Market Review - Contesto PE Q4 2025

Intermédiaires financiers ou investisseurs professionnels

Banque, assureur, CGP/CIF, société de gestion, family office, entreprise, client professionnel MiFID II

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Ce site, ainsi que toutes les informations qui y sont présentées, sont régis par la réglementation française. Certaines législations interdisent ou restreignent l’accès à ce site. Nous vous prions, par conséquent, de vous assurer que vous êtes légalement autorisés à vous y connecter dans le pays à partir duquel la connexion est établie.

Cette section du site internet est destinée exclusivement :
- Aux clients professionnels au sens de MiFID II (directive 2014/65/UE), y compris les investisseurs institutionnels, et/ou
- Aux intermédiaires financiers/distributeurs (banques, assureurs, conseillers, plateformes…) agissant dans le cadre de leurs activités, ou à toute catégorie équivalente au regard du droit local pour les personnes hors EEE.

En cliquant sur « J’accepte et j’accède », vous confirmez :
- Agir en qualité de professionnel et/ou intermédiaire financier ;
- Accéder depuis une juridiction où cet accès est autorisé ;
- Que le contenu constitue une communication à caractère commercial, fournie à titre informatif uniquement, sans constituer un conseil en investissement, une recommandation personnalisée, une offre ou une sollicitation ;
- Comprendre que tout investissement comporte des risques, dont un risque de perte en capital.
Restriction US : Ce site et les informations relatives aux fonds ne sont pas destinés aux “U.S. Persons” (Regulation S – Securities Act of 1933) ni aux personnes situées aux États-Unis, sauf indication contraire expresse.
Les informations peuvent être modifiées à tout moment. Altaroc Partners ne saurait être tenue responsable de l’utilisation des informations par des tiers.

Informations réglementaires
La documentation réglementaire et contractuelle applicable aux fonds et produits présentés (notamment, selon les cas, document d’information clé (DIC/KID), règlement/statuts, note d’information ou prospectus, rapports périodiques et tout autre document requis) est mise à disposition sur le site et/ou peut être obtenue auprès d’Altaroc Partners ou de l’intermédiaire/distributeur concerné. Toute décision de souscription ou d’investissement doit être prise uniquement après lecture de la documentation en vigueur.

Absence d'assurance ou de garantie
Les données et documents figurant sur ce site proviennent de sources considérées comme fiables. Toutefois, leur exactitude, exhaustivité et actualité ne sont pas garanties. Les informations, commentaires et analyses reflètent l’opinion d’Altaroc Partners (et, le cas échéant, de ses entités affiliées) à la date de leur publication et sont susceptibles d’être modifiés à tout moment, sans préavis. Ces éléments ne constituent pas un engagement, une garantie ou une promesse de performance de la part d’Altaroc Partners.

Informations sur les risques
Tout investissement comporte des risques spécifiques. Tout investisseur potentiel doit, le cas échéant, se rapprocher de son prestataire ou de ses conseils afin d’évaluer, de manière indépendante, les risques inhérents à chaque investissement et de déterminer l’adéquation de celui-ci avec sa situation patrimoniale, ses objectifs et sa tolérance au risque. Avant toute décision d’investissement, les investisseurs doivent prendre connaissance des documents pertinents, notamment des politiques d’investissement et des facteurs de risque.
Risque de perte en capital : il existe un risque que les investisseurs ne récupèrent pas l’intégralité du montant investi.

Informations sur les performances d’investissement
Les performances passées ne préjugent pas des performances futures et ne sont pas constantes dans le temps.
Les performances éventuellement indiquées peuvent ne pas tenir compte de l’ensemble des coûts supportés par l’investisseur (notamment frais et commissions liées à la souscription/rachat, ou fiscalité applicable selon la situation de l’investisseur). Si des chiffres sont exprimés dans une monnaie différente de celle du pays de résidence de l’investisseur, la performance peut être affectée par les fluctuations de change. La référence à un classement ou à un prix ne préjuge pas des classements ou prix futurs.

Mentions légales, rôles et responsabilités
Altaroc Partners est une société par actions simplifiée au capital de 1 200 041,37 €, dont le siège social est situé 61 rue des belles feuilles, 75016 PARIS, France. La société est immatriculée au Registre du commerce et des sociétés de Paris sous le numéro 309044840, en qualité de société de gestion de portefeuille agréée par l’Autorité des marchés financiers sous le numéro GP97022. Téléphone : +33 01 86 65 98 20.
Le directeur de la publication est Maurice Tchenio, en qualité de Président d'Altaroc Partners SAS. Le responsable de la rédaction du présent site internet est Frédéric Stolar, Directeur Général.

Ce site est hébergé par Webflow, Inc.
Adresse : 398 11th Street, 2nd Floor, San Francisco, CA 94103, États-Unis

Adresse email : contact@webflow.com | Site web : https://webflow.com
Webflow, Inc. fournit une plateforme de conception de sites web qui inclut l'hébergement web parmi ses services.

« Altaroc » et/ou « Altaroc Partners » désigne la marque et le nom commercial utilisés pour les activités de gestion d’actifs, incluant, le cas échéant, ses filiales et entités affiliées.

Protection des données personnelles et cookies
Consultez la politique de protection des données à caractère personnel

Consultez la politique concernant les cookies

Les données à caractère personnel collectées depuis le Site font l’objet d’un traitement par Altaroc Partners, responsable de traitement. Pour toute question relative à la protection des données : RCCI et Référent RGPD, 61 rue des Belles Feuilles, 75016 Paris, France - dpo@altaroc.pe.

Ce traitement est notamment destiné à l’adaptation du contenu du Site au regard des règles applicables et à l’établissement de statistiques anonymisées. Pour plus d’informations, veuillez consulter notre Charte de protection des données et notre Politique Cookies.

‍Droit applicableL’utilisation de ce site internet et les présentes conditions sont soumises au droit français. Tout litige relatif à l’utilisation du site relève des tribunaux français compétents.

‍Liens hypertextesIl est interdit d’établir, à l’insu d’Altaroc Partners, des liens hypertextes pointant vers ce site. Avant toute mise en place de liens, il vous appartient d’en faire la demande auprès d’Altaroc Partners à l’adresse suivante : compliance@altaroc.pe

‍Droit d'auteurToute reproduction totale ou partielle du contenu de ces pages est interdite, sauf pour un usage strictement personnel et non commercial, sans modification, et avec reproduction de la présente mention.

‍Mise en garde techniqueL’utilisateur reconnaît disposer de la compétence et des moyens nécessaires pour accéder au site et l’utiliser, et avoir vérifié que sa configuration informatique ne contient aucun virus. Le site est accessible 24h/24 et 7j/7, sauf cas de force majeure, maintenance ou incidents techniques. Altaroc Partners décline toute responsabilité en cas de dommages liés à l’utilisation du site ou à des défauts techniques.

En cliquant sur « J’accepte », vous reconnaissez avoir lu et compris ce qui précède et confirmez accéder à ce site conformément aux lois et réglementations applicables dans votre juridiction de résidence et/ou de nationalité.

Banks, insurers, wealth advisers (CGP/CIF equivalent), asset managers, family offices, corporates, MiFID II professional clients

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This website, and all information contained herein, is governed by French laws and regulations. Access to this website may be prohibited or restricted under certain jurisdictions. You are therefore requested to ensure that you are legally authorised to access this website from the country in which the connection is established.

This section of the website is intended exclusively for:

Professional clients within the meaning of MiFID II (Directive 2014/65/EU), including institutional investors; and/or
Financial intermediaries/distributors (banks, insurers, advisers, platforms, etc.) acting in the course of their professional activities, or any equivalent category under applicable local law for persons outside the EEA.

By clicking “I accept and access”, you confirm that you:

Are acting as a professional investor and/or financial intermediary;
Are accessing this website from a jurisdiction where such access is lawful;
Acknowledge that the content constitutes a marketing communication, provided for information purposes only, and does not constitute investment advice, a personalised recommendation, an offer, or a solicitation;
Understand that any investment involves risks, including the risk of loss of capital.

U.S. restriction: This website and the information relating to the funds are not intended for “U.S. Persons” (Regulation S under the U.S. Securities Act of 1933, as amended) nor for persons located in the United States, unless expressly stated otherwise.
The information contained herein may be modified at any time without notice. Altaroc Partners shall not be held liable for any use of the information by third parties.

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Regulatory information

The regulatory and contractual documentation applicable to the funds and products presented (including, where relevant, the Key Information Document (KID), fund rules/articles of association, information memorandum or prospectus, periodic reports, and any other required documentation) is made available on this website and/or may be obtained from Altaroc Partners or the relevant intermediary/distributor. Any subscription or investment decision must be made solely after review of the documentation in force.

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No assurance or guarantee

The data and documents presented on this website are derived from sources considered reliable. However, their accuracy, completeness and timeliness are not guaranteed. The information, comments and analyses reflect the views of Altaroc Partners (and, where applicable, its affiliated entities) as of the date of publication and may be amended at any time without notice. Such elements do not constitute any commitment, guarantee or promise of performance by Altaroc Partners.

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Risk information

Any investment involves specific risks. Prospective investors should, where appropriate, consult their service providers or advisers in order to independently assess the risks inherent in each investment and determine its suitability in light of their financial situation, objectives and risk tolerance. Prior to any investment decision, investors must review the relevant documents, including the investment policies and risk factors.
Risk of capital loss: there is a risk that investors may not recover the full amount invested.

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Investment performance information

Past performance is not indicative of future results and is not constant over time. Any performance figures presented may not take into account all costs borne by the investor (including subscription/redemption fees and related commissions, or applicable taxation depending on the investor’s circumstances). Where figures are expressed in a currency other than that of the investor’s country of residence, performance may be affected by exchange rate fluctuations. Reference to a ranking or an award does not guarantee future rankings or awards.

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Legal notices – roles and responsibilities

Altaroc Partners is a simplified joint-stock company (société par actions simplifiée) with share capital of €1,200,041.37, whose registered office is located at 61 rue des Belles Feuilles, 75016 Paris, France. The company is registered with the Paris Trade and Companies Register under number 309044840 and is authorised as a portfolio management company by the French Financial Markets Authority (Autorité des marchés financiers – AMF) under number GP97022. Telephone: +33 1 86 65 98 20.
The Publication Director is Maurice Tchenio, in his capacity as Chairman of Altaroc Partners SAS. The Editor-in-Chief of this website is Frédéric Stolar, Chief Executive Officer.

This website is hosted by Webflow, Inc.
Address: 398 11th Street, 2nd Floor, San Francisco, CA 94103, United States
Email: contact@webflow.com | Website: https://webflow.com
Webflow, Inc. provides a website design platform which includes web hosting among its services.

“Altaroc” and/or “Altaroc Partners” refers to the brand and trade name used for asset management activities and may, where applicable, include its subsidiaries and affiliated entities.

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Personal data protection and cookies

Please consult the Personal Data Protection Policy.

Please consult the Cookies Policy.

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Personal data collected through the website is processed by Altaroc Partners, acting as data controller. For any questions relating to data protection: RCCI and GDPR contact, 61 rue des Belles Feuilles, 75016 Paris, France – dpo@altaroc.pe. This processing is carried out notably to adapt the content of the website in accordance with applicable rules and to produce anonymised statistical analyses. For further information, please refer to our Data Protection Charter and our Cookies Policy.

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Governing law

Use of this website and these terms and conditions are governed by French law. Any dispute relating to use of the website shall fall within the jurisdiction of the competent French courts.

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Hyperlinks

It is prohibited to create hyperlinks to this website without the prior knowledge of Altaroc Partners. Prior to establishing any link, you must submit a request to Altaroc Partners at: compliance@altaroc.pe

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Copyright

Any reproduction, in whole or in part, of the content of these pages is prohibited, except for strictly personal and non-commercial use, without modification, and provided that this notice is reproduced.

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Technical notice

Users acknowledge that they have the competence and resources necessary to access and use the website and have verified that their IT configuration contains no viruses. The website is accessible 24/7 except in cases of force majeure, maintenance or technical incidents. Altaroc Partners disclaims any liability for damages related to use of the website or technical failures.By clicking “I accept”, you acknowledge that you have read and understood the above and confirm that you are accessing this website in compliance with the laws and regulations applicable in your jurisdiction of residence and/or nationality.

Pension funds, retirement schemes, mutuals, provident institutions, insurers, foundations, etc.

This website, and all information contained herein, is governed by French laws and regulations. Access to this website may be prohibited or restricted under certain jurisdictions. You are therefore requested to ensure that you are legally authorised to access this website from the country in which the connection is established.

This section of the website is intended exclusively for institutional investors, qualifying as professional clients within the meaning of MiFID II (Directive 2014/65/EU) or, for persons subject to a jurisdiction outside the EEA, belonging to an equivalent category under applicable local law. Access may be restricted under the laws of your country of residence and/or nationality; you are solely responsible for verifying that such access is permitted.

By clicking “I accept and access”, you confirm that you:

Are acting in your capacity as an institutional investor;
Are accessing this website from a jurisdiction where such access is lawful;
Acknowledge that the content constitutes a marketing communication, provided for information purposes only, and does not constitute investment advice, a personalised recommendation, an offer, or a solicitation;
Understand that any investment involves risks, including the risk of loss of capital.

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U.S. restriction:

This website and the information relating to the funds are not intended for “U.S. Persons” (Regulation S under the U.S. Securities Act of 1933, as amended) nor for persons located in the United States, unless expressly stated otherwise.
The information contained herein may be modified at any time without notice. Altaroc Partners shall not be held liable for any use of the information by third parties.

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Regulatory information

The regulatory and contractual documentation applicable to the funds and products presented (including, where relevant, the Key Information Document (KID), fund rules/articles of association, information memorandum or prospectus, periodic reports, and any other required documentation) is made available on this website and/or may be obtained from Altaroc Partners or the relevant intermediary/distributor. Any subscription or investment decision must be made solely after review of the documentation in force.

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No assurance or guarantee

The data and documents presented on this website are derived from sources considered reliable. However, their accuracy, completeness and timeliness are not guaranteed. The information, comments and analyses reflect the views of Altaroc Partners (and, where applicable, its affiliated entities) as of the date of publication and may be amended at any time without notice. Such elements do not constitute any commitment, guarantee or promise of performance by Altaroc Partners.

‍

Risk information

Any investment involves specific risks. Prospective investors should, where appropriate, consult their service providers or advisers in order to independently assess the risks inherent in each investment and determine its suitability in light of their financial situation, objectives and risk tolerance. Prior to any investment decision, investors must review the relevant documents, including the investment policies and risk factors.
Risk of capital loss: there is a risk that investors may not recover the full amount invested.

‍

Investment performance information

Past performance is not indicative of future results and is not constant over time. Any performance figures presented may not take into account all costs borne by the investor (including subscription/redemption fees and related commissions, or applicable taxation depending on the investor’s circumstances). Where figures are expressed in a currency other than that of the investor’s country of residence, performance may be affected by exchange rate fluctuations. Reference to a ranking or an award does not guarantee future rankings or awards.

‍

Legal notices – roles and responsibilities

Altaroc Partners is a simplified joint-stock company (société par actions simplifiée) with share capital of €1,200,041.37, whose registered office is located at 61 rue des Belles Feuilles, 75016 Paris, France. The company is registered with the Paris Trade and Companies Register under number 309044840 and is authorised as a portfolio management company by the French Financial Markets Authority (Autorité des marchés financiers – AMF) under number GP97022. Telephone: +33 1 86 65 98 20.
The Publication Director is Maurice Tchenio, in his capacity as Chairman of Altaroc Partners SAS. The Editor-in-Chief of this website is Frédéric Stolar, Chief Executive Officer.

This website is hosted by Webflow, Inc.
Address: 398 11th Street, 2nd Floor, San Francisco, CA 94103, United States
Email: contact@webflow.com | Website: https://webflow.com
Webflow, Inc. provides a website design platform which includes web hosting among its services.

“Altaroc” and/or “Altaroc Partners” refers to the brand and trade name used for asset management activities and may, where applicable, include its subsidiaries and affiliated entities.

‍

Personal data protection and cookies

Please consult the Personal Data Protection Policy.

Please consult the Cookies Policy.

Personal data collected through the website is processed by Altaroc Partners, acting as data controller. For any questions relating to data protection: RCCI and GDPR contact, 61 rue des Belles Feuilles, 75016 Paris, France – dpo@altaroc.pe. This processing is carried out notably to adapt the content of the website in accordance with applicable rules and to produce anonymised statistical analyses. For further information, please refer to our Data Protection Charter and our Cookies Policy.

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Governing law

Use of this website and these terms and conditions are governed by French law. Any dispute relating to use of the website shall fall within the jurisdiction of the competent French courts.

‍

Hyperlinks

It is prohibited to create hyperlinks to this website without the prior knowledge of Altaroc Partners. Prior to establishing any link, you must submit a request to Altaroc Partners at: compliance@altaroc.pe

‍

Copyright

Any reproduction, in whole or in part, of the content of these pages is prohibited, except for strictly personal and non-commercial use, without modification, and provided that this notice is reproduced.

‍

Technical notice

Users acknowledge that they have the competence and resources necessary to access and use the website and have verified that their IT configuration contains no viruses. The website is accessible 24/7 except in cases of force majeure, maintenance or technical incidents. Altaroc Partners disclaims any liability for damages related to use of the website or technical failures.By clicking “I accept”, you acknowledge that you have read and understood the above and confirm that you are accessing this website in compliance with the laws and regulations applicable in your jurisdiction of residence and/or nationality.

Existing Altaroc client, high-net-worth individual meeting eligibility criteria

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This website, and all information contained herein, is governed by French laws and regulations. Access to this website may be prohibited or restricted under certain jurisdictions. You are therefore requested to ensure that you are legally authorised to access this website from the country in which the connection is established.

This section of the website is intended exclusively for:

Investors who are already Altaroc clients; and/or
Non-professional investors (within the meaning of MiFID II) who, depending on the rules applicable in their jurisdiction and the relevant fund, are eligible to access restricted funds (in particular via a minimum subscription amount, which may be €100,000 depending on the fund and distribution channels).
In France, this category may correspond to the concept of a “well-informed investor” (depending on the fund). Outside France, you confirm that you fall within an equivalent category under local law (qualified investor, well-informed investor, or local equivalent).

By clicking “I accept and access”, you confirm that you:

Are already an Altaroc client and/or may meet the applicable eligibility requirements;
Acknowledge that the website is non-transactional;
Acknowledge that the content constitutes a marketing communication, provided for information purposes only, and does not constitute investment advice, a personalised recommendation, an offer, or a solicitation;
Understand the risks involved, including risk of loss of capital and liquidity risks.

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U.S. restriction: This website and the information relating to the funds are not intended for “U.S. Persons” (Regulation S under the U.S. Securities Act of 1933, as amended) nor for persons located in the United States, unless expressly stated otherwise.
The information contained herein may be modified at any time without notice. Altaroc Partners shall not be held liable for any use of the information by third parties.

Taxation: Altaroc does not provide tax or legal advice. You should consult your own advisers to assess the tax and legal consequences applicable to your situation.

Regulatory information

The regulatory and contractual documentation applicable to the funds and products presented (including, where relevant, the Key Information Document (KID), fund rules/articles of association, information memorandum or prospectus, periodic reports, and any other required documentation) is made available on this website and/or may be obtained from Altaroc Partners or the relevant intermediary/distributor. Any subscription or investment decision must be made solely after review of the documentation in force.

‍

No assurance or guarantee

The data and documents presented on this website are derived from sources considered reliable. However, their accuracy, completeness and timeliness are not guaranteed. The information, comments and analyses reflect the views of Altaroc Partners (and, where applicable, its affiliated entities) as of the date of publication and may be amended at any time without notice. Such elements do not constitute any commitment, guarantee or promise of performance by Altaroc Partners.

‍

Risk information

Any investment involves specific risks. Prospective investors should, where appropriate, consult their service providers or advisers in order to independently assess the risks inherent in each investment and determine its suitability in light of their financial situation, objectives and risk tolerance. Prior to any investment decision, investors must review the relevant documents, including the investment policies and risk factors.
Risk of capital loss: there is a risk that investors may not recover the full amount invested.

‍

Investment performance information

Past performance is not indicative of future results and is not constant over time. Any performance figures presented may not take into account all costs borne by the investor (including subscription/redemption fees and related commissions, or applicable taxation depending on the investor’s circumstances). Where figures are expressed in a currency other than that of the investor’s country of residence, performance may be affected by exchange rate fluctuations. Reference to a ranking or an award does not guarantee future rankings or awards.

‍

Legal notices – roles and responsibilities

Altaroc Partners is a simplified joint-stock company (société par actions simplifiée) with share capital of €1,200,041.37, whose registered office is located at 61 rue des Belles Feuilles, 75016 Paris, France. The company is registered with the Paris Trade and Companies Register under number 309044840 and is authorised as a portfolio management company by the French Financial Markets Authority (Autorité des marchés financiers – AMF) under number GP97022. Telephone: +33 1 86 65 98 20.
The Publication Director is Maurice Tchenio, in his capacity as Chairman of Altaroc Partners SAS. The Editor-in-Chief of this website is Frédéric Stolar, Chief Executive Officer.

This website is hosted by Webflow, Inc.
Address: 398 11th Street, 2nd Floor, San Francisco, CA 94103, United States
Email: contact@webflow.com | Website: https://webflow.com
Webflow, Inc. provides a website design platform which includes web hosting among its services.

“Altaroc” and/or “Altaroc Partners” refers to the brand and trade name used for asset management activities and may, where applicable, include its subsidiaries and affiliated entities.

Personal data protection and cookies

Please consult the Personal Data Protection Policy.

Please consult the Cookies Policy.

Personal data collected through the website is processed by Altaroc Partners, acting as data controller. For any questions relating to data protection: RCCI and GDPR contact, 61 rue des Belles Feuilles, 75016 Paris, France – dpo@altaroc.pe. This processing is carried out notably to adapt the content of the website in accordance with applicable rules and to produce anonymised statistical analyses. For further information, please refer to our Data Protection Charter and our Cookies Policy.

‍

Governing law

Use of this website and these terms and conditions are governed by French law. Any dispute relating to use of the website shall fall within the jurisdiction of the competent French courts.

‍

Hyperlinks

It is prohibited to create hyperlinks to this website without the prior knowledge of Altaroc Partners. Prior to establishing any link, you must submit a request to Altaroc Partners at: compliance@altaroc.pe

‍

Copyright

Any reproduction, in whole or in part, of the content of these pages is prohibited, except for strictly personal and non-commercial use, without modification, and provided that this notice is reproduced.

‍

Technical notice

Users acknowledge that they have the competence and resources necessary to access and use the website and have verified that their IT configuration contains no viruses. The website is accessible 24/7 except in cases of force majeure, maintenance or technical incidents. Altaroc Partners disclaims any liability for damages related to use of the website or technical failures.By clicking “I accept”, you acknowledge that you have read and understood the above and confirm that you are accessing this website in compliance with the laws and regulations applicable in your jurisdiction of residence and/or nationality.

Retail savers, beginner investors, individuals not meeting eligibility/qualification criteria; persons seeking general information only

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This website, and all information contained herein, is governed by French laws and regulations. Access to this website may be prohibited or restricted under certain jurisdictions. You are therefore requested to ensure that you are legally authorised to access this website from the country in which the connection is established.

This restricted section of the website is intended solely to present Altaroc and general information on private equity. It contains (i) no subscription information, (ii) no contractual documentation/prospectus relating to any specific fund, and (iii) does not constitute an offer, a solicitation, or investment advice. Access to product information and/or fund documentation may require eligible investor status under applicable regulations.