NCI

What NCI does

NCI is an AMF-regulated, multi-regional French private equity and venture capital firm headquartered in Rouen with a 25+ year track record (founded 2000, AMF GP 00039). The firm invests across two primary strategies: transmission and development capital for PME/ETI companies (10M€+ revenue) through its Reprendre & Développer (RD) fund series, with tickets of 1-15M€; and venture/innovation capital for startups through WaterStart Capital (39M€ accelerator fund launched 2018) and NCITY (city-of-tomorrow fund launched 2022). In January 2026, NCI extended its platform with NCI Dette Privée 1, a private debt fund targeting 100M€ by 2027 to provide junior or senior debt (3-7M€ tickets) to regional SMEs.

NCI manages approximately 400M€ in assets under management across five regional offices covering Normandie, Hauts-de-France, Bretagne, Pays de la Loire, and Île-de-France (Rouen HQ, Paris, Saint-Grégoire, Villeneuve-d'Ascq, Lyon presence). The firm generates revenue through recurring fund management fees on AUM plus carried interest on successful exits, with an LP base spanning institutional investors (Bpifrance, Crédit Agricole, Banque Populaire, Allianz, Groupama, Matmut), family offices, and business leaders. A dedicated Performance Pole with operational consultants and an ESG framework (PRI signatory since March 2021) differentiates the firm beyond pure capital provision. NCI has accompanied 300+ companies since inception, with portfolio outcomes including 1,300+ jobs created and exits such as SOPANO (grown from 20M€ to 35M€ revenue over 5 years) and Asia Voyages (secondary LBO).

Name

NCI

Legal name

NCI

Website

https://n-ci.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

NCI is an AMF-regulated regional French private equity and venture capital firm managing approximately 400M€ across funds targeting PME/ETI companies and startups in Northwestern France, with a new private debt fund launched in 2026.

Ownership category

akta.pro rank

Product category

Private Equity and Venture Capital Asset Management

NAICS

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

SIC

Investment Advice (6282)

akta.pro primary industry

Independent Venture Debt Funds / Platforms (FSANAIAB)

Keywords

• Private equity investment
• Venture capital funding
• Business transmission LBO
• Regional SME financing
• Private debt funds

Headquarters

HQ city

Saint-grégoire

HQ country

France

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: NCI generates revenue through management fees charged on funds under management. The firm manages approximately 400 million euros in assets under management (as of mid-2025) across multiple investment funds including PME/ETI transmission funds (Reprendre & Développer series) and startup innovation funds (WaterStart Capital, NCITY).
2. Carried Interest: Performance-based carried interest from successful fund exits. NCI's investment approach focuses on capital transmission (LBO), capital development, and startup financing, with carried interest typically earned upon successful realizations.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

NCI is an independent, AMF-regulated private equity and venture capital investment management firm that provides equity, quasi-equity, and private debt financing to SMEs, mid-cap (ETI) companies, and startups across Northwestern France. The firm manages approximately 400 million euros in assets across multiple fund vehicles (Reprendre & Développer series for LBO/transmission, WaterStart Capital and NCITY for startup innovation, NCI Dette Privée 1 for private debt) and supplements capital with hands-on operational support through an in-house Performance Pole.

Product overview

NCI is a regional private equity and venture capital firm (société de gestion) headquartered in Rouen, France, managing approximately 400 M€ in assets across multiple investment funds. NCI does not offer a technology product or software platform. Its investment vehicles include Reprendre & Développer (RD4, RD5, RD6) for majority/minority LBO and transmission deals targeting SMEs and ETIs; WaterStart Capital / NCITY for venture capital and innovation investments in startups; and a Private Debt fund (NCI Dette Privée 1) for non-dilutive financing. These are financial instruments and investment strategies, not technology products or services.

Differentiator

Problem solved

Functional benefit

Brands

• WaterStart Capital: Accelerator fund dedicated to financing and supporting startups, launched in 2018 with 39 million euros.
• NCITY
• NCI Dette Privée 1

Products and services

• Reprendre & Développer (RD) Fund Series Equity and quasi-equity fund series for capital transmission (LBO/MBO) and development investments in PME (10M€+ revenue) and ETI companies across Northwestern France. Investment tickets range from 1-15 million euros, deployed as minority or majority stakes, with comprehensive operational support via the Performance Pole.
• WaterStart Capital Accelerator fund dedicated to financing and supporting startups in market launch or commercial acceleration phases. Provides venture capital to early-stage companies across various sectors including urban development, mobility, energy, and digital services.
• NCITY Fund Venture capital fund dedicated to the "city of tomorrow" - investing in startups focused on smart city, energy, mobility, and building sectors. Investments include EV charging (Load Stations), low-carbon modular housing (TH), reconditioned auto parts (VALUSED), and real estate virtual tours (Flatsy).
• NCI Dette Privée 1 Fund First private debt fund dedicated to regional SMEs and ETIs. Provides junior or senior debt financing (ticket sizes of 3-7 million euros) as non-dilutive capital for development or restructuring. Targets 100 million euros in assets by 2027.

Quantifiable outcome

• Companies in portfolio have created over 1,300 jobs combined (1,031 in LBO funds, 272 in innovation funds)
• +3 more outcomes

Named customers10 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

Partnerships

One partnership is on record.

• PimlicaminorImplementation/ SI/ Consulting Partner · 1 April 2021French ESG consulting agency partnered with NCI to conduct systematic ESG audits of new portfolio companies and provide operational recommendations for sustainability improvements.

Scale indicators9 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• UNEXO: Investment company of Crédit Agricole Normandie focused on regional SME transmission and development in Normandy and Western France. UNEXO is a frequent co-investor with NCI (e.g., Metalu Plast, The Reefer Group) and competes directly for the same regional LBO/transmission deal flow.
• Arkéa Capital: Private equity arm of Crédit Mutuel Arkéa focused on Western France SMEs and ETIs. Co-invests with NCI on deals like The Reefer Group and VALUSED and competes for the same regional PE opportunities across Bretagne, Pays de la Loire, and Normandie.
• Épopée Gestion: Regional private equity firm based in Western France targeting SME and mid-market transmission and development deals. Has co-invested with NCI in The Reefer Group consortium and competes for the same regional investment opportunities.
• Siparex: Independent French regional private equity firm with presence across France including Lyon and Paris. Siparex Intermezzo co-invested with NCI on the Asia Voyages secondary LBO and targets similar SME/ETI capital transmission deals across French regions.
• UI Investissement (123 Investment Managers): French regional private equity firm focused on transmission and development of SMEs/ETIs across France. UI Investissement has participated alongside NCI in deals such as Asia Voyages and pursues the same capital transmission deal flow in French regions.
• Crédit Mutuel Innovation: Venture capital arm of Crédit Mutuel group focused on innovation and growth-stage startups. Co-invested with NCI in Expliseat and operates in overlapping innovation/VC segments where NCI's WaterStart Capital and NCITY funds are active.
• Sodero Gestion: Regional private equity firm based in Western France (Nantes) managing transmission and development funds targeting SMEs and ETIs. Operates in the same regional footprint and pursues comparable SME transmission opportunities as NCI.
• Capital Croissance: Regional private equity firm investing in Western and Northwestern French SMEs and mid-market companies. Targets similar transmission and development opportunities as NCI across Bretagne, Pays de la Loire, and Normandie.

Broad incumbents

• BNP Paribas Développement: National private equity arm of BNP Paribas with broader geographic reach than NCI. BNP Paribas Développement has co-invested with NCI on Biodis renewal and operates a much larger AUM base, making it both a co-investment partner and a broader incumbent competitor.
• Bpifrance: France's national investment bank with nationwide PE/VC activity across all regions and stages. Bpifrance is both a major LP in NCI's funds and a direct co-investor (Expliseat, TH), functioning as a much larger incumbent operating in the same asset class with broader mandate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NCI_invest

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

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

M&A7 records

Investments43 records

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

Frequently asked questions about NCI