LBO France

What LBO France does

LBO France Gestion is an AMF-regulated French alternative asset manager operating a multi-strategy, multi-geography investment platform. It invests across Private Equity Mid Cap (€20–300M EV), Private Equity Small Cap, Venture (Digital Health and Proptech, €1–15M tickets), Real Estate (residential, commercial, hospitality, logistics; €30–200M assets), and Public Equity (VALBOA range of funds for listed French small/mid caps). The firm monetizes through management fees and carried interest on more than 50 active funds covering over €2.5B in AUM, distributing products to French and international institutional investors, sovereign funds, family offices, and retail investors via wealth managers, private bankers, and life insurance wrappers.

The firm is headquartered in Paris with regional operating hubs in Milan (Polis SGR, acquired 2021, for Italian real estate, credit/NPL and PE) and Dakar (CGF Bourse, for French-speaking West Africa). It runs a dedicated operating team — established in 2010 as one of the earliest among European PE firms — providing portfolio companies with support in digital transformation, post-acquisition integration, supply chain optimization, productivity, organizational strengthening, and GHG reduction monitoring. Distribution is conducted through a dedicated Investor Relations team, multi-language websites (FR/EN/IT), industry events, and a growing insurance-channel footprint.

The firm's 2025 activity highlights a portfolio rotation phase: it acquired Amahorse (equestrian apparel) and E.R.E., invested in Toothfairy ($10M Series A) and Mediaire (€12M), while exiting Dutscher (€400M+ revenue, sold to Vivo Capital), Zato (to Abenex), Prenax (to Triton), Bluclad (to YKK), and Payot (to Ushopal). Notable structural items include the appointment of Stéphanie Casciola as CEO in June 2022, the September 2025 reorganization of the Mid Market team, and the October 2025 listing of its first FCPR evergreen fund on Generali France's life insurance platform. Governance and ownership remain private with no parent company or IPO.

Name

LBO France

Legal name

LBO France Gestion

Website

http://www.lbofrance.com/en

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

51–100 employees

Short description

LBO France is a Paris-headquartered, AMF-regulated alternative asset manager running a multi-strategy platform — Private Equity (Mid and Small Cap), Venture (Digital Health and Proptech), Real Estate, and Public Equity — across France, Italy, and Africa, managing €2.5B+ AUM through 50+ active funds serving institutional and retail investors.

Ownership category

akta.pro rank

Product category

Private Equity & Asset Management

akta.pro primary industry

Mid-Market Buyout (FSANABAB)

akta.pro secondary industry

Private Equity Buyout Fund-of-Funds (FSANAGAD)

Keywords

• Private equity investment
• Asset management services
• Venture capital funds
• Real estate investment
• Fund management

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Equity Fund Management: LBO France generates revenue through management fees and carried interest from its multiple private equity funds including Mid Cap Opportunities II, Small Caps Opportunities II, White Caps Selection FCPR funds, and evergreen FCPR funds. The firm manages over €2.5 billion in assets across more than 50 active funds.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

LBO France is a multi-business investment platform managing over €2.5 billion in assets across 50+ active funds. The firm takes minority or majority stakes in companies valued between €20-300 million through Private Equity (Mid Cap and Small Cap), invests in Digital Health and Proptech startups through Venture, supports residential, commercial, and logistics real estate projects, and runs active long-term public equity strategies focused on French listed small and mid-cap companies.

Product overview

LBO France is a multi-business, multi-country investment platform offering four investment strategies: Private Equity (Mid Cap and Small Cap), Venture (Digital Health and Proptech), Real Estate, and Public Equity/Managed Funds. The company manages various fund vehicles including FCPRs (LBO France Selection Fund, White Caps Selection), Public Equity funds (VALBOA Engagement, VALBOA Développement, VALBOA Exclusif), FCPI funds, and dedicated real estate vehicles (White Stone FPCI, Lapillus OPCI). The platform covers three geographic areas: France, Italy (via Polis SGR subsidiary), and Africa (via CGF Bourse). LBO France also operates a dedicated operating team supporting portfolio companies and maintains strong ESG commitments integrated across all investment strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• LBO France Selection Fund Open-end FCPR fund eligible for life insurance, leveraging LBO France's private equity expertise to create a vehicle suitable for life insurance wrappers.
• White Caps Selection Closed-end FCPR funds available from €10,000 operating via progressive capital calls, investing 75-95% in private equity and 5-25% in real estate with a co-investment approach alongside institutional funds.
• VALBOA Engagement Stock-picking fund investing in French small and medium listed companies with a Private Equity approach integrating financial and non-financial (ESG) criteria.
• VALBOA Développement Stock-picking fund investing in French small and medium listed companies with a concentrated strategy based on a Private Equity approach integrating financial and non-financial criteria.
• VALBOA Exclusif Flexible Global Equity fund with absolute performance objective, managing discretionary exposure to European and North American equity markets with dynamic hedging.
• Private Equity Mid Cap Investment strategy taking minority or majority stakes in companies valued between €20 and €300 million, including Mid Cap Opportunities II fund vehicles.
• Private Equity Small Cap

Quantifiable outcome

• 100% of investments since 2022 have ESG and climate roadmap
• +2 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Climate Investment Initiative (ICI)coreStrategic or Co-development PartnerLBO France is a founding member of the Climate Investment Initiative (ICI), committing to integrate climate change analysis into investment processes and contribute to Paris Agreement goals of limiting warming well below 2°C.
• France InvestminorStrategic or Co-development PartnerLBO France is among the first signatories of France Invest's Gender Equality Charter and Shared Values Charter, committing to promote gender equality and female talent in the private equity industry.
• Polis SGRcoreStrategic or Co-development PartnerPolis SGR is LBO France's Italian subsidiary based in Milan, managing real estate, credit funds, NPL markets, and private equity activities. Originally focused on distressed debt, Polis now offers diversified investment strategies integrating private equity and real estate.
• CGF BoursecoreStrategic or Co-development PartnerCGF Bourse is LBO France's African platform based in Dakar, Senegal, managing investments in French-speaking West Africa through various fund partnerships.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Eurazeo: French private equity firm managing €30B+ AUM across mid-market buyout, venture, real estate, and private debt strategies. Closely comparable multi-strategy platform model serving French and European mid-market companies with similar valuation bands.
• Ardian: Paris-headquartered global PE firm with €150B+ AUM offering mid-market buyout, growth, venture, real estate, and infrastructure strategies. Comparable multi-strategy platform serving French and European mid-market companies, though at materially larger scale.
• PAI Partners: Paris-based private equity firm focused on mid-to-large cap buyouts across Europe. Direct competitor for French and European mid-market deals with similar enterprise value targets to LBO France's €20-300M band.
• Tikehau Capital: French alternative asset manager with €40B+ AUM spanning private equity, private debt, real estate, and capital markets strategies. Competes with LBO France across multiple asset classes from a Paris headquarters.
• Astorg: Paris-based mid-market private equity firm focused exclusively on European mid-market buyouts in the €100M-1B EV range. Closely comparable as a French PE competitor targeting similar-sized companies with operationally intensive approaches.
• Naxicap Partners: French mid-market private equity firm (subsidiary of Groupe BPCE) investing in companies valued €30M-300M. Direct overlap with LBO France's mid-market segment in France, with comparable ticket sizes and sector breadth.
• Andera Partners: Paris-based private equity firm with mid-market buyout, growth capital, and venture activities across healthcare and technology. Direct competitor for French mid-market deals; co-invested with LBO France in Prenax.
• Capital Croissance: French mid-market private equity firm focused on growth capital and buyout transactions. Acquired Serapid alongside France Nucléaire 2 from LBO France, demonstrating direct transactional overlap and competition in the French mid-market.
• Triton Partners: European mid-market private equity firm headquartered in London and Stockholm. Acquired Prenax from LBO France, reflecting direct competitive overlap for European mid-market industrial and business services companies.

Broad incumbents

• Bpifrance: French state-owned investment bank managing €40B+ in direct equity, fund-of-funds, and SME financing. Comparable French mid-market investor with overlapping deal universe, though operating at much larger scale with policy-driven mandate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A53 records

Investments40 records

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

Frequently asked questions about LBO France