Private equity: investing in unlisted asset funds

Are you an individual investor looking to invest in private equity? Or are you a private banking professional looking for private equity funds on behalf of your clients? If so, 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.

Private Equity is opening up more and more to private investors

Until recently, investing in PE funds was reserved for a tiny minority of investors, but Private Corner is helping to democratize 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 thanks to a fully digitalized investment platform.

Introduction to Private Equity

This introductory guide gives you the keys to investing in private equity in France, its return prospects and risks, as well as the different options for investing in unlisted assets, such as the one offered by Private Corner, a Paris-based digital-native private equity firm with a digital platform offering access to a unique selection of the best funds. Private investors can invest in investment funds from as little as €100,000, even though these are reserved for institutional investors capable of investing millions of euros.

The different forms of private equity

To invest in private equity, there are several types of investment and funds of funds 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 long-term return on investment.

Transfer capital: definition

Transmission capital, also known as "transmission venture capital" or "takeover 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 a specific form of private equity investment aimed at restructuring and revitalizing companies in financial or operational difficulty.

As you can see, investing in private equity is no simple matter, since private equity is a highly varied field, as are funds investing in unlisted assets:

The different types of investment funds active in private equity

Early stage, Growth equity, Venture capital, Buy-out... Discover the main types of private equity funds 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 specializing in financing startups and early-stage companies. This type of private equity fund focuses on investments made at an early stage in the company's life cycle, when it is still in its initial development or business launch phase.

Growth equity funds

Growth equity is a form of private financing 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. As such, investment funds specializing in growth equity generally invest in companies that have already reached a certain level of maturity and profitability, but require additional capital to finance their expansion, business development or market consolidation. These companies are often already in the early stages of growth, and demonstrate significant long-term growth potential.

Venture capital funds

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

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Buy-out funds

A buy-out fund is a type of unlisted asset investment fund specializing in the acquisition of companies with a view to restructuring, developing and subsequently selling them, usually at a capital gain. These funds are often set up by private equity firms or asset management companies, and mobilize substantial financial resources to finance acquisitions. Buy-out funds can take full or partial control of a company, and can 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 acquired companies through operational improvements, synergies, strategic investments, etc.

Note that these different funds can invest specifically in a particular field (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 a number of different ways in which investors can invest in private equity:

Direct investment

A direct private equity investment is a transaction involving direct investment in an unlisted company. 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.

Investment fund

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 strong growth potential, and thus the potential to generate returns for its investors. Investment funds are managed by financial professionals, known as fund managers, who make investment decisions in line with 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 are 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 individual assets. In other words, it consists of a diversified portfolio of funds. The fund of funds generally offers exposure to a number of 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 from the risk reduction associated with diversification. This type of investment is often more accessible than direct subscription to an investment fund, as the entry ticket is generally lower.

Investing via life insurance

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 private equity 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. What's more, investors can benefit from increased asset diversification, as it is advisable to 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.), not forgetting the Euro fund managed by the insurance company.

The PACTE Act: defining a reform aimed at democratizing 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 modernize the French economy, stimulate business growth and encourage retail investors to invest in private equity.

What are the main measures of the PACTE law?

The PACTE law included several key measures, including: Simplifying and modernizing the legal framework for businesses: The aim was to make it easier to create, manage and close businesses, by simplifying administrative procedures and reducing the costs involved in setting up a company.

• Encouraging innovation and business development: The PACTE law aimed to foster innovation by facilitating access to financing 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 strengthened the government's powers to protect French companies deemed strategic, by enabling them to block foreign investments likely to harm the national interest.
• Improving employee savings: The law aimed to promote employee savings by increasing employee profit-sharing and simplifying retirement savings schemes.
• Ecological transition and corporate social responsibility: The PACTE Act includes provisions to encourage companies to factor environmental and social issues into their strategy.

What impact will the PACTE law have on private equity?

Promulgated in September 2019, the Plan d'Action pour la Croissance et la Transformation des Entreprises (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 companies.

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

• Facilitating 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 law introduced the Fonds d'Investissement de Proximité, which enables 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 law has enabled unlisted companies to use participative financing platforms to raise funds, broadening the financing options available and opening up new investment opportunities for private equity players.
• Encouraging long-term investment: The PACTE law encouraged investors to take a longer-term approach by abolishing capital gains tax on asset sales made after a holding period of more than two years.

It is important to note that the effects of the PACTE law on private equity may vary depending on the market players, the size of the companies involved and general economic conditions. Overall, however, the law was designed 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, due to the high entry fees for funds investing in unlisted assets. With the PACTE Act and digital transformation, opportunities have arisen to democratize this type of investment, with the corollary of finding ways to reduce the minimum investment amount. Dedicated 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' advisors (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 democratization need. Ultimately, it connects private investors with investment opportunities in unlisted companies.

A private equity platform creates so-called "feeder" investment funds of carefully selected funds from the sector's big names (funds of funds) to raise funds from private investors represented by financial advisors, private banks, family-offices or asset managers, and uses them to invest in investment funds (master funds), themselves investing 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. Another advantage of this digitalized approach is that it provides wealth specialists and their clients with..:

• Efficient monitoring
• Transparent communication
• Optimized monitoring

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

Who can invest in private equity in France?

Institutional investors, investment companies, sovereign wealth funds... 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 specialized in private equity. - Family offices, which are private wealth management structures for wealthy families. - High-income individual investors, such as entrepreneurs, business leaders and financial 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 corporate pension plans.

Also, thanks to the Private Equity platform, relatively wealthy individual investors without the financial capacity to invest several million euros, can access private equity by subscribing to unlisted asset investment funds from as little as 100,000 euros.

It should be noted that private equity investment is generally reserved for qualified investors, due to the risks involved and the liquidity requirements.

What are the advantages and disadvantages of private equity?

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

Key benefits for investors

• High return potential: Private equity generally offers higher return potential than traditional investments such as stocks and bonds. Investors can benefit from the growth and performance of the companies in which they invest, which can generate substantial 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 profit-sharing). 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 high 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 advisor before making any decision to invest in private equity funds.

Key benefits 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 when it comes to 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 maximize 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 realize 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 part of the capital invested in the event of failure of the underlying holdings.

• 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 won't be able to withdraw your funds before the fund's scheduled maturity, which can limit your financial flexibility.

• Lack of transparency: Compared with traditional investments such as listed equities, private equity can give the impression of lacking transparency when it comes to asset valuation and fund performance. Information on 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's important to note that these disadvantages can vary from one management company to another, depending on the specificity of the funds and investment strategies. Before making any investment decision, it is advisable to carry out thorough research, consult financial advisors 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 company's management. 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 the achievement of a high return in a relatively short timeframe. 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 a 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. You need to give the company 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 ascending form, marked by a significant increase in the fund's value. This growth phase can be accelerated by events such as successful IPOs or company disposals.

It is important to note that not all companies in which a private equity fund invests experience exponential growth. Some companies may fail or fall short of their targets, resulting 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 fund's value.

The J-curve in private equity thus reflects the typical life cycle of a fund investing in unlisted assets, with an initial phase of capital deployment followed by a phase of value creation. 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 specifics 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 a stake in their capital.

The main aim of investing in unlisted 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 assets with a view to making a profit.

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

• Real estate development: Investors finance the construction or renovation of real estate properties with the aim of selling or renting them out once completed. This can include the construction of new residential, commercial or industrial properties.

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

• Real estate loan financing: Investors can provide loans or financing for real estate projects in exchange for interest and guarantees on the property.

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

However, they also entail risks, such as fluctuating property prices, maintenance costs, rental demand, interest rates and real estate 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, power grids, transportation infrastructure and utilities.

These assets often require significant capital investment for their development, modernization or expansion. Private equity firms specializing 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 upgrade or expand them, or they may participate in construction or development projects from the outset. The target is usually investments offering stable, predictable returns over the long term, often generated by regular cash flows from tolls, tariffs or royalties. Investors may also seek to benefit from asset value appreciation as the infrastructure develops or demand increases.

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

The two main performance measures for private equity

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

Internal rate of return (IRR): The IRR is a measure of profitability that indicates the annualized 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. IRR is considered a key measure for evaluating the performance of private equity funds over a given period. A high IRR generally indicates solid performance.

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 ways, such as the multiple of the initial investment (invested capital) or the multiple of the called-up capital (capital calls made by investors). A multiple greater than 1 generally indicates that the investment has generated a positive return.

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These performance measures are used to assess the profitability of funds investing in unlisted ctaifs, and to make informed investment decisions. It is important to note that these measures can vary depending on many factors, such as the length of time investments are 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 analyzing private equity performance.

A few tax considerations for private equity

Taxation of non-taxable FPCIs

Some professional private equity funds (FPCI non fiscaux) 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 a 30% capital gains tax: - 12.8% income tax - 17.2% social security contributions - Income tax

If the Fonds Professionnel de Capital Investissement 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

Fiscal FPCIs allow subscribers to benefit from full tax exemption on any capital gains realized. This tax exemption is subject to compliance with certain criteria, and subscribers must hold their units for a minimum of 5 years, while FPCI fiscal income must be capitalized during this period.

Social security contributions

Social security contributions apply to all financial income, including that generated by tax-advantaged 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 tax rules. Life insurance is an insurance contract that enables policyholders to build up savings over the medium to long term by investing in different types of vehicles, 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 redeem all or part of your policy before the age of 8, the gains realized are subject to income tax, according to the progressive scale in force. However, an annual allowance applies to gains realized after the 4th year of the contract (for example, €4,600 allowance for a single person).

After 8 years, gains are taxed at a preferential rate: a 30% flat-rate tax (composed of 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 policy's beneficiaries under a tax-advantaged arrangement. An allowance is applied to the taxable share of each beneficiary, beyond which the sums are subject to specific inheritance taxes.

What about the investment cycle?

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

Fundraising

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

Calls for capital can be made at various stages in the life of the fund, usually when new investment opportunities arise, or when existing investments require additional financing. Investors are then required to respond to the call by paying the requested funds within a specified timeframe.

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, enabling the potential performance of a private equity investment to be realized. They correspond to the capital transferred by the management company to investors through successive sales of holdings. This transfer of capital mainly takes the form of the resale of a holding to a third-party company, an IPO or the resale of the holding 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 redemption of their shares. This request must be made in accordance with a timetable established at the fund's inception. This exit can take two forms: - A private sale of shares: these are bought by the company being financed, or by third-party investors interested in subscribing to the company's capital. - Initial public offering (IPO): once the company is sufficiently mature, it may have the opportunity to be listed on the stock market, thereby significantly increasing the capital gain realized 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 specialized 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 higher potential returns than traditional investments. However, they also carry higher risks, as unlisted companies are often less liquid and can be more volatile.

FPCIs can specialize in different sectors (technology, healthcare, energy, etc.) or take a broader approach, investing in different types of companies, whether SMEs, start-ups or ETIs. 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 when they go public. It should be noted that the status of FPCI investors is particular and restrictive, since they must be professionals approved by the AMF (Autorité des Marchés Financiers), unlike investors investing via a private equity platform.

In conclusion, private equity investment can take many forms, and offers very attractive prospects for returns. Nevertheless, it does present risks of capital loss, and often requires the status of an informed professional. It requires the support of a wealth management advisor, family office or 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 advisor.

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

• Address: 161 Rue du Faubourg Saint-Honoré, 75008 Paris, France.
• Telephone: 0033 1 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

Discover our mini-series on investing in Private Equity in France To continue on the subject of investing in private equity, discover our mini-series dedicated to private equity in France:

Episode number 1: Estelle Dolla looks back at the foundations of the Private Corner management company and the specific nature of its offer, which aims to institutionalize access to private equity.

Episode number 2: Private Equity expert Jacques Ittah develops his views on investing in unlisted assets...

Episode number 3: Erwan Paugam, Head of Private Wealth Solutions at Ardian, explains why he chose the private equity platform developed by Priavet Corner.

Episode number 4 - Laurent Bénard, head of asset management company ARMEN, explains the importance of his collaboration with Private Corner and the advantages of unlisted investment.

Episode number 5 - Amaury Demarta, Director & Founder of Multi Family Office Millenium Gestion Privée, talks about the advantages of Private Corner's unlisted investment platform.

Episode number 6 - Thibault Chabrol, Private Manager at La Financière de l'Échiquier, shares his experience with Private Corner in the field of private equity funds.

Episode number 7 - Hiro Roche, Head of Investor Relations at Committed Advisors, a management company specializing in secondary private equity, talks about his collaboration with the management company that pioneered the institutionalization of access to private equity.

Episode number 8 - Charlotte Donahue, Managing Partner at Strat&Fi, a multi-family office in Paris, explains why she works with the Private Equity by Private Corner platform.

To conclude, take a look at this article explaining the ins and outs of subscribing to private equity funds with Private Corner.

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