The Odyssey 2024 Vintage selection universe
Summary
At Altaroc, we have decided to provide you this year with a comprehensive overview of the investment opportunities we are currently exploring. As we build the portfolio for our Vintage , we will initially focus on seven managers identified within our investment universe. We have, of course, reserved allocations with each of them, but this list may evolve as our investment decisions unfold—always with the aim of offering you the best balance across sectors, geographies, and segments, while also prioritizing candidates whose timing aligns perfectly with Vintage deployment. The first Fund manager is Bridgepoint. Bridgepoint a leading player in the LBO landscape. In fact, within the Odyssey range, we had already invested in the Bridgepoint VII fund, a fund targeting the core of the mid-market. This year, Bridgepoint with another series, a fund called Bridgepoint V, which will invest in the lower end of the mid-market—that is, in smaller companies. This fund will invest in the four sectors we prioritize at Altaroc: technology, healthcare, services, and digital consumer goods—all within Europe. The second Fund manager this year is Nordic Capital, the iconic firm in LBO investing, similar to Bridgepoint. We had previously invested in a fund called Nordic Capital , which targets the core of the mid-market, and for Odyssey , we are now focusing on the Nordic Evolution II Fund, which will also invest in the lower end of the mid-market in Europe and will focus on the software and healthcare sectors.
Our third Fund manager Inflexion, another leading player in the UK that’s a must-watch. We had already invested in Inflexion a minority-stake fund called Partnership with our Vintage . And this year, we’re looking at the Inflexion VII fund, which will focus on majority-stake investments in Western Europe within the mid-market segment and across our four sectors. In fact, whether it’s Bridgepoint, Nordic, or inflexion—as you may have gathered—we’re focusing on firms we already know very well, but on different fund series than those in which we were previously invested. The fourth fund on the list is a fund from General Atlantic, a long-standing growth equity investor, which we had already selected for their 2021 funds. They are back with the General Atlantic fund, this time with the successor to the 2021 fund—the same series that will invest in high-growth companies across the four sectors prioritized by Altaroc, with a digital component that is virtually always present. It’s important to note that for fund series like these, managers typically raise a fund every three or four years. To round out our list, in addition to the managers we’ve just mentioned, we’ve identified three others who weren’t in ourOdyssey Vintage Odyssey and who are now strengthening our network of partners.
First of all, with Five Arrows, the investment arm of Banque Rothschild. Their Private Equity team has rapidly established itself as a European leader in the Mid Market segment. They benefit from the investment bank's brand image and international network to support entrepreneurs in the software and healthcare worlds in their development, particularly across the Atlantic. Then there's Summit. Summit has been investing in Growth buyout in the United States for 40 years. The team has an excellent track record and is an expert in the sectors we focus on, particularly technology and healthcare. This year, they are raising their twelfth fund in their historic strategy, called Summit XII. And last but not least, with almost 25 years of history and a strategy dedicated to the software sector since its inception. Vista is a pioneer of buyout in the North American software sector. It's one of the sector's undisputed leaders, and we're looking at the Vista Foundation V fund, which will invest in the Mid Market. With this list of seven funds, we cover our market spectrum across the segments, geographies and strategies we favor at Altaroc, all in line with the team's selection criteria. Our primary objective is performance, but with very good risk management.
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