Interviews with managers - HG x Nordic Capital x Bridgepoint (Part 4)

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

In 2024, the buyout market experienced a noticeable upturn thanks to improving economic conditions, with an increase in transactions particularly in the USA and Europe, while Asia showed varied regional dynamics. Take-private transactions and carve-outs were particularly dynamic, illustrating a growing desire on the part of companies to leave public markets for greater flexibility. Investors' caution in the face of macroeconomic risks reduced fund-raising, but also created attractive investment opportunities, while the strategy of GP-LED transactions continues to grow as an alternative to traditional exits.

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.

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.

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.

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

DiscoverAltaroc Vintage Odyssey Altaroc its private equity investment opportunities.

Interview with EcoVadis and Visma executives on the integration of Private Equity with Altaroc and its Odyssey and Discovery ranges.

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.

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.

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.

Presentation of Hg, a leading European investor in the software sector.

Discover how Inflexion, Europe's leading buyout firm, generates exceptional performance with its Partnership Capital Fund III. Thanks to an innovative minority strategy, enhanced shareholder rights, and low leverage, Inflexion high returns (2.3x net, 25% IRR) with controlled risk.

Discover New Mountain Capital, one of the managers of Vintage Odyssey .

Discover Main Capital , one of the managers of Vintage Odyssey .

CVC is the largest Private Equity player in Europe, managing the largest LBO fund in history at €26 billion, focusing primarily on companies with a valuation of up to €5 billion. The fund invests mainly in Europe, followed by North America, with a value strategy and sector diversification including software, services, healthcare and consumer goods. The advantage of CVC lies in its global presence with over 25 offices and 800 employees, offering local proximity and international sector networks to support companies.

TA Associatesa Private Equity fund established in 1968, focuses on growth buyouts, investing mainly in North America and Europe, with a predilection for the software sector, targeting profitable, high-growth companies. Its strategy is based on a proactive approach to the market and solid M&A expertise to consolidate fragmented markets.

The video presents theAltaroc Odyssey 2021, highlighting its features and benefits, offering a captivating glimpse of the year's flagship product.