through innovative and proven strategies. Under the leadership of Bill Chisholm, co-founder and managing partner, STG deploys validated programs and methodologies to maximize the potential of its investments and foster the growth of its portfolio companies.

The private equity industry is characterized by intense competition and varied strategies. Management companies must identify opportunities, conduct thorough due diligence, transform the acquired companies and, finally, sell them at a profit. STG, under the leadership of co-founder and managing partner Bill Chisholm, stands out for its unique, strategic approach to this competitive landscape.

Co-founded by Bill Chisholm, STG has gone through many phases of growth and challenge since its inception. Today, the lessons learned from its history define its DNA and guide its development and investment strategies. Bill explains the fundamental principles that have shaped STG and continue to mark its success.

Present in the Vintage Altaroc Odyssey 2022, STG was founded in 2002 by Bill Chisholm, Romesh Wadhwani and Bryan Taylor. To date, STG has raised seven funds and specializes in acquiring companies in the enterprise software sector.

Caroline Löfgren is Director of Sustainability at Hg. She spoke to Christopher Wellise, Director of Sustainability at Amazon Web Services, and Robin Åkerberg, Head of Sustainability at Visma. Interview conducted in July 2022.

Hg has operational expertise in a wide range of fields, reflecting the repeated value-creation opportunities that its teams identify.

Alan Cline, Head of North America at Hg, shares his outlook on investing in technology, including AI. Interview conducted on January 4, 2024

The world of private equity, long shrouded in mystery and fascination, is facing a series of crucial questions as we move into an era of rapid economic change. What are the future challenges for private equity, and what prospects can we expect?

With interest rates on the rise in 2023, is now the right time to invest in private equity?

Hg, manager of the Vintage Altaroc Odyssey 2022, made a substantial investment in IFS in 2022, valuing the Swedish company at $10 billion. Seeing great potential in the company, Altaroc also made a co-investment in IFS alongside Hg.

Private equity managers have gained in popularity because of their unique ability to create long-term value. They are seasoned experts who bring a proactive approach to investing, implementing strategies that go beyond simply holding shares. This translates into a direct influence on the growth and performance of the companies in which they invest.

Combining multiple strategies can enable Private Equity managers to differentiate themselves more holistically in the competitive investment market.

With the private equity industry becoming increasingly competitive, the historical leaders have had to adapt, and some have now adopted a specialization approach. Hg For example, the manager selected for Vintage Altaroc Global 2022 focuses on investments in BtoB software and technology services.

Present in Vintage Altaroc Global 2022, Hg is a European private equity manager specializing in supporting software and B2B service providers. It has established itself as a key player in the field of technology investments in Europe, investing in high-growth companies.

Nordic Capital, manager of the Vintage Altaroc Odyssey 2021, is a major player in European private equity, recognized for its expertise in transforming high-potential companies in strategic sectors such as healthcare, technology, financial services and industry. Since its creation in 1989, Nordic Capital 's investment strategy has focused on sustainable growth and value creation.

Hg is a manager in the Vintage Altaroc Odyssey 2022 and Altalife 2023, specializing in technology and services buyouts in Europe, and has just won two awards at the GP Bullhound Allstars Awards 2024 (leading technology investment and advisory firm).

In this special Summer 2024 feature, discover how companies are revolutionizing healthcare thanks to artificial intelligence, such as AiVF and its advances in in vitro fertilization, or Unlearn and its digital twins.

A manager present in Vintage Altaroc Global 2021, Nordic Capital is committed to adopting a policy of climate action: "we believe in promoting the transition to a low-carbon economy by investing in companies that can help protect our planet and create a brighter, more sustainable future. We're doing our part by measuring our environmental footprint, sharing reduction practices across our network of companies, and continually improving our company's overall ESG performance."

Nordic Capital recognizes the importance of matching talent with the right roles at the right time. The management company is convinced that an inclusive work environment and the widest diversity of perspectives lead to better performance and decision-making, and require structural efforts in the area of diversity and inclusion.

Nordic Capital affirms its commitment to the transformative potential of private equity in creating a positive future for people and planet alike. This vision is deeply rooted in the firm's culture and investment framework. The company emphasizes a responsible investment approach, stressing that responsible business practice is crucial to ensuring long-term success and value creation.

Interviewed by Louis Flamand, Klas Tikkanen, Chief Operating Officer of Nordic Capital, discusses the firm's vision of the medium- and long-term outlook for private equity.

European countries have been particularly hard hit by inflationary pressure due to rising energy and raw material costs, and bottlenecks in global supply chains.

EMEA Lender of the Year, Long-Term Private Equity Company of the Year, EMEA Fundraiser of the Year, Central & Eastern Europe Company of the Year, Benelux Company of the Year and European Large Cap Company of the Year. Here are all the awards received by CVC, the manager present in the Millesime Altaroc Odyssey 2023.

Nordic Capital firmly believes in measuring sustainable impact through clear performance indicators (KPIs) and in the transparency of its efforts to promote sustainable performance. The firm is guided by the UN's Sustainable Development Goals (SDGs) to determine where it can make the greatest contribution and seize significant business opportunities.

For a Buyout manager, adopting a differentiating strategy has a number of strategic and operational advantages that are crucial in a competitive and constantly evolving environment.

Interviewed byAltaroc's CIO Louis Flamand, Klas Tikkanen, Chief Operating Officer of Nordic Capital, talked about the types of investors he is targeting. Nordic Capital

Nordic Capital has more than 30 years of history, and has succeeded in implementing its own strategy through the various stages it has gone through. Klas Tikkanen, Chief Operating Officer of Nordic Capital, stresses "the importance of having a deep operational and industrial specialization".

Present in Vintage Altaroc Odyssey 2021 and targeted in Vintage Odyssey 2024, Nordic Capital is Sweden's oldest private equity firm. Founded in 1989, the management company originally specialized in carve-outs, as Klas Tikkanen, Chief Operating Officer of Nordic Capital Capital, explains.

Bridgepoint, a manager present in Vintage Altaroc Odyssey 2022 and targeted in Vintage 2024, focuses on investments in high-tech industries, healthcare, enterprise software and consumer. With 40 years' experience, the firm has made its mark on the private equity industry thanks to its strategic approach, commitment to innovation and ability to generate value for its investors and partners.

A manager present in Vintage Altaroc Global 2022 and targeted in Vintage 2024, Bridgepoint has had the same ambition since it was founded in 1985: to create a positive, sustainable impact.

Present in the Vintage Altaroc Odyssey 2022, Windar is one of the world's leading manufacturers of components for wind turbines.

Sourcing deals is a fundamental part of a private equity manager's job.

A manager present in the Vintage Altaroc Odyssey 2022 and targeted in the Vintage Altaroc Odyssey 2024, Bridgepoint invests mainly in 5 sectors.

Bridgepoint offers its 350 investors a wide range of medium-term investment strategies in the European mid-market.

Backed by its long-standing commitment and experience in selecting, financing and supporting companies with outstanding growth potential, Bridgepoint, which is present in Vintage Altaroc Odyssey 2022 and targeted in Vintage Altaroc Odyssey 2024, offers a highly differentiated private equity investment strategy.

In the wake of the 2008 financial crisis, the private equity industry has become increasingly competitive. Historic managers, including Bridgepoint, have had to reinvent themselves. In the United States, the industry's pioneering market, private equity firms have moved from a generalist to a specialist approach.

Altaroc has made an €80 million commitment to Bridgepoint, for its Vintage Altaroc Odyssey 2022. The manager is also targeted in the Vintage Altaroc Odyssey 2024.

For some years now, private companies and Private Equity have been moving towards sustainable growth, aware of the challenges of climate change, biodiversity and equity. Simple financial performance is no longer enough: the impact on the ecosystem is becoming crucial. Some investors are going even further, with a positive impact on the world. Download the special report N°2 to find out more.

Altaroc invests 80 million euros in CVC Capital Partners IX for its Vintage 2023 fund. With 160 billion euros under management, the fund manager attracts over 670 investors, including some of the world's wealthiest families. CVC counts among its clients 13 of the 15 largest North American pension funds and 9 of the 10 largest sovereign wealth funds in the world.

Frédéric explains the success of the Vintage Altaroc Odyssey 2021. He announces the launch of the second equity project. Watch the interview on B-Smart to find out more about this initiative.

Frédéric took part in B Smart on October 7, talking about Private Equity and the launch of Altoroc Find out what he had to say about the democratization of this rapidly expanding sector. Watch the show to find out more.

Altaroc is the winner of the "Private Equity Platform of the Year" award, chosen by 4,000 wealth management advisors. Already awarded in 2023 for its innovation, Altaroc thanks its clients for their confidence. Invest with caution: Private Equity involves risks. Consult the key information before making any decision.

Nordic Capital and CVC, featured in Vintage 2021 and 2023, are nominated for the Real Deal ESG Awards 2023. Nordic Capital shines in the "Large Cap House of the Year", "ESG Specialist" and "Deal of the Year" categories. Winners will be announced by the end of the year.

Nordic Capital, a player in the Vintage Altaroc Odyssey 2021, is nominated for the Private Equity Wire European Awards 2023 in the "Best Performance Over $2.5B: Buyout" category. The company, with €20 billion under management, is also a finalist in the Real Deals Private Equity Awards 2023 for the sale of Macrobond Financial. To be continued on February 7 and April 18, 2024.

CVC Capital Partners, an exceptional asset manager, is listed in Vintage Altaroc Odyssey 2023 with 160 billion euros under management. Investing in France, notably in Panzani and EcoVadis, the company reveals its Private Equity strategies. Discover the portrait of Jean-Christophe Germani, Managing Partner France.

Frédéric Stolar, ex-director of Sagard, launches Altaroc, a fintech offering global private equity to individuals starting from 100,000 euros. In association with Altaroc Partners, he offers an innovative solution in the sector. Over 30 years' experience in private equity guarantees a professional, reliable offering accessible to all.

CVCwith its 54 "deal leaders", offers a highly selective investment approach, with only 0.7 deals to manage per period. Its dense geographical footprint in 25 countries gives it a unique local approach. The firm stands out for the quality of its organization and its exceptional size.

According to the EY and SAVCA study, 48% of Private Equity firms in South Africa prioritize ESG criteria, ahead of talent management and product innovation. 81% have experienced ESG-related pressure from investors. The sector is asserting itself as a crucial lever for positive social and environmental impacts, with encouraging growth prospects.

Private Equity News ranks Gabriel Caillaux among the 50 most influential Private Equity personalities of 2023. As Climate Director and Co-President of General Atlantic, he is recognized for his commercial growth, his investments in EMEA and his support for the company's expansion.

The Nordic XI fund ranks second in Europe with €9 billion raised, 45% more than Nordic X. Its re-commitment rate is close to 100%. Private Equity fundraising in 2022 will reach $527.9 billion, down 14% but still among the highest ever recorded.

Louis Flamand, formerly of Metlife Investment Management, joins Altaroc as Chief Investment Officer. He previously managed $5 billion in Private Equity and now oversees fund selection. In an interview with CIO World, he explains how Altaroc is democratizing Private Equity with funds accessible from 100,000 euros, thanks to a B2B2C approach.

Nordic Capitalspecializing in healthcare and financial services, receives 2 nominations at the Private Equity International Awards 2023. Following a major divestment in 10 2022, the Stockholm-based manager is in the running for "Exit of the year" and "Firm of the Year in the Nordics". Voting closes on January 5, 2024.

Artificial intelligence is revolutionizing healthcare, putting people at the heart of the debate. David Gruson, founder of Ethik-IA, analyzes current regulations. How can ethics, technology and healthcare be reconciled? Do innovative companies stand out? Are investors integrating ethics into their choices? Here's how.

New technologies are revolutionizing the healthcare sector with AI for diagnostics, accelerated clinical trials and fertility assistance. Vintage Altaroc are positioning themselves in this fast-growing sector, offering personalized and predictive medicine. Find out more in Special Report No. 1.

TA Associatesmanager of Vintage Altaroc 2023, leads the HEC / Dow Jones ranking, ahead of Veritas Capital and Francisco Partners. HG Capital, manager of Vintage Altaroc Odyssey 2022, ranks 9th. The ranking combines six indicators to measure the performance of Private Equity funds.

Private Equity, which originated in the United States 50 years ago, remains a benchmark sector for investment. Altaroc aims to allocate 40% of its vintage funds to the United States. With a shrinking trade deficit, stable inflation and a solid job market, the US economy is in good shape.

Altaroc builds a global Private Equity Vintage every year, with an investment strategy diversified geographically (Europe, North America, Asia) and by sector (Tech, Telco, Digital Services, Digital Consumer, healthcare). Find out why healthcare is a key sector for Altaroc from Managing Partner Frédéric Stolar.

Managing billions of euros, CVC is included in the Vintage Altaroc Odyssey 2023. With 350 employees worldwide, the American team, led by Chris Stadler and Cameron Breitner, plays a key role in the European strategy. Their vision of the market? To buy distressed companies at the right price. Discover their latest acquisitions on video.

Closing words Closing the event with Frédéric Stolar

FPCI Odyssey 2025 - Innovation and support, the Altaroc DNA Discover the Altaroc approach and its technological ecosystem

Private equity investment strategies Discover how to invest effectively in this asset class

Composition of the new Vintage FPCI Altaroc Odyssey 2025 Discover the selection universe of our new Vintage and the first selected managers.

Deployment and performance of Vintage Altaroc Odyssey 2025: an update on previous Vintage

Relive the launch event of Vintage Altaroc FPCI Odyssey 2025 and discover the program of our webconference: 1) Deployment and performance of Vintage Altaroc Odyssey, 2) Composition of the new Vintage FPCI Odyssey 2025, 3) Private equity investment strategies 4) Innovation & Support: the Altaroc DNA

This past Thursday, April 3rd, we held the official launch of our latest FPCI Vintage: Altaroc Odyssey 2025. Discover the key moments and highlights from our webcast. The full replay is available here: https://m5.altaroc.pe

Thursday April 3 saw the launch of our latest Vintage FPCI Altaroc Odyssey 2025. Discover the best moments and highlights of our webconference. The full version of our webconference is available here: https://m5.altaroc.pe

Hg is a private equity fund established in 1990, specializing in LBOs for the software sector in Europe, and comprises three fund ranges, including the Saturn fund for large-cap companies. Since 2012, Hg has strengthened its specialization in software, becoming one of the world's leading acquirers of software companies and outperforming its European competitors in terms of size and resources. Altaroc has a strong and historic relationship with Hg, having invested in two of its funds in 2022 and participated in several co-investments over the past three years.

Insight Partners Partners, founded in 1995, is distinguished by its exclusive specialization in the software sector, with over 750 international investments. The fund is recognized for its ability to support hyper-growth companies, with sales increases frequently exceeding 80% per annum, and for valuing organic growth over leverage. What's more, Insight has a team of 70 people dedicated to sourcing, identifying and approaching target companies.

Louis Flamand announces the launch of Vintage Altaroc Odyssey 2025, with a strong focus on technology, particularly software, and a rebalancing of investments, reducing exposure to healthcare to 10-20% and increasing exposure to software and technology services to 50-60%. The selection universe includes seven funds from six renowned managers, such asInsight Partners and Nordic Capital, with investments primarily targeting Europe and North America in high-growth sectors. For Odyssey 2025, Altaroc has already committed $52 million with Insight Partners XIII and €60 million with Hg Saturn IV, while continuing due-diligence on other opportunities.

Vintage Altaroc Odyssey 2025 comprises seven private equity funds from six managers, focusing onAltaroc 's preferred sectors: software, payments, healthcare and services, with investments mainly in Europe and the United States. Among them, Insight Partners XIII and Hg Saturn IV, in which firm commitments have already been signed, stand out for their growth equity and buyout strategy, providing good visibility and effective deployment from the outset. Each of the management companies involved has between 25 and 35 years' experience, and manages assets of between 10 and 100 billion for institutional investors.

In this concluding webconference, Frédéric Stolar thanks participants for their confidence and reaffirms the solidity ofAltaroc 's private equity strategy. He highlights the promising performance of Vintage Odyssey 2024, which has already committed to five leading funds, with a notable first investment in Qlik. Frédéric also announces the company's next key appointments.

In just 4 years, 6,000 investors have entrusted Altaroc with access to an exclusive selection of the best private equity funds. Recognized expertise, a strong alignment of interests and dedicated support explain this success. Find out why Altaroc is the benchmark for private equity investing.

In this video, Dimitri Bernard and Eliott Vincent fromAltaroc explain why private equity is still not very accessible to private investors, despite its high potential returns. They discuss the main obstacles, such as the high entry fee, administrative complexity and lack of product knowledge. Thanks to the Altaroc Odyssey offer, which democratizes access to quality funds with a low ticket, Altaroc has attracted nearly 6,000 investors in four years. Find out how the expertise of our teams and the commitment of our founders have contributed to this success.

In this video, Dimitri Bernard, Investment Director at Altaroc , answers Eliott Vincent's questions on the role of fees in Private Equity and their impact on net performance. He explains why these high fees are justified by the complexity of the operations, the involvement of specialized experts and the rigorous Due Diligence processes. Dimitri also highlights why Private Equity, despite its potential for higher returns than listed markets, remains underexploited by private investors, due to misperceptions about the costs and complexity of this asset class.

In this video, Dimitri Bernard, Investment Director at Altaroc , analyzes the ability of Private Equity funds to maintain their historical performance in a less favorable economic context. He explains why, despite the end of low rates and abundant liquidity, Private Equity maintains an advantage over listed markets thanks to solid operational contributions, active governance and business transformation strategies. Dimitri also emphasizes the importance of targeting specialized funds to continue generating attractive returns.

In this video, Claire Peyssard, Head of Reporting and ESG at Altaroc , shares results on recent co-investments. She explains why companies held for less than a year are already showing significant revaluations, a rare phenomenon in private equity. Claire also highlights the exceptional performance of the largest co-investment in Vintage 2021, already valued at more than twice the stake in less than 2 and a half years.

In this video, Claire Peyssard, Head of Reporting and ESG at Altaroc , unveils the ten co-investments made in 2024, highlighting strategic sectors such as enterprise software and business services. It explains why these sectors offer resilience, growth and profitability, in particular thanks to business models based on subscription and the integration of artificial intelligence. Also discover two major co-investments: Opteven and Qlik, companies in full expansion, presented by their CEOs.

In this video, Louis Flamand,Altaroc's Chief Investment Officer, explains the fundamentals of private equity co-investment and its benefits for investors. He details how Altaroc selects the best opportunities alongside trusted managers, optimizes fees and accelerates the deployment of its Vintage investments. Find out why a controlled 20% allocation to co-investments is essential for risk management and portfolio performance.

In this video, Louis Flamand, Chief Investment Officer of Altaroc , shares his analysis on the impact of the current macroeconomic environment and recent political developments on Private Equity. He explains why post-crisis vintages, such as 2024 and 2025, present particularly attractive investment opportunities. Also discover how Altaroc has been able to accelerate the deployment of its Vintage 2024 through strategic co-investments, despite economic uncertainties.

In this video, Xavier Robert, Chief Investment Officer at Bridgepoint , analyzes the impact of macroeconomic dynamics on Private Equity, including the reindustrialization of the United States and the rise of Artificial Intelligence. He explains why American growth, even under Trump, remains a positive lever for European funds, thanks to the internationalization of portfolio companies. Find out how Bridgepoint maintains solid performance despite an uncertain economic environment and why 2023-2025 are shaping up to be key years for investment.

Faced with macroeconomic challenges, private equity relies on a rigorous selection of sector champions and controlled diversification. This video shows howAltaroc investment strategiesAltaroc to limit risk and optimize long-term performance.

Discover the highlights of our first webinar of 2025 with Damien Hélène and Frédéric Stolar. On the agenda: the arrival of Cyril Hourdry as Director of Development for France, the launch of our Odyssey ranges in ELTIF 2.0 format to accelerate our expansion in Europe, and a look at the macro-economic outlook for private equity. We will also discuss the opportunities offered by our Vintage 2024 and co-investments through exclusive interviews. An unmissable session to get the year off to a good start.

Private Equity escapes the vagaries of market timing thanks to a long-term investment horizon (7 to 10 years) and a gradual deployment strategy. By investing regularly, you optimize your diversification and reduce the risks associated with economic cycles. Find out why this approach is adopted by the largest institutional investors.

Private Equity has historically outperformed listed markets thanks in particular to better profitability, reduced volatility and a unique alignment of interests between investors and management. Its investment universe is 20 times larger than that of listed markets, offering exclusive opportunities. Discover why this asset class is a must-have for any diversified portfolio.

Being invested in Private Equity does not mean being well equipped. A strategic allocation between 10 and 30% of assets helps maximize performance and minimize volatility. Find out why traditional models are outdated and how Re-Up's strategy Altaroc allows you to invest like large institutions.

Waiting to invest in private equity can result in missing key opportunities. A time-honored, diversified approach reduces risk and optimizes long-term performance. Learn why top investors don’t wait and how Altaroc allows you to access institutional strategies today.

This video compares generalist funds and specialist funds, analyzing their specific characteristics, their respective strengths, and the contexts in which each may be relevant.

Frédéric Stolar concludes on private equity investment opportunities withAltaroc Vintage Odyssey .

Discover the companies included in the Odyssey 2024 vintage and their potential in the private equity world.

Discover the managers of the Odyssey 2024 vintage and their private equity investment strategy with Altaroc.

Expert analysis of the private equity market recovery, with a focus onAltaroc's Odyssey 2024 funds.

Join our webinar to discoverAltaroc 's new Odyssey 2024 funds and private equity opportunities.

DiscoverAltaroc's extra-financial reporting, presented by Claire Peyssard Moses, Chief Reporting Officer ofAltaroc.

DiscoverAltaroc 's financial reporting in this video presented by Claire Peyssard Moses, Chief Reporting Officer ofAltaroc.

Discover the best moments of the presentation of the Vintage Altaroc Odyssey 2024's new funds.

Discover the best moments of the presentation of the Vintage Altaroc Odyssey 2024's new funds.

Summit Partners is one of North America's leading Growth Equity and Growth Buyout firms, renowned for its proactive cold-calling approach. The firm invests in high-growth companies, mainly in technology, healthcare, services and consumer goods. With a 40-year track record, its mature funds deliver an average return of 2.9x net and 33% IRR. Altaroc Odyssey 2024 has committed to the Summit Partners Growth Equity Fund XII, with a target size of $9 billion.

Thoma Bravo is a leading North American LBO firm specializing in software publishers, founded by Carl Thoma and Orlando Bravo. The firm adopts a rigorous operational approach, optimizing margins from the first year of ownership and favoring external growth. Its mature funds display solid performances with an average multiple of 2.9x net and an IRR of 29%. Altaroc is involved in two of their funds: Thoma Bravo XVI ($20 billion) for the large cap and Discover V ($7 billion) for the upper mid-market.

Vitruvian Partners is a world leader in Growth Equity and Growth Buyout, initially in Europe, then internationally. The firm targets companies with strong organic growth, often stemming from technological or regulatory breakthroughs, in the technology, healthcare, services and consumer sectors. Its flexible strategy, combining growth equity and buyout, has generated solid returns, with an average multiple of 2.6x net and an IRR of 23%. Altaroc Odyssey 2024 has committed to the Vitruvian Investment Partners V fund (€6.5 billion).

Bridgepoint Development Capital (BDC) is Bridgepoint's lower-to-mid-market fund, to which Altaroc Odyssey 2024 has committed via BDC V. The fund targets high-growth companies valued between €50 million and €250 million, mainly in the Services, Technology and Healthcare sectors. BDC benefits from the resources of a large organization, giving it a competitive advantage over smaller funds. BDC's mature funds are performing strongly, with an average multiple of 2.6x net and an IRR of 30%.apital V, selected for the Vintage Altaroc Odyssey 2024.

Check out the interview with Jean-Christophe Germani, Managing Partner France at CVC, where he shares his insights and key strategies.

Video summary of Altaroc s Private Equity events, highlighting the Odyssey and Discovery ranges.

DiscoverAltaroc Vintage Odyssey Altaroc its private equity investment opportunities.

This video presentsAltaroc commitmentAltaroc responsible private equity through its Odyssey Discovery solutions.

Altaroc 's Vintage Odyssey 2024 was recently launched, attracting over 1,500 attendees at the launch event. This vintage is open for subscription with a selection of prestigious private equity managers, including Bridgepoint, Nordic Capital, and General Atlantic.

Video explaining the resilience of the US economy and its impact on private equity and Odyssey strategies.

The healthcare sector is a strategic area for Altaroc in its private equity investments.

Arnaud Lambert analyzes healthcare companies and the impact of private equity withAltaroc's Odyssey and Discovery vintages.

Discover the CVC strategy, supported by over 670 investors, and its integration into Altarocs offerings.

Find out how CVC, the $160 billion fund manager, illustrates the performance of private equity. Analysis byAltaroc.

Discover how ethics and artificial intelligence are transforming the healthcare sector, with a focus on private equity and Odyssey solutions.

Video onAltaroc 's innovative strategies to become a leader in Private Equity with Odyssey and Discovery.

Find out how Altaroc integrates US funds into its Odyssey and Discovery private equity strategies.

This video explores the applications of artificial intelligence in the healthcare sector, its growth potential, and the associated investment opportunities in private equity, throughAltaroc approach.

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 is one of the best-performing asset classes, but is still under-represented in French portfolios. Altaroc offers Vintage turnkey solutions to democratize access to Private Equity and enable private clients to replicate the strategies of large institutional investors in Private Equity.

Use our investment simulator to discover illustrative projections applied to Odyssey equity funds.

The Altaroc offer features a Private Equity investment strategy through vintage funds of funds, providing balanced exposure by investing each year, despite the challenges of rigorously selecting 5 to 7 exceptional funds per year.

Louis Flamand emphasizes that buyout and Growth Equity in Private Equity offer a good combination of risk, return and liquidity, and that a disciplined and consistent investment strategy in these areas is essential, without giving in to the trends of the moment. He stresses the importance of choosing managers with a proven track record and committing to the long term, concentrating on sectors with secular growth and avoiding trendy sectors without a solid performance track record.

Louis Flamand explains why Altaroc focuses mainly on the Mid Market, with investments in mid-sized companies, and avoids the Small Cap due to higher risks, while remaining open to Large Cap opportunities if they offer significant growth and various exit options, as illustrated by their Vintage 2023 investing in large funds targeting the upper Middle Market and lower Large Cap.

Altaroc 's Private Equity investment strategy favors the mature and specialized North American market, while remaining selective in Europe, with a preference for solid pan-European strategies. We avoid Asian funds, which are less proven to date, but keep an eye on developments in this market for potential future investments.

Altaroc offers a vintage portfolio of institutional-quality Private Equity, a highly innovative digital ecosystem to simplify life for our partners and their customers, and a high-quality service commitment.

With Altaroc , Private Equity experts Frédéric Stolar and Maurice Tchenio offer simplified access to this asset class, previously reserved for institutional investors, thanks to a product range natively designed for private clients and an intuitive digital ecosystem.

This video presentsAltaroc Re-Up programAltaroc its approach to wealth building through the Odyssey strategy.

DiscoverAltaroc Vintage Odyssey Altaroc its impact on the world of private equity.

Louis Flamand, our Chief Investment Officer, presents the Vintage Odyssey 2024 strategy. In particular, he explains the evolution of geographical diversification and the interest of Lower to Mid Market funds attached to Large-Cap organizations for this new Vintage , while recalling our cautious investment approach that targets specific sectors and organizations with a proven track record of value creation.

Find out how Venture Philanthropy fits in with Private Equity investments with Altaroc.

Altaroc Partners is reinforcing its ESG strategy in 2021, with 3 pillars: sustainable growth, ESG impact of managers and resolution of societal issues. Claire Peyssard-Moses details the evaluation of managers prior to investment to ensure compliance with their policy. Find out more about their ESG commitments and influence.

At Altaroc, for Vintage 2024, we are focusing on seven fund managers - Bridgepoint, Nordic Capital, Inflexion, General Atlantic, Five Arrows, Summit and Vista - covering the European and North American Mid-Market in the technology, healthcare, services and digital consumption sectors, to ensure a diversified portfolio with controlled risk.

Immerse yourself in the Vintage Odyssey and its strategic choices in Private Equity with Altaroc.

A look back at the highlights of the Odyssey vintage and the performance recorded by this private equity portfolio.

This video explains the fee structure ofAltaroc Re-Up programAltaroc to the Odyssey solution, in the context of a private equity investment.

Maurice Tchenio presents the first episode of the Re-Up program, a private equity investment strategy with Altaroc.

Discover episode 2 of the Re-Up program with Maurice Tchenio, Altaroc private equity and portfolio management expert.

In episode 3 of the Re-Up program, Maurice Tchenio takes a closer look at Altaroc's winning private equity strategies.

Maurice Tchenio analyzes best practices in private equity investment and Altaroc solutions in Episode 4.

Final episode of the Re-Up program with Maurice Tchenio, to understand the keys to success in Private Equity with Altaroc.

Find out how to diversify your private equity investment strategies and maximize your returns. Watch our video to learn more about re-up and best practices with Altaroc Private Equity.

Louis Flamand presentsAltaroc's Re-Up program, a unique approach to private equity investing.

This video details how to build a Re-Up program with Altaroc, using the Odyssey solution.

This video presents the principles of building a Re-Up program with Altaroc, through Odyssey.

This video presents the main assumptions ofAltaroc Re-Up programAltaroc to the Odyssey solution, in the context of a private equity investment.

This video presents the tools available for monitoring the performance of a Re-Up portfolio and managing it as part of a private equity investment with Altaroc.

This video is dedicated to the terms and conditions for discontinuing investments underAltaroc Re-Up program.

Frédéric Stolar explains the fee structure at Altaroc.

Frederic Stolar highlights how investing with Altaroc gives meaning to your savings, and how Altaroc allows you to track your investment regularly and in detail via our digital platform, including quarterly financial and extra-financial reports and updates on the activities of portfolio companies. It highlights the role of Private Equity in creating jobs, wealth and innovation, as well asAltaroc 's commitment to bringing your investment to life through interactive reporting.

Altaroc offers turnkey, diversified portfolios, based on a clear strategy with 5 to 6 exceptional managers per portfolio, drawing on decades of experience to offer a portfolio built around strong convictions. Altaroc focuses on high-growth sectors such as technology, healthcare and digital platforms, investing mainly in the United States and Europe, but also in the rest of the world, to maximize portfolio returns.

Altaroc benefits from the strategic support of Altamir, a listed holding company managed by Maurice Tchenio, which invests a minimum of 30 million euros per Vintage, thus providing a solid financial base and a mark of confidence for investors. Altamir's participation also gives Altaroc the ability to pre-subscribe to selected managers, givingAltaroc customers greater visibility in the construction of their investment portfolios.

Frédéric Stolar points out that American family offices, with liquid assets in excess of $200 million, are increasingly investing in Private Equity. This asset class accounts for over 30% of their portfolios, compared with less than 1% for French private clients. It was this trend that prompted the creation ofAltaroc, an institutional-quality investment offering aimed at private clients with very little exposure to Private Equity.

Frédéric Stolar points out that Private Equity offers historical outperformance and lower volatility than listed markets, while also providing asset diversification thanks to its de-correlation with the latter, particularly during periods of economic recession. He emphasizes the asset class's historic ability to deliver impressive performance over the long term, with average returns of 12% per annum over the long term, and a resilience that is accentuated during crises, offering appreciable stability in the face of inflation and market vagaries.

Frédéric Stolar believes that Private Equity is essential for building and leaving a solid legacy and for financing retirement. At Altaroc, our ambition is to convince private clients to invest in Private Equity with Altaroc, thanks to global, diversified and digital solutions. We also aspire to makeAltaroc the European leader in Private Equity for private clients, by offering an institutional-quality product that is still absent from European markets.

Altaroc offers unique access to a diversified portfolio of global Private Equity funds, with a minimum investment of €100,000 over five years. Unlike banks' traditional mono-feeder offerings, Altaroc stands out for its cutting-edge selection and exclusive commitment to growth sectors, all designed by former Private Equity fund managers.

Vintage Altaroc reduce the risk inherent in economic cycles by diversifying investments over different cycles. They also offer customers the flexibility to adapt their annual investments to the evolution of their assets.

Frederic Stolar Managing Partner ofAltaroc reaffirmsAltaroc 's investment strategy, with a focus on economic sectors with high growth potential, including software, healthcare, B2C and B2B digital marketplaces, despite the market's fluctuating valuations, particularly in tech. Altaroc maintains its exposure to companies with solid fundamentals and high growth, with examples such as Access and IFS in the SaaS software sector, where we can see significant organic growth and high EBITDA margins.

Altaroc focuses on secular growth sectors such as technology, healthcare and services, moving towards defensive economic models and innovative business models such as SaaS, while avoiding cyclical industries.

This special report invites you to take a step back, understand the changes underway, and discover how private equity, far from being a mere financial engine, acts as a catalyst for economic and human transformation. Enjoy your journey to the heart of global private equity.

New Mountain Capital adopts a Defensive Growth investment strategy, focusing on high-growth, non-cyclical sectors. Each year, the team identifies resilient sub-sectors, which it explores in depth through an in-house "Deep Dive Process". The firm is particularly well known in the healthcare sector, including life sciences and healthcare IT, as well as in segments at the crossroads of technology and infrastructure services.

Featured in the Vintage Altaroc Odyssey , Thoma Bravo is an American private equity firm specializing in the software sector. Founded by Carl Thoma and Orlando Bravo, it applies an approach focused on margin optimization and external growth. With more than 220 employees, including around 100 investment professionals, it has offices in San Francisco, Miami, Chicago, London, New York, and Dubai. Thoma Bravo manages more than $166 billion in assets across its various fund ranges.

The manager Inflexion specializes in several key sectors, including business services, technology, healthcare and consumer goods. Its model is based on active support to maximize value creation, through strategies such as mergers and acquisitions, internationalization and digital transformation. With £11 billion under management and supporting 123 companies, Inflexion attracts a diverse client base, from sovereign wealth funds to entrepreneurs. Its culture, based on listening to and supporting entrepreneurs, and its sector expertise are major assets for its success and global presence.

STG has established itself as a key player in the private equity market. Under the leadership of Bill Chisholm, co-founder and managing partner, the firm has developed a distinctive approach, based on rigor and sector expertise, which enables it to stand out in an industry known to be particularly competitive.

Specializing in B2B software and services, Hg established Hg as one of the major players in European private equity. Thanks to a highly targeted strategy and in-depth sector expertise, the firm supports technology leaders in their long-term growth.

In this special Summer 2024 feature, discover how companies are revolutionizing healthcare thanks to artificial intelligence, such as AiVF and its advances in in vitro fertilization, or Unlearn and its digital twins. Private Equity also supports players committed to a sustainable future, such as Beewise and its robotized beehive, or Marlink and its satellite telecommunications solutions. It's possible to combine performance and positive impact!

For over three decades, Nordic Capital has established itself as one of Northern Europe's most influential private equity firms. Founded in 1989, this pioneering company has distinguished itself through strong industry specialization, while maintaining an unwavering commitment to sustainable practices. Nordic Capital invests in strategic sectors such as healthcare, technology and financial services, while placing environmental, social and governance (ESG) issues at the heart of its priorities.

A major player in global private equity, Bridgepoint established Bridgepoint as the benchmark for mid-market investment. Thanks to a disciplined, sector-focused, and growth-oriented approach, the firm supports European and international companies as they scale up.