Demeter

What Demeter does

Demeter is a Paris-headquartered private investment management firm specializing exclusively in ecological and energy transition, operating across the full private equity spectrum from venture capital and growth equity through buyout, infrastructure, mezzanine, and private debt. Founded in 2003, the firm manages €3 billion in assets under management raised from institutional investors, corporations, and family offices, and has supported more than 450 startups, SMEs, and projects over 20+ years of activity. Following the 2023 merger of Demeter Investment Managers with Cerea Partners, the combined platform operates as Demea Invest with two divisions: Demea Sustainable Investment (ecological and energy transition) and Demea Agro (agrifood).

The firm operates specialized fund vehicles covering thematic areas including urban ecological transition (Paris Fonds Vert, targeting €200M), sustainable viticulture (VitiRev Innovation), sustainable industry (FAIM), circular economy (Circular Innovation Fund), climate infrastructure (Climate Infrastructure Fund), and innovation for adaptation and mitigation (IAM). Demeter has developed a proprietary ESG and territorial impact measurement methodology in partnership with Carbone 4, which tracked 7.6 million tonnes of CO2 emissions avoided and 37 TWh of energy savings across the portfolio in 2022. Multiple funds carry the most stringent EU SFDR Article 9 classification, and the firm holds the TEEC label (audited by EY) on its Paris Green Fund, AMF approval (GP 05 000027), and is a signatory to PRI, CDP, iC20, and The Shift Project.

Demeter generates revenue through management fees on its €3 billion AUM and carried interest on successful exits, with remuneration partially indexed to ESG performance objectives. The firm employs 70 professionals of 6 nationalities across six offices in Paris, Lyon, Bordeaux, Düsseldorf, Madrid, and Montréal. Its customer base spans two-sided: LPs (institutional investors, corporations, family offices) on the fundraising side, and portfolio companies (startups, SMEs, and ETIs in agriculture, agrifood, energy, environment, mobility, and green industry) on the deployment side. Notable portfolio companies include Phagos (€25M Series A), Opendatasoft (€21M), Optimum Automotive (€14M), and Courb (€3.7M). The firm was named European Investor of the Year 2022 by Cleantech Group.

Name

Demeter

Legal name

Demeter Partners

Website

https://demeter-im.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Demeter is a Paris-based private investment management firm managing €3 billion across venture capital, growth equity, buyout, infrastructure, mezzanine, and private debt funds exclusively focused on ecological, energy, and agrifood transition, serving institutional LPs and 450+ portfolio companies.

Ownership category

akta.pro rank

Product category

Sustainable Private Equity & Impact Investing

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Venture Debt Providers (FSANAAAL)

akta.pro secondary industries

Venture Capital Fundraising Placement (FSAEALAC), Direct Lending — Venture Debt (FSAHAJAD)

Keywords

• Private equity investment
• Venture capital funds
• Ecological transition finance
• Growth equity investing
• Impact investment management

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Asset Management Fees: Demeter earns management fees on assets under management across its various fund vehicles, which include venture capital, growth equity, infrastructure, mezzanine, and private debt funds. These fees are typically calculated as a percentage of committed or invested capital.
2. Performance Fees / Carried Interest: Demeter earns carried interest on successful exits and realized investments within its funds. Their remuneration is partially indexed to ESG performance objectives, aligning fund manager incentives with impact outcomes.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Demeter (now Demea Invest) is a private equity and venture capital firm that raises capital from institutional investors, corporations, and family offices and deploys it across venture capital, growth equity, buyout, infrastructure, mezzanine, and private debt funds focused exclusively on ecological and energy transition sectors (agriculture, agrifood, energy, environment, sustainable solutions, and green industry). The firm manages €3 billion in assets across 70 professionals in 6 countries and supports 450+ startups, SMEs, and projects.

Product overview

Demeter operates as a comprehensive capital investment platform offering a full range of private equity and infrastructure financing services. The firm is structured into two main divisions: Demea Sustainable Investment (formerly Demeter Investment Managers) and Demea Agro (formerly Cerea Partners), which together provide venture capital, growth capital, buyout, infrastructure, mezzanine, and private debt solutions exclusively focused on ecological and energy transition. Key funds include Paris Fonds Vert (growth capital for urban sustainability), VitiRev Innovation (sustainable viticulture), FAIM (industrial startups), Circular Innovation Fund (circular economy), and Climate Infrastructure Fund. With €3 billion under management and 70 professionals across 6 nationalities, Demeter supports startups, SMEs, and projects from early-stage through transmission stages.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Risque (Venture Capital) Investment service providing seed and early-stage capital to startups developing solutions for ecological and energy transition across agriculture, agrifood, energy, environment, sustainable solutions, and green industry. Targets founders and early-stage teams building innovative companies in sustainable sectors.
• Capital Développement (Growth Capital) Growth equity investment service providing capital to SMEs and mid-market companies (including ETIs) pursuing sustainable business models and ecological transition strategies. Targets companies requiring expansion capital, M&A financing, or transition funding.
• Capital Transmission (Buyout) Leveraged buyout investment service supporting company transitions, succession scenarios, and acquisitions in ecological and energy transition sectors. Targets business owners and management teams seeking transition capital.
• Infrastructure Investment Financing service for energy transition and ecological infrastructure projects, including renewable energy generation, grid infrastructure, and climate solutions. Targets project developers and infrastructure operators.
• Mezzanine Financing Hybrid debt-equity financing solution for companies in ecological and energy transition sectors, providing flexible capital structures between senior debt and equity. Targets SMEs and mid-market companies seeking growth capital with structured returns.
• Dette Privée (Private Debt) Direct lending solution providing debt financing to sustainable growth companies in ecological transition sectors. Targets SMEs requiring non-bank financing for growth or transition initiatives.
• Paris Fonds Vert Growth capital fund dedicated to ecological transition of large cities, initiated by the City of Paris, targeting €200 million to invest in high-growth European SMEs across six priority sectors: buildings, mobility, energy, air, waste, and digital. Targets urban sustainability companies and large city governments.
• VitiRev Innovation Fund dedicated to sustainable viticulture and wine industry transformation, investing in technologies and practices that promote sustainable wine growing in the Nouvelle-Aquitaine region. Targets wine industry innovators and sustainable agriculture startups.
• FAIM (Fonds d'Amorçage Industriel Métropolitain) Early-stage industrial investment fund for sustainable industry initiatives in metropolitan areas, co-managed by Demeter with focus on the Lyon-Saint-Étienne metropolitan area. Targets industrial startups developing sustainable solutions.
• Circular Innovation Fund Fund focused on circular economy innovation and solutions, investing in companies developing circular economy business models, materials, and processes. Targets circular economy startups and growth companies.
• Climate Infrastructure Fund Infrastructure fund targeting climate solutions and renewable energy projects, providing capital for large-scale climate infrastructure. Targets renewable energy developers and climate infrastructure operators.
• IAM Fund (Innovation for Adaptation and Mitigation) Article 9 SFDR-classified fund for innovation in climate adaptation and mitigation solutions, investing in companies developing technologies and services to address climate change. Targets climate adaptation and mitigation innovators.
• Demea Agro (ex Cerea Partners) Agricultural and food sector focused investment platform within the Demea group, providing specialized capital investment services across the agrifood value chain. Targets agricultural and food companies across all stages from venture to buyout.

Quantifiable outcome

• Portfolio companies avoided 7.6 million tonnes of CO2 emissions and 37 TWh of energy consumption in 2022 (+50% and +61% vs 2021)
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered flagship and core.

• City of ParisflagshipStrategic or Co-development Partner · 1 January 2018Following a call for expression of interest, the City of Paris selected Demeter to manage Paris Green Fund (now Paris Fonds Vert), a territorial investment fund for ecological transition with a target of €200 million. The fund takes minority stakes in growth companies across 6 priority sectors (buildings, mobility, energy, air, waste, digital) for sustainable cities. The fund achieved its first closing above €100 million in July 2018, with 12 investors confirmed alongside the City of Paris.
• Carbone 4coreImplementation/ SI/ Consulting Partner · 1 January 2018Demeter partnered with consulting firm Carbone 4 to develop its proprietary environmental and territorial impact measurement methodology. This methodology is used to measure CO2 avoidance and energy savings across portfolio companies and has been applied successfully on the Paris Fonds Vert growth equity fund, inspiring approaches in Demeter's new venture capital and infrastructure funds.
• Cycle Capital / Cycle Capital Demeter Advisory Inc.coreStrategic or Co-development PartnerDemeter established a partnership with Cycle Capital, a Canadian cleantech investment firm, and its advisory entity Cycle Capital Demeter Advisory Inc. The partnership enables cross-border investment opportunities and co-investment between the French and Canadian cleantech ecosystems. Stéphane Villecroze participated in joint events with Cycle Capital, including the Cleantech Innovation Forum in Montreal in May 2018.
• eCapital (Germany)coreStrategic or Co-development PartnerDemeter partnered with eCapital, a German investment firm, to extend its activities in Germany. Holger Schragmann is based at eCapital's site in Münster as Partner in charge of Demeter's German office. The partnership facilitates fundraising for Demeter's funds in the Germanic zone and investment activities in Germany.
• Finance for BiodiversitycoreStrategic or Co-development PartnerDemeter Partners joined Finance for Biodiversity, an initiative launched by 26 major international financial institutions dedicated to biodiversity preservation and restoration. The initiative sensitizes members, develops quantitative tools, and recommends policies aligned with the Paris Agreement and the Convention on Biodiversity. Membership affirms Demeter's commitment to biodiversity and ecosystem preservation beyond climate metrics.
• France Invest (Climate Commission)coreStrategic or Co-development PartnerDemeter is highly active within France Invest, the French private equity association. Sophie Paturle serves as President of the France Invest Climate Commission. Demeter co-organizes events and roundtables, contributes to ESG best practices development, and participates in industry working groups on sustainable finance.
• UN Principles for Responsible Investment (PRI)coreStrategic or Co-development PartnerDemeter is a signatory to the United Nations Principles for Responsible Investment (PRI), aligning its practices with best-in-class sustainable investment standards. Demeter is also a signatory to CDP (Carbon Disclosure Project), iC20, The Shift Project, France Invest parity charter, SISTA charter, and The Billion Dollar Fund for Women.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Mirova: Subsidiary of Natixis Investment Managers and one of Europe's largest dedicated sustainable investment firms. Like Demeter, Mirova invests across private equity, infrastructure, and impact strategies focused on ecological transition, and shares Demeter's SFDR Article 9 orientation.
• Swen Capital Partners: French asset manager specialized in ESG and sustainable investment across private equity, infrastructure, and listed assets. Direct peer to Demeter in thematic sustainable PE/VC, with overlapping focus on energy transition and ESG best practices (Swen awarded Demeter its 2020 ESG Best Practices prize).
• Capagro: France's leading agrifood venture and growth capital firm. Direct peer to the former Cerea Partners (now Demea Agro) within the agrifood private equity space, with comparable ticket sizes and French/European footprint.

Broad incumbents

• Eurazeo: Large French-listed private equity firm with sustainability-focused strategies (Eurazeo Planetary Boundaries, Idinvest heritage). Broader scope than Demeter but competes for institutional capital and cleantech deal flow in the French/European market.
• Tikehau Capital: French alternative asset manager with private equity, private debt, and real asset strategies including energy transition funds. Competitor for institutional LP mandates and co-investor in sustainable infrastructure deals.
• Bpifrance: French public investment bank that both co-invests with Demeter (Spareka, Phagos, Instant System) and operates competing direct investment funds. Functions as both partner and competitor in the French sustainable finance ecosystem.
• Creadev: French family-owned (Mulliez) private equity firm with sustainability and impact-oriented strategies. Competes with Demeter for French growth-stage deals in sustainable sectors, with a comparable mid-market ticket size.

Regional players

• Cycle Capital: Canadian cleantech venture capital firm and Demeter's North American advisory partner (Cycle Capital Demeter Advisory Inc.). Operates a comparable thematic cleantech VC mandate but in a different geography; partnered with Demeter for cross-border deal flow.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Demeter_im

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments94 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Demeter