Astorg
Astorg is a pan-European private equity firm managing €24bn AUM across flagship, mid-cap and continuation buyout funds, investing in global B2B companies across healthcare, technology, business services and industrials. Founded in 1998 and headquartered in Paris, it serves institutional limited partners and has delivered a 27% gross annualized return since inception.
- Company typePrivate
- Founded1998
- HeadquartersParis, France
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Astorg does
Astorg is a pan-European private equity firm founded in 1998 by Thierry Timsit and headquartered in Paris, France, with additional offices in London, Frankfurt, Milan, Luxembourg and New York. The firm operates through three wholly-owned regulated entities — Astorg Partners (AMF-regulated in France since 1998), Astorg Asset Management (CSSF-regulated in Luxembourg since 2015), and Astorg Advisory LLC (US sub-advisory) — and manages a fund family spanning eight generations of flagship buyout funds, a mid-cap vehicle, and continuation funds, reaching €24bn of assets under management with a 27% gross annualized return since inception across 27 years of investing.
Astorg's core products are its investment funds, which acquire majority stakes in global B2B companies: the Astorg VIII flagship buyout fund (€4.4bn, 2023 vintage) targets companies valued at €500m+; Astorg Mid-Cap (€1.3bn, 2022) targets €100-€400m companies; and continuation funds (Astorg Normec €1.4bn, Astorg IQ-EQ) provide liquidity and growth capital to existing portfolio companies. The firm invests across four verticals — healthcare, technology, business services, and technology-based industrials — with notable platforms including CordenPharma (pharmaceutical CDMO), IQ-EQ (investor services), Solina (food ingredients), Audiotonix (professional audio), Acturis (insurance SaaS), Fenergo (KYC/CLM), EcoVadis (sustainability ratings), Normec (TICC), and pending acquisitions of Thermo Fisher's microbiology business, Barkene, and Steliau/Acal BFI.
Astorg generates revenue primarily through recurring management fees on assets under management across its flagship, mid-cap and continuation fund vehicles, supplemented by performance-based carried interest participation in fund profits (supporting the reported 27% gross annualized return) and transaction-related fees on co-investments with limited partners. The firm serves institutional LPs (pension funds, insurance companies, asset managers, sovereign wealth funds, endowments and family offices) and operates an ancillary venture philanthropy arm, Astorg Philanthropy Investments, which deploys €30k-€300k cheques into health and accessibility-focused organizations under the King Baudouin Foundation. In April 2026, Astorg executed an 'internal LBO' granting new partners nearly 50% of firm equity while Thierry Timsit remained Executive Chairman, marking a generational ownership transition.
Astorg firmographics
Firmographics- Name
- Astorg
- Legal name
- ASTORG PARTNERS
- Website
- https://www.astorg.com
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Astorg is a pan-European private equity firm managing €24bn AUM across flagship, mid-cap and continuation buyout funds, investing in global B2B companies across healthcare, technology, business services and industrials. Founded in 1998 and headquartered in Paris, it serves institutional limited partners and has delivered a 27% gross annualized return since inception.
- Ownership category
- akta.pro rank
Astorg industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Operator-Led / CEO-in-Residence ETA (FSANALAI)
- akta.pro secondary industry
- Family Office–Backed ETA (FSANALAH)
Keywords
Where Astorg is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Markets served
Astorg business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Management Fees: Recurring fees charged on assets under management across flagship, mid-cap and continuation funds (e.g., Astorg VIII €4.4bn, Astorg VII €4.2bn, Astorg Mid-Cap €1.3bn, Astorg Normec Continuation Fund €1.4bn). Management fees fund the Astorg Philanthropy Investments arm.
- Carried Interest: Performance-based participation in fund profits, supporting the firm's reported 27% gross annualised return since 1998 across multiple fund vintages.
- Co-Investment Fees and Revenues: Meaningful co-investment opportunities offered to investor partners as an integral part of the value creation proposition; Astorg has invested over €19bn in businesses including co-invests.
- Alternative Investment Fund Management Fees: Fees from managing FPCI/AIF funds subject to French law and Luxembourg-law AIFs via Astorg Asset Management (CSSF-regulated).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | — | PRIIP Key Information Documents published for Astorg VII, Astorg MidCap and Astorg VIII |
| Other | — | Astorg Philanthropy Investments (API) cheque size range |
Go-to-market motion1 record
Astorg product offering
Product offeringCore offering
Astorg is a private equity firm that raises and manages buyout fund vehicles — flagship (Astorg VIII €4.4bn), mid-cap (Astorg Mid-Cap €1.3bn), and continuation funds (Astorg Normec €1.4bn, Astorg IQ-EQ) — and deploys that capital to acquire majority equity stakes in global B2B companies valued between €100m (mid-cap) and €500m+ (flagship), headquartered in Europe or the US, across four sectors: healthcare, technology, business services, and technology-based industrials. The firm also operates Astorg Philanthropy Investments (API), a venture philanthropy arm funding organisations improving health and accessibility outcomes.
Product overview
Astorg is a pan-European private equity firm with over €24 billion of assets under management and an 8th-generation buyout fund platform. Its core products are investment funds (Astorg VIII flagship €4.4bn, Astorg Mid-Cap €1.3bn, continuation funds including the Astorg Normec Continuation Fund and Astorg IQ-EQ Continuation Fund, plus historical funds I–VII), which acquire majority stakes in global B2B companies valued between €100m (Mid-Cap) and €500m+ (Flagship). Its portfolio companies operate as independent platforms across four core sectors — healthcare, technology, business services, and industrials — and are listed in detail above: notable healthcare platforms include CordenPharma (CDMO with €1bn+ peptide platform), Nexpring Health (ART MedTech), Echosens (FibroScan liver diagnostics), OPEN Health (medical communications), Avania, Cytel, Nemera, hg medical, Solabia (biotech ingredients), Demetra (orthopaedic biomaterials), and the pending acquisition of Thermo Fisher's microbiology business; technology and software platforms include IQ-EQ (investor services with ISO 27001 and €750bn AUA), Sofico (automotive leasing software), Acturis (insurance SaaS), Fenergo (KYC/CLM), Xceptor (data automation), Opus 2 (legal disputes software), Corsearch (brand protection), EcoVadis (sustainability ratings), Redslim (CPG/CHC data management), and Third Bridge (primary research); business services and industrials platforms include Normec (TICC services), Solina (food ingredients), Steliau (electronic solutions distribution, pending Acal BFI acquisition), Corialis (aluminium systems), IPCOM (insulation distribution), Lebronze Alloys (specialty copper alloys), Audiotonix (professional audio mixing consoles), IGM Resins (UV-curable materials), and ARMOR-IIMAK (thermal transfer ribbons); along with recently acquired or pending acquisitions IPL (infection prevention devices) and Barkene (multi-specialist B2B technical services). Beyond funds and portfolio companies, Astorg also operates Astorg Philanthropy Investments (API), a venture philanthropy arm launched in 2022 to fund organisations improving health and accessibility outcomes for people with disabilities and chronic conditions.
Differentiator
Problem solved
Functional benefit
Brands
- Astorg Mid-Cap: Astorg's separately marketed mid-market fund family for investments valued between €100m and €400m; raised as a €1.3bn fund vehicle in 2022.
- Astorg Flagship
- Astorg Philanthropy Investments (API)
Products and services
- Astorg VIII Astorg's 8th generation flagship buyout fund, sized at €4.4 billion, raised in 2023 and currently in its investment phase. Targets majority positions in global B2B companies valued at €500m and above, headquartered in Europe or the US, with expertise in healthcare, software, B2B professional services and technology-based industrials.
- Astorg Mid-Cap Astorg's mid-market buyout fund sized at €1.3 billion, raised in 2022. Targets majority positions in global B2B companies valued between €100 million and €400 million across healthcare, technology, business services and industrials.
- Astorg Normec Continuation Fund A €1.4 billion continuation fund raised in 2024 in partnership with CVC Secondary Partners, Pantheon, Lexington Partners and Eurazeo to support portfolio company Normec, a leading European provider of testing, inspection, certification and compliance (TICC) services. Marked as Fully Invested.
- Astorg IQ-EQ Continuation Fund A continuation fund launched in 2022 supporting Astorg's portfolio company IQ-EQ, a leading global investor services group providing compliance, administration, asset and advisory services to investment funds, global companies, family offices and private clients. IQ-EQ employs 4,750+ people in 25 jurisdictions with assets under administration exceeding US$750 billion.
- Astorg VII Astorg's 7th generation buyout fund sized at €4.2 billion, raised in 2019. Includes investments such as IQ-EQ, Fastmarkets, Corialis, Corsearch, Xceptor, Cytel, Solina, Audiotonix, Normec, LGC and Nemera. Limited partner base included pension funds (30%), insurance companies (19%) and asset managers (18%).
- Astorg VI Astorg's 6th generation buyout fund sized at €2.1 billion, raised in 2016.
- Astorg Philanthropy Investments (API) Astorg's venture philanthropy arm launched in 2022 under the auspices of the King Baudouin Foundation. Provides catalytic support through grants, equity, loans, blended finance and indirect investments (€30k–€300k per organisation) to non-profits and early-stage companies improving health and accessibility outcomes for people living with disabilities and chronic conditions across Europe, US, Canada, and Israel.
Companies that use Astorg
Customer profileIdeal customer profiles3 records
Astorg technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Astorg partnerships and signals
Strategic signalRecent moves12 records
Expansion highlights5 records
Astorg competitors and assessment
Company assessmentDirect peers
- PAI Partners: Paris-based PE firm (~€28bn AUM). PAI is a direct French and European mid-/large-cap buyout competitor, often competing head-to-head with Astorg for European platform deals.
- Permira: London-based global PE firm (~€80bn AUM). Permira competes directly with Astorg in European large-cap buyouts, particularly in technology, healthcare and consumer services.
- Ardian: Paris-headquartered pan-European PE firm with ~$160bn AUM. Ardian is a direct competitor in mid- and large-cap European buyouts — it sold Solina to Astorg in 2021 — and competes head-to-head in French and European deal flow.
- Eurazeo: Paris-headquartered listed PE firm (~€35bn AUM). Eurazeo co-invested in the Astorg Normec Continuation Fund in 2024 and competes directly in French mid- and large-cap buyouts, making it a natural European PE peer.
- Nordic Capital: Stockholm-based PE firm focused on healthcare, technology and financial services. Nordic Capital co-invested with Astorg in Cytel and Clario and is a direct competitor in European healthcare buyouts.
- Bridgepoint: London-headquartered pan-European mid- and large-cap PE firm (~€40bn AUM). Bridgepoint co-invested with Astorg on Fenergo, making it a direct comparable for European mid-cap and large-cap buyout activity.
- BC Partners: London-headquartered PE firm (~€40bn AUM). BC Partners is a direct competitor in European large-cap buyouts, particularly across consumer, healthcare and business services verticals.
- CVC Capital Partners: Pan-European private equity firm of broadly comparable AUM scale (~€186bn AUM). CVC is a direct competitor for large-cap European buyouts and co-invests alongside Astorg in deals such as LGC and Normec, making it the most direct peer in the European mega-cap LBO market.
- Cinven: London-based pan-European PE firm. Cinven co-invested with Astorg in LGC and was part of the Clario exit consortium. Operates in similar European large-cap healthcare and business services buyouts.
Broad incumbents
- EQT Partners: Stockholm-headquartered global PE/VC firm (~€269bn AUM). EQT operates across healthcare, technology and industrials — overlapping with Astorg's vertical focus but at significantly greater scale and broader strategy scope.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Astorg social profiles
Digital presenceAstorg compliance and trust
Trust signalCompliance6 records
Astorg financial estimates
Financial estimateRevenue estimate
Valuation estimate
Astorg leadership team
Management profileNumber of profiles
Profiles20 records
Astorg subsidiaries and ownership
Company hierarchySubsidiaries3 records
Astorg funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Astorg M&A and investment
M&A and investmentM&A54 records
Investments21 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Astorg
What does Astorg do?
Astorg is a private equity firm that raises and manages buyout fund vehicles — flagship (Astorg VIII €4.4bn), mid-cap (Astorg Mid-Cap €1.3bn), and continuation funds (Astorg Normec €1.4bn, Astorg IQ-EQ) — and deploys that capital to acquire majority equity stakes in global B2B companies valued between €100m (mid-cap) and €500m+ (flagship), headquartered in Europe or the US, across four sectors: healthcare, technology, business services, and technology-based industrials. The firm also operates Astorg Philanthropy Investments (API), a venture philanthropy arm funding organisations improving health and accessibility outcomes.
Is Astorg a public or private company?
Astorg is a private company. It is classified as management employee owned and is currently operating.
When was Astorg founded?
Astorg was founded in 1998. It employs 101 to 250 people.
Where is Astorg based?
Astorg is headquartered in Paris, France, in the Europe region.
How does Astorg make money?
Four revenue lines are on record. Management Fees are the primary driver. The others are carried Interest, co-Investment Fees and Revenues and alternative Investment Fund Management Fees.
Who are Astorg's main competitors?
Direct peers on record are PAI Partners, Permira, Ardian, Eurazeo, Nordic Capital, Bridgepoint, BC Partners, CVC Capital Partners and Cinven. EQT Partners is listed as a broad incumbent.
Does Astorg have an API?
No public API is recorded for Astorg.
What industry is Astorg in?
Astorg's product category is Private Equity Fund Management. Its primary akta.pro industry code is FSANALAI, Operator-Led / CEO-in-Residence ETA, with a secondary code of FSANALAH, Family Office–Backed ETA. Its NAICS code is 52394 and its SIC code is 6282.