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News — 18 February 2025

Once upon a time, private equity...

Estelle Dolla's opinion piece in PE Mag: if private equity existed in France in the years 2000/2010, it was then only in its infancy, often consisting of ‘pockets of capital’ rather than fully established management companies. The first players generally came from the banking sector, and instinct often prevailed over discipline during transactions. The French model already reproduced the three fundamental pillars of private equity, developed by the American pioneers, which are essential to its performance: alignment of interests, control and investment duration.

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A professionalised ecosystem

These principles remain more relevant than ever, although their implementation has evolved with the maturity of the market. Private equity was born in a very favourable environment, where the lack of liquidity of companies made equity investment conditions particularly attractive, thanks in particular to the fall in the cost of money. Today, it must adjust and improve in order to continue its development in a renewed context. The alignment of interests, which was once limited to the incentive remuneration of executives and financial directors, now extends to a significant proportion of the employees of the companies financed, thus generating value. The exercise of control has also evolved: management companies recruit various experts, moving from simple monitoring to providing resources and solutions on key topics such as the supply chain, digital transformation and reporting.

The investment period has become a real weapon for getting through difficult periods, unlike the days when the temptation to sell to the first bidder was strong. Thanks to these developments, funds have become real investment companies, each cultivating its specialisation, culture, methods and investment discipline. A good deal should not be the result of simple opportunism, but should correspond to the needs of the manager and the DNA of the investment fund. Value creation is increasingly based on this specialisation of funds and this growing segmentation of the market, where investors and companies maintain partnership relations. Although it has been a prosperous period for the sector, its resilience was tested for the first time in 2008.

Private equity knows how to navigate even in times of economic crisis. The fact that the funds have capital permanently available for investment is an excellent buffer for companies in difficulty. During the Covid crisis, the funds demonstrated their ability to mobilise resources in unprecedented situations. 2024 was a new challenge for the sector. Rather than hastily selling their holdings, the funds extended the investment period. For some players, there were fewer acquisitions and more work on the assets in the portfolio to create value: acceleration of transformations, internationalisation of the activity, research and development efforts, buy and build operations, etc.

A promising future

The unlisted sector has been particularly talked about in recent years, notably with the introduction of the Green Industry Act, which aims to facilitate access to the unlisted sector for French savers by adding a dose of private assets to the managed management of life insurance contracts and retirement savings plans. Economic and political uncertainty could create opportunities in the private sector, particularly in resilient or anti-cyclical segments. In this context, private assets (private equity, infrastructure and private debt) illustrate their diversification potential in their ability to outperform traditional financial markets, especially if equity market volatility persists.

The unlisted market is expected to continue growing in the coming years, driven in particular by increased demand for diversification and sustainable performance. Rigorous selection of assets and managers, as well as the integration of ESG criteria, will become essential, as will transparency, in order to meet the high and legitimate expectations of private investors. Quality funds, tailored to wealth investors, will stand out in a more demanding environment.

The best private equity managers have always performed well and should continue to do so thanks to their unique ability to select market leaders and engage with the entrepreneurs they support. It is therefore crucial to select, among management companies, those strategies whose performance is truly the result of unfailing applied discipline. This selectivity is the key to sustainable outperformance.

News

Private equity: from ready-to-wear to tailor-made, a whole range of possibilities

Some wealth management advisers are now familiar with feeder funds, bringing private equity investment within their reach. The good news is that for the more experienced, a tailor-made approach is also possible.

News

The private equity market faces the challenges of monetary normalization.

In 2023, the private equity sector has come to a standstill after a period of euphoria. Investors must now adapt to a new financial context. This article by Estelle Dolla in Investissement Conseils / Profession CGP explores the evolution of private equity, also known as unlisted investment, and the opportunities offered by private equity platforms. Here are the Tribune's key points.

News

Private equity: how to approach this investment sustainably?

Growing interest in investing in unlisted companies is prompting investors to ask themselves questions about the right timing and ideal allocation for their portfolios. In an article published in Funds Magazine, Estelle Dolla sheds some useful light on the subject of unlisted investment in all its forms: private equity, co-investment, private debt, etc.