Private equity guide: how to invest in unlisted asset funds

Are you a private investor looking to invest in private equity? Or are you a private banking professional looking for private equity funds for your clients? Then please contact us to find out more about the different ways of investing in PE funds and our solutions for building a portfolio of unlisted assets:

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Private equity is increasingly open to private investors

While investing in funds of unlisted assets was until recently the preserve of a tiny minority of investors, Private Corner is helping to democratise unlisted assets by providing private banking professionals with a platform enabling them to invest on behalf of their clients in funds of funds accessible from €100,000.

Follow the link below to discover our turnkey or tailor-made investment offer, in private equity funds, infrastructure or private debt and build up a portfolio of unlisted assets using a fully digitised investment platform.

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Introduction to Private Equity

This introductory guide gives you the keys to investing in Private Equity in France, its prospects in terms of returns and risks, as well as the different options for investing in unlisted companies such as the one offered by Private Corner, a digital native private equity firm based in Paris, which has a digital platform and offers access to a unique selection of the best funds. Private investors thus have a solution for investing in investment funds from as little as €100,000 (even though these are reserved for institutional investors with the capacity to invest millions of euros).

The different forms of private equity

To invest in private equity, several types of investment and funds of funds are available to investors: venture capital, buyout capital, expansion capital, turnaround capital, etc. Discover our overview of the different forms of private equity:

Venture capital: definition

Venture capital is a form of financing aimed at young innovative companies (start-ups) with high growth potential. It is a high-risk type of investment made by investors, known as ‘venture capitalists’ or ‘venture capitalists’, who provide funds to companies in exchange for an equity stake and a potentially high return on investment over the long term.

Transfer capital: definition

Buy-out capital, also known as ‘buy-in venture capital’ or ‘buy-out venture capital’, refers to a specific type of private equity transaction. It occurs when private equity investors provide funds to acquire a majority or total stake in an existing business, usually as part of an ownership change or succession.

Development capital: definition

Development capital, also known as ‘growth capital’ or ‘expansion capital’, is a specific form of private equity investment. It focuses on the financing of SMEs and ETIs that are already established and have achieved a certain level of stability and profitability, but need additional funds to accelerate their growth, expand their activities or carry out specific projects.

Turnaround capital: definition

Turnaround capital, also known as ‘recovery capital’, is also a specific form of private equity investment aimed at restructuring and revitalising companies in financial or operational difficulty.

How do I measure the performance of a private equity investment?

As you will have realised, investing in private equity is not straightforward, because private equity is a highly varied field, as are funds investing in unlisted assets:

The different types of investment fund active in private equity

Early stage, Growth equity, Venture capital, Buy-out... Find out about the main types of investment fund that enable you to diversify your portfolio by investing in unlisted companies in France according to their stage of maturity:

Early stage private equity funds

Investing in an ‘early stage’ private equity fund, also known as an ‘early stage venture capital fund’, is equivalent to investing in a private equity fund specialising in financing start-ups and early-stage companies. This type of private equity fund focuses on investments made at an early stage in a company's life cycle, when it is still in its initial development or commercial launch phase.

Growth equity funds

Growth equity is a form of private finance aimed at providing capital to growth companies to help them reach their full potential. It is a type of investment that lies between venture capital and traditional private equity. Investment funds specialising in growth equity generally invest in companies that have already reached a certain level of maturity and profitability, but which need additional capital to finance their expansion, commercial development or consolidation on the market. These companies are often already in the early stages of growth and have significant long-term growth potential.

Venture capital funds

A venture capital fund is a type of investment fund that specialises in financing start-ups and companies with high growth potential. These funds generally invest in companies in the start-up or early development phase, which need capital to finance their growth, develop new products or services, or penetrate new markets.

Buy-out funds

A buy-out fund is a type of unlisted asset investment fund that specialises in acquiring companies with a view to restructuring them, developing them and selling them later, usually at a capital gain. These funds are often set up by private equity firms or asset management companies, and they mobilise substantial financial resources to finance acquisitions. Buy-out funds may take full or partial control of a company and may be active in a variety of economic sectors. Their main objective is to generate high returns for their investors by increasing the value of the companies they acquire through operational improvements, synergies, strategic investments, etc.

Note that these different funds may invest specifically in a particular area (tech, agriculture, infrastructure, energy transition).

How do I invest in private equity?

Whether investing directly, via an investment fund, a fund of funds or even life insurance, there are various options available to investors for investing in private equity:

Direct investment

A direct investment in private equity is a transaction involving a direct investment in a company that is not listed on the stock exchange. Direct private equity investments involve very large sums and can be made by institutional investors such as pension funds, sovereign wealth funds or insurance companies, as well as by very wealthy private investors known as business angels.

Investing in private equity via an investment fund in unlisted assets

Subscribing to a private equity fund means investing in private equity through a management company approved by the Autorité des Marchés Financiers, which collects capital from several investors within a fund - the investment vehicle - and invests it in companies. The main objective of an investment fund is to identify companies with high growth potential, which are likely to generate returns for its investors. Investment funds are managed by financial professionals, known as fund managers, who make investment decisions based on the strategy defined for the fund. Investors can buy shares in these funds, which entitle them to a proportional share of the profits or losses made by the fund. Please note that investing in unlisted assets involves risks that will be described later in this guide.

Subscribing to a fund of funds

Another way of diversifying your portfolio with unlisted assets is to invest in a fund of funds, which in turn invests in other investment funds rather than in individual assets. In other words, it consists of a diversified portfolio of funds. The fund of funds generally offers exposure to several strategies, managers, sectors and geographical regions thanks to the diversification offered by its investments in different funds. Investors who opt for this type of investment seek to benefit from the expertise of the underlying fund managers, as well as the reduced risk associated with diversification. This type of investment is often more accessible than subscribing directly to an investment fund, as the entry ticket is generally lower.

Investing via life assurance

It is also possible to invest in private equity via a life insurance policy. This involves allocating part of the capital invested in a life insurance policy to private equity funds.

When investors choose to allocate part of their capital to investment funds via life insurance, they benefit from a number of advantages. Firstly, the income and capital gains generated by these investments are generally tax-free for as long as the capital remains invested in the life insurance policy. In addition, investors can benefit from increased asset diversification, as it is recommended that they invest between 5% and 15% of their portfolio in unlisted assets. When choosing life insurance, the policyholder generally selects other units of account (equity funds, bonds, paper stone, etc.) as well as the Euro fund managed by the insurance company.

The PACTE Act: defining a reform aimed at democratising private equity in France

In 2019, the French government proposed a series of economic reforms known as the ‘PACTE Law’ (Plan d'Action pour la Croissance et la Transformation des Entreprises). The aim of this law was to modernise the French economy, stimulate business growth and encourage retail investors to invest in private equity.

What are the main measures in the PACTE Act?

The PACTE Act contained several key measures, including: Simplifying and modernising the legal framework for businesses: The aim was to make it easier to set up, manage and close businesses, by simplifying administrative procedures and reducing the costs involved in setting up a business.

• Encouraging business innovation and development: The aim of the PACTE Act was to encourage innovation by facilitating access to finance for start-ups and growing businesses, developing crowdfunding schemes, and creating a new regulatory framework for crypto-currencies and Initial Coin Offerings (ICOs).
• Protecting strategic companies: The PACTE Act has strengthened the government's powers to protect French companies deemed to be strategic, by allowing them to block foreign investment that could harm the national interest.
• Improving employee savings: The law aimed to promote employee savings by increasing employee participation in company profits and simplifying retirement savings schemes.
• Ecological transition and corporate social responsibility: The PACTE Act included provisions to encourage companies to take account of environmental and social issues in their strategy.

What impact will the PACTE Act have on private equity?

Promulgated in September 2019, the Action Plan for Business Growth and Transformation has had a positive impact on the private equity sector by aiming to facilitate and encourage investment in businesses.

Here are some of the impacts of the PACTE law on private equity:

• Facilitation of SME disposals: The PACTE law has introduced measures to facilitate the disposal of small and medium-sized enterprises (SMEs) by simplifying procedures and reducing administrative costs, which may encourage private equity investors to take a greater interest in this segment of the market.
• Creation of a local investment fund (FIP): The PACTE Act introduced the Fonds d'Investissement de Proximité, which allows investors to benefit from tax advantages by investing in unlisted regional SMEs, thereby facilitating access to capital for these companies.
• New financing opportunities for companies: The PACTE Act has enabled unlisted companies to use participative financing platforms to raise funds, thereby broadening the financing options available and opening up new investment opportunities for private equity players.
• Encouraging long-term investment: The PACTE Act has encouraged investors to take a longer-term approach by abolishing capital gains tax on the sale of assets held for more than two years.

It is important to note that the effects of the PACTE Act on private equity may vary depending on the market participants, the size of the companies involved and general economic conditions. However, overall, the law aimed to encourage investment in the French economy and make the private equity market more attractive to investors.

Private equity platforms

For a long time, private equity was reserved for a limited group of institutional investors because of the high entry fees for funds investing in unlisted assets. With the PACTE Act and digital transformation, opportunities have arisen to democratise this type of investment, with the corollary of seeking ways to reduce the minimum investment amount. Private equity subscription platforms have provided a solution to the growing demand from private investors wishing to diversify their portfolios with unlisted assets. By acting as a link between private investors' advisers (wealth management consultants, family offices and private banks) and management companies, a platform such as the one offered by private equity firm Private Corner makes this asset class accessible and meets this need for democratisation. Ultimately, it puts private investors in touch with investment opportunities in unlisted companies.

[A private equity platform creates investment funds (https://private-corner.eu/newsroom/guides/plateforme-pour-investissement-en-private-equity) known as ‘feeders’ of carefully selected funds from the big names in the sector (funds of funds) to raise funds from private investors represented by financial advisers, private banks, family offices or asset managers, and uses them to invest in investment funds (master funds), which in turn invest in companies with high growth potential.

These private equity platforms play a crucial role in selecting and evaluating investment opportunities, managing the funds and monitoring the investments made. They also have the advantage, through their digitised operation, of providing wealth specialists and their clients with :

• Efficient monitoring
• Transparent communication
• Optimised monitoring

In short, a private equity platform gives investors easier access to investment opportunities in unlisted companies, and enables them to support their growth and development.

Who can invest in private equity in France?

Institutional investors, investment companies, sovereign wealth funds, etc. A wide range of entities can invest in private equity funds:

• Institutional investors such as pension funds, insurance companies, banks and foundations.
• Investment companies and investment funds specialising in private equity.
• Family offices, which are private wealth management structures for wealthy families.
• High-income individual investors, such as entrepreneurs, business leaders and finance professionals, each able to invest several million euros.
• Governments and public bodies seeking to stimulate investment in local businesses.
• Multinational companies looking to diversify their investments and make strategic acquisitions.
• Endowment funds for universities, associations and educational institutions.
• Individual pension funds and company pension schemes.

Also, thanks to the Private Equity platform, relatively wealthy individual investors who do not have the financial capacity to invest several million euros can access private equity by subscribing to investment funds in unlisted assets from as little as 100,000 euros.

It should be noted that private equity investment is generally reserved for qualified investors because of the risks and liquidity requirements.

What are the advantages and disadvantages of private equity?

While investing in private equity offers the potential for attractive financial returns for investors and an essential source of finance for businesses, the fact remains that private equity exposes you to risks. To weigh up the pros and cons, discover the main advantages and disadvantages of investing in private equity:

The main advantages for investors

• High return potential: private equity generally offers higher return potential than traditional investments such as equities and bonds. Investors can benefit from the growth and performance of the companies in which they invest, which can generate significant returns over the long term. According to a study carried out by France Invest (Association des Investisseurs pour la Croissance) and EY, 1) by the end of 2022, private equity will be performing at a rate of 14.2% net per annum over 10 years (internal rate of return net of management fees and manager incentives). This performance outstrips all other asset classes over the same period (CAC 40: 10.4%, CAC ALL TRADABLE: 10.2%, Real Estate: 5.6%, Hedge Funds: 2.7%). Past performance is no guarantee of future performance.

• Access to exclusive investment opportunities: Private equity offers investors the chance to invest in unlisted companies (start-ups, SMEs, ETIs) that are not accessible to the general public. This offers investors exclusive opportunities with potential returns.

• Portfolio diversification with unlisted assets: Private equity offers an opportunity to diversify the investment portfolio. By adding private equity investments to a portfolio, investors can reduce their exposure to traditional financial markets and stock market fluctuations.

• Long-term investment horizon: Private equity is generally a long-term investment, with an average holding period of 57 to 10 years. This can be beneficial for investors who have a long-term investment perspective and are prepared to wait for significant returns.

It is important to note that private equity also involves other risks, including illiquidity, volatility of returns and the possibility of capital loss. It is therefore essential to carry out a thorough analysis and consult a financial adviser before making a decision to invest in private equity funds.

The main advantages for companies

• Access to capital: private equity gives companies access to private equity funds that are not available on the public markets. This gives them the opportunity to finance their growth or investment projects.

• Expertise and support: private equity firms often provide expertise and support to the companies in which they invest. They can provide advice on management, strategy or development, as well as contacts and business opportunities.

• Flexibility: unlike public investors, investment funds have greater flexibility in terms of investment structures and exit conditions. This can be advantageous for companies with specific needs or situations.

• Alignment of interests: private equity management companies generally have a significant stake in the companies in which they invest, which encourages them to align their interests with those of shareholders and seek to maximise long-term value. Investing in private equity can therefore offer some interesting advantages, but there are also some disadvantages to consider.

The main disadvantages for investors

• Reduced liquidity: Private equity investments are often illiquid, which means it can be difficult to sell your holdings or get your money back quickly. Private equity funds generally have a lifespan of several years, and it may take up to 10 years before you can sell your fund units and realise a potential return on your investment.

• High risk: Private equity is considered a high-risk asset class. There is a higher level of uncertainty about the future success of these companies, which increases the risk of investment failure. It is therefore possible to lose a large proportion of the capital invested if the underlying holdings fail.

• High minimum investment: Funds investing in unlisted assets can require minimum investment amounts of several million euros, which can make this form of investment inaccessible to individual investors with more limited financial resources generally. Investment platforms such as Private Corner make this asset class more accessible by offering lower minimum investment amounts.

• Locking in funds invested in private equity: When you invest in an investment fund, your money is generally locked in for an extended period. You will not be able to withdraw your money before the fund matures, which can limit your financial flexibility.

• Lack of transparency: Compared to traditional investments such as listed shares, private equity can appear to lack transparency in terms of asset valuation and fund performance. Information about specific investments and management decisions can be limited, making it difficult for investors to monitor and evaluate the performance of their investment. It is vital to choose management companies that, contrary to this bad reputation, play the transparency card.

• It is important to note that these disadvantages may vary depending on the management company, the specificity of the fund and the investment strategy. Before making an investment decision, it is advisable to carry out thorough research, consult financial advisers and understand the potential risks associated with this asset class. The main disadvantages for companies

• Increased control: when private equity firms invest in a company, they acquire a stake that can be majority-owned and can exercise significant control over the direction and management of the business. This can sometimes be perceived as excessive interference by existing management and shareholders.

• Pressure for short-term profitability: private equity firms are often motivated by achieving a high return in a relatively short period of time. This can lead to pressure for short-term financial decisions, sometimes to the detriment of the company's long-term strategy and growth.

What is the J-curve?

The J-curve refers to a diagram representing the financial performance of a private equity fund over time. The shape of the J-curve illustrates the evolution of a fund's value over its lifetime. Initially, at the beginning of the private equity fund's life, the J-curve generally shows a decrease or stagnation, or even a slight loss in the value of the fund's portfolio. The company must be given time to benefit from the effects of this new capital injection. Time is a company's best ally in developing and becoming profitable.

However, once the companies supported by the fund start to grow and generate profits, the J-curve takes on an upward shape, marked by a significant increase in the value of the fund. This growth phase can be accelerated by events such as successful IPOs or company disposals.

It is important to note that not every company in which a private equity fund invests will experience exponential growth. Some companies may fail or not achieve their objectives, which may result in losses for the fund. However, the general idea behind the J-curve is that the gains made on successful companies far outweigh the losses incurred on unsuccessful investments, leading to an overall increase in the value of the fund.

The Private Equity J-curve therefore reflects the typical life cycle of a private equity fund, with an initial capital deployment phase followed by a value creation phase. This curve is often used to illustrate the long-term investment strategy and its ability to generate significant returns on invested capital.

Investing in unlisted assets, real estate or infrastructure?

There are three main areas of private equity investment: unlisted assets, real estate and infrastructure. Find out more about the specific features of each:

Investing in unlisted assets

In the context of unlisted assets, private equity generally involves the purchase of a stake in a private company, be it a start-up, a growing business or a mature company. Investors provide equity or similar financial instruments to these companies in exchange for an equity stake.

The main objective of investing in unquoted assets is to benefit from potentially high returns by supporting the growth and development of the companies financed.

Investors may provide funds to finance growth projects, acquisitions, restructurings or buyouts. In return, investors generally expect a significant capital gain when the company is sold or becomes listed on the stock exchange.

Investing in real estate

Private equity in real estate is an investment sector in which investors provide funds for the acquisition, development or management of real estate with a view to making a profit.

This type of investment can take various forms, including : - Property acquisition: Investors buy property assets, such as office buildings, residential complexes, shopping centres, hotels, etc., with the aim of increasing their value and reselling them at a higher price in the future.

• Property development: Investors finance the construction or renovation of properties with the aim of selling or letting them on completion. This may include the construction of new residential, commercial or industrial properties.

• Property funds: Investors can also invest in professionally managed property funds. These funds pool the capital of several investors to invest in various property projects. The returns generated by these investments are then shared among the fund's investors.

• Property loan finance: Investors can provide loans or finance for property projects in return for interest and guarantees on the property.

Equity investments in real estate are generally considered to be long-term investments, as the value of real estate tends to increase over time.

However, they also involve risks, such as fluctuating property prices, maintenance costs, rental demand, interest rates and property market conditions.

Investing in infrastructure

Infrastructure private equity focuses on the financing and development of infrastructure assets. In the context of infrastructure, private equity focuses specifically on investments in assets such as roads, bridges, airports, ports, energy networks, transport infrastructure and utilities.

These assets often require significant capital investment to develop, modernise or expand. Private equity firms specialising in infrastructure finance seek investment opportunities in infrastructure projects that offer attractive long-term returns. They may invest in existing projects, providing additional financing to improve or expand them, or they may participate in construction or development projects from the outset. The target is usually investments offering stable and predictable returns over the long term, often generated by regular cash flows from tolls, tariffs or fees. Investors may also seek to benefit from asset value appreciation as the infrastructure develops or demand increases.

In short, private equity can finance unquoted companies, infrastructure or real estate. But how can we measure the performance of an investment?

The two main measures of private equity performance

The two most commonly used performance measures in private equity are as follows:

1. Internal rate of return (IRR): The IRR is a measure of profitability that indicates the annualised growth rate of an investment over time. It takes into account both the incoming and outgoing cash flows of an investment, as well as their timing. The IRR is considered a key measure for evaluating the performance of private equity funds over a given period. A high IRR generally indicates strong performance.

2. Invested capital multiples: Invested capital multiples compare the total amount of capital invested by investors with the total amount of returns earned on that investment. Multiples can be expressed in different forms, such as the multiple of the initial investment (invested capital) or the multiple of the called capital (capital calls made by investors). A multiple greater than 1 generally indicates that the investment has generated a positive return.

These performance measures are used to assess the profitability of funds investing in unquoted securities and to make informed investment decisions. It is important to note that these measures can vary depending on a number of factors, such as the length of time the investments have been held, the investment strategy, the target sectors, etc. It is therefore essential to consider these measures when making investment decisions. It is therefore essential to consider these measures in their proper context when analysing private equity performance.

Some elements of private equity taxation 

Taxation of a non-taxable FPCI

Some professional private equity funds, known as ‘non-tax FPCIs’, have chosen not to seek exemption from capital gains tax on exit. Capital gains tax on sales of securities

These investment funds are subject to 30% capital gains tax: - 12.8% for income tax - 17.2% social security contributions - Taxation on income

In the event that a ‘non-taxable’ professional investment fund distributes income, this income is subject to income tax under the PFU or ‘flat tax’ system, i.e. for 30% of the amount of income distributed.

Taxation of a fiscal FPCI

So-called ‘tax’ FPCIs allow their subscribers to benefit from a complete exemption on any capital gains realised. This tax exemption is subject to compliance with certain criteria, and subscribers must hold their units for a minimum of 5 years, while the income from the fiscal FPCI must be capitalised during this period.

Social security contributions

Social security contributions apply to financial income, including that generated by tax-regulated FPCIs. As with non-tax FPCIs, this rate is 17.2%.

Taxation of private equity investment via life insurance

In France, private equity investment via life insurance is subject to specific taxation. Life assurance is an insurance contract that allows policyholders to build up savings over the medium or long term by investing in different types of vehicle, including private equity. Here are the main tax aspects of this type of investment:

Tax benefits on subscription

When you take out a life insurance policy, any payments you make are generally exempt from income tax.

Taxation in the event of partial or total surrender

If you surrender all or part of your policy before the age of 8, the gains made are subject to income tax, according to the progressive scale in force. However, an annual allowance is applied to gains for surrenders made after the 4th year of the policy (for example, €4,600 allowance for a single person).

After 8 years, gains are taxed at a preferential rate: a flat-rate tax of 30% (comprising 12.8% income tax and 17.2% social security contributions). It is also possible to opt for the progressive income tax scale, with the application of an annual allowance of €4,600 for a single person.

Taxation in the event of death

In the event of the policyholder's death, the sums invested are passed on to the beneficiaries of the policy in a tax-efficient manner. An allowance is applied to the taxable share of each beneficiary, beyond which the sums are subject to specific inheritance tax.

What about the investment cycle?

Below are the main stages in the private equity investment cycle:

Call for funds

When a fund identifies an attractive investment opportunity, it may decide to make a capital call. This means that it asks the fund's investors to pay additional amounts to the fund, over and above their initial commitment, in order to have enough capital to make the investment.

Calls may be made at different stages in the life of the fund, usually when new investment opportunities arise or when existing investments require additional funding. Investors are then required to respond to the call by paying the requested funds within a specified period.

When investors respond to a call for funds, their financial commitments to the private equity fund increase. This provides the fund with the liquidity it needs to make investments or support companies in which it has already invested. In return, investors can potentially benefit from the returns generated by these investments.

Distributions

Distributions are an essential stage in the investment cycle and enable the potential performance of a private equity investment to be realised. They correspond to the capital transferred by the management company to investors during successive sales of holdings. This transfer of capital takes place mainly in the form of the resale of a holding to a third-party company, in the form of an IPO or when the holding is resold to a third-party fund.

Exit

The final stage in the investment cycle, the exit is carried out at the end of the fund's term when investors request the redemption of their units. This request must be made in accordance with a timetable established at the fund's inception. There are two ways of exiting the fund: - Over-the-counter sale of units: these are bought by the company financed or third-party investors interested in subscribing to the company's capital. - A stock market flotation: once the company is sufficiently mature, it may have the opportunity to be floated on the stock market, which will have the effect of significantly increasing the capital gain realised by investors.

What is an FPCI?

An FPCI, an acronym for Fonds Professionnel de Capital Investissement, is a type of investment fund designed to invest in unlisted companies. It is a collective investment vehicle managed by a specialist management company. FPCIs are often used to finance the development, growth or transfer of companies, by providing equity or quasi-equity capital.

FPCIs are generally reserved for qualified investors such as institutional investors, insurance companies, banks or pension funds. They offer investors exposure to unlisted companies with the potential for higher returns than traditional investments. However, they also carry higher risks, as unlisted companies are often less liquid and can be more volatile.

FPCIs can specialise in different sectors (technology, health, energy, etc.) or take a broader approach by investing in different types of company, whether an SME, a start-up or an ETI. Funds can have a limited lifespan, and investors can expect to make a profit when the companies in which the private equity fund has invested are sold or floated on the stock market. It should be noted that the status of FPCI investors is special and restrictive, since they must be professionals approved by the AMF (Autorité des Marchés Financiers), unlike investors investing through a private equity platform.

In conclusion, private equity investment can take a number of forms and offers very attractive return prospects. However, it does present risks of capital loss and often requires the status of an informed professional. You need to be accompanied by an asset management adviser, a family office or a private bank. To find out how to invest in a private equity fund or the funds available on Private Corner's digital platform, contact your adviser.

This guide to private equity is brought to you by Private Corner, an AMF-approved asset management company and a pioneer in the market for digital access to private equity, a cornerstone in the institutionalisation of the asset class.

• Address: 161 Rue du Faubourg Saint-Honoré, 75008 Paris, France.
• Telephone: 01 83 75 66 95.

*Sources: * - https://www.franceinvest.eu/performance-nette-du-capital-investissement-francais/ - https://www.tresor.economie.gouv.fr/Articles/2020/10/19/signature-d-un-accord-de-place-pour-la-creation-du-label-relance-afin-d-orienter-l-epargne-vers-le-financent-de-long-terme-des-entreprises-francaises

Would you like to invest in private equity and build up a portfolio of unlisted assets? To find out more about our range of private equity funds, please contact us:

• Private Corner, 161 Rue du Faubourg Saint-Honoré, 75008 Paris, France.
• 0033 1 83 75 66 95
• contact@private-corner.eu