What Access Capital Partners does

Access Capital Partners is a Paris-headquartered, independent European private asset manager founded in December 1998 by Agnès Nahum. The firm operates as a fund-of-funds and co-investment platform with a 28-year track record focused on two complementary strategies: European Small Cap Buy-outs (companies below €250m EV) and European Infrastructure assets. As of March 2026, the firm has approximately €15 billion historically raised since inception and around €9 billion in committed capital, supported by 100+ dedicated professionals across offices in Paris, Brussels, London, Helsinki, Luxembourg, and Munich. Access typically serves as the largest LP in emerging manager funds, taking an average 42% stake and deploying capital through primary fund commitments, secondary transactions, and direct co-investments alongside 130+ general partners.

The firm's product architecture combines multiple fund generations and strategies: buy-out funds of funds (ACF VII through X), infrastructure co-investment funds (ACIF Infrastructure I-III), dedicated secondary funds, and segregated account mandates for institutional clients. The infrastructure platform has deployed €2.2 billion across 60+ transactions, while the buy-out co-investment program has generated 3.0x average gross cost multiple across 250+ exits and 3.6x average MOIC on 2025 exits with 65% of exits above 3.0x. Access is AIFM-authorized by the AMF (GP 99010) since 1999, a UN PRI signatory since 2008 with sustained A+ ratings in responsible investment strategy and governance, and operates SFDR Article 8 compliant funds.

Revenue is generated through management fees on committed capital under management and carried interest on fund returns above specified hurdles, supplemented by advisory fees from segregated client mandates and the Bankinter Investment strategic partnership. The client base of 350+ investors consists primarily of institutional allocators: insurance companies, public and private pension funds, foundations, and family offices across Europe. Notable anchor relationships include Bayerische Versorgungskammer (BVK), Germany's largest pension group, which has renewed mandates for five consecutive cycles, and Bankinter Investment, which acquired a significant stake in March 2026 as part of a strategic partnership alongside the founding partners who retain majority voting rights. Distribution is direct through a dedicated investor relations team, an Intralinks-secured investor portal, and industry events such as the annual GP meeting and Infrastructure Investor Global Summit.

Name

Access Capital Partners

Legal name

Access Capital Partners S.A.

Website

http://access-capital-partners.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

101–250 employees

Short description

Access Capital Partners is an independent Paris-based European private asset manager managing approximately €9 billion via fund-of-funds, co-investment, and secondary strategies in Small Cap Buy-outs and Infrastructure for institutional investors across Europe.

Ownership category

akta.pro rank

Product category

Private Equity Fund of Funds Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Secondaries Co-Investments & Annex Funds (FSANAFAF)

akta.pro secondary industries

Private Banking Alternatives & Private Markets Access (PE/VC, Hedge Funds, Real Assets) (FSABADAH), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• Private equity funds
• Fund of funds management
• Infrastructure investments
• Secondary transactions
• Co-investment opportunities

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Management fees charged on assets under management across fund of funds, co-investment vehicles, and segregated accounts. Fee structures typically include base management fees and performance fees (carried interest) aligned with investor returns.
2. Advisory Services: Advisory fees from segregated client mandates and fund advisory committee participation. Also includes fees from strategic partnerships such as the Bankinter Investment arrangement.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Access Capital Partners is an AIFM-authorized European private assets manager that invests institutional capital in European small-cap buy-outs and infrastructure. The firm operates a fund of funds platform offering primary fund commitments, secondary transactions (LP stake acquisitions and GP-led deals), and direct co-investments, complemented by customized segregated account mandates for individual institutional clients.

Product overview

Access Capital Partners is a leading independent European private assets manager offering a multi-strategy platform centered on Small Cap Buy-outs and Infrastructure. The core offering consists of Fund of Funds products (primary fund commitments), Secondary Transactions (LP stakes and GP-led), and Co-investments (both buy-out and infrastructure). The platform also provides Segregated Accounts for institutional clients. Key fund products include multiple generations of Buy-out Funds (ACF VII through X), Infrastructure Funds (ACIF Infrastructure I-III), and dedicated Secondary Funds. The architecture is platform-based with complementary strategies that can be accessed individually or combined through segregated mandates.

Differentiator

Problem solved

Functional benefit

Products and services

• Fund of Funds - Small Cap Buy-outs Primary fund commitments to European small-cap buy-out funds, with a 28-year track record. The strategy focuses on partnering with best-in-class fund managers to unlock value in profitable, resilient companies operating in niche sectors.
• Fund of Funds - Infrastructure Fund of funds dedicated to European Infrastructure strategies targeting stable assets across Europe that contribute to economic, energy and technological sovereignty. Combines primary, secondary and co-investment opportunities.
• Secondary Transactions Acquisitions of LP stakes in private equity fund interests and GP-led transactions. Access has deployed €1.5 billion across 50 small-cap buy-out emerging manager funds since 2002.
• Co-investments - Buy-out Direct co-investments into European smaller buy-out transactions alongside proven European General Partners. Access Capital Partners has generated a 3.0x average gross cost multiple across more than 250 exits.
• Co-investments - Infrastructure Direct infrastructure co-investments alongside specialized partners, with €2.2 billion deployed across 60+ transactions. The first-generation infrastructure co-investment fund has generated a 2.1x average gross cost multiple across 10 exits.
• Segregated Accounts Single client mandates providing tailored solutions to institutional investors, operational since 2002. Offers customized fund selection and portfolio construction aligned with client-specific requirements and risk profiles.
• Access Capital Fund X Growth Buy-out Europe First Emerging Managers fund launched in 2025, targeting circa 15 first institutional funds as a newer generation of European smaller growth buy-out fund of funds.
• Access Capital Fund VIII Growth Buy-out Europe (ACF VIII) Flagship 8th generation European smaller growth and buy-out fund of funds with final close at €814 million, exceeding €700 million target.
• Access Capital Fund VII Growth Buy-out Europe (ACF VII) 7th generation European smaller buy-out Fund of funds with final close at €768 million in December 2018.
• ACIF Infrastructure I First European direct infrastructure Fund with final close at €371 million in July 2018, 95% deployed with 10 co-investments for over €300 million signed in 2020.
• ACIF Infrastructure II Second generation European Infrastructure co-investment fund with €400 million target size, first closing at €143 million in January 2021.
• ACIF Infrastructure III Third generation infrastructure co-investment fund launched in 2025.
• Access Co-Investment Fund Buy-out Europe II (ACIF BO II) Second buy-out co-investment fund targeting €300 million with focus on direct investments into European smaller buy-out transactions.
• Access Secondary Fund Dedicated secondary fund with final closing in 2023, providing liquidity solutions through LP stake acquisitions and GP-led secondary transactions.

Quantifiable outcome

• 3.0x average gross cost multiple across 250+ exits from emerging manager funds
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Plenium PartnerscoreStrategic or Co-development Partner · 30 March 2026Plenium Partners SGEIC, a leading Spanish independent manager specializing in renewable energy and social infrastructure, merged its management company with Bankinter Investment SGIIC. This consolidation is designed to strengthen Bankinter Investment's position as a leading direct alternative investment platform in Iberia.
• Dominique PeninonminorOthers · 28 March 2026Co-Founder Dominique Peninon sold his remaining shareholding as part of Access Capital Partners' shareholding structure evolution. Transaction completed alongside Alantra's stake sale to Bankinter Investment.
• Pohjola Asset ManagementminorChannel Partner/ Reseller/ Distributor · 15 November 2010Strategic distribution partnership established in Nordic countries following acquisition of Pohjola Private Equity Funds Ltd. Pohjola Asset Management distributes Access Capital Partners' products to its institutional client base in Finland and broader Nordic region.

Scale indicators18 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hamilton Lane: Hamilton Lane is one of the largest private markets investment managers globally, with deep expertise in fund of funds, co-investments, and direct investments. Directly comparable to Access Capital Partners in serving institutional LPs with diversified private market exposure, though at significantly greater scale and broader geographic mandate.
• StepStone Group: StepStone Group is a global private markets investment manager focused on fund of funds, co-investments, and secondaries across private equity, real estate, infrastructure, and private debt. Directly competes with Access in providing institutional investors diversified private market access, with much broader asset class coverage.
• LGT Capital Partners: LGT Capital Partners is a Swiss-based private markets manager with deep fund of funds and multi-strategy alternatives capabilities across PE, infrastructure, and private debt. Directly competes with Access in serving European institutional LPs and is a former employer of Access Partner Alexandre Delos.
• Pantheon Ventures: Pantheon is a long-established global private markets fund of funds manager with primary, secondary, and co-investment capabilities across private equity and infrastructure. Directly comparable to Access in targeting institutional LPs seeking diversified PE exposure through fund of funds structures.
• HarbourVest Partners: HarbourVest is a leading global private markets investment manager with fund of funds, secondary, and co-investment programs across PE, infrastructure, real estate, and private credit. Directly competes with Access for institutional LP allocations globally with significantly greater scale and breadth.
• Ardian: Ardian is a Paris-headquartered global private investment house with primary fund of funds, secondary, co-investment, direct PE, infrastructure, and private debt businesses. Closely comparable to Access as a European-headquartered multi-strategy private markets manager serving institutional LPs.
• Portfolio Advisors: Portfolio Advisors is a global private markets investment manager specializing in fund of funds, secondary transactions, and co-investments across PE, infrastructure, and real assets. Directly comparable to Access in core fund of funds and secondaries capabilities for institutional clients.
• Axiom Alternative Assets: Axiom Alternative Assets is a privately-held European fund of funds and secondary investor with primary fund commitments and secondary transactions across European small and mid-market private equity. Closely comparable to Access in focusing on European lower mid-market PE exposure.
• Lexington Partners: Lexington Partners is one of the largest independent secondary private equity and alternative asset investors globally, with deep secondary and co-investment capabilities. Comparable to Access in LP secondaries and co-investment strategies, though Lexington is secondary-specialist at greater scale.

Broad incumbents

• Eurazeo: Eurazeo is a leading European-headquartered investment company with broad PE, infrastructure, private debt, and real assets strategies serving institutional and family office clients. Comparable to Access as a major French/European private markets platform, but with much broader strategy coverage including direct investing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/access-capital-partners

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

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

M&A

Investments30 records

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

Frequently asked questions about Access Capital Partners