Audacia

What Audacia does

Audacia is an independent French portfolio management company founded in 2006 and headquartered at the Hôtel de Bourrienne in Paris (58 rue d'Hauteville, 75010). It is AMF-licensed under approval number GP-09000025 (since October 20, 2009) and publicly listed on Euronext Growth Paris under ticker ALAUD (ISIN: FR00140059B5). The firm manages over €900 million in assets across three business lines: Capital Développement (growth and transition capital for French SMEs and mid-caps, including the Constellation fund and the €80M Recovery Bonds program with Tikehau Capital), Venture Deeptech (thematic funds covering quantum, New Space, decarbonization, next-generation fuels, healthtech, and defense, namely Quantonation, Expansion Ventures, Exergon, Calderion, Sorbonne Venture, and Straton), and Immobilier (the Sharies coliving real estate platform).

The company's product surface consists primarily of investment funds rather than technology products, with revenue derived from management fees on committed capital and NAV, carried interest on investment returns, capital increases on its listed balance sheet, and ancillary fees (for example, real estate rental income from Sharies). Distribution is multi-channel: direct-to-investor through a Salesforce-based investor portal and investor relations team, channel partnerships with financial advisors and wealth managers (particularly for the retail FCPI product), and direct institutional sales. Institutional anchors include the European Investment Fund (€60M into Expansion), Bpifrance (via French Tech Seed and the SPI fund), and Tikehau Capital, alongside international LPs from Europe, North America, and Asia in the Quantonation franchise.

Audacia's customers are the LPs that subscribe to its funds, which span private investors and family offices seeking tax-advantaged deeptech exposure (FCPI with €5,000 minimum), French SMEs and mid-cap companies receiving growth and transition capital, deeptech founders (Pasqal, Quandela, Quobly, Welinq, U-Space, Graforce, Geolinks, H2SITE, MITICO, KHIMOD, and 50+ others), and institutional investors (pensions, insurers, sovereigns). The firm is led by founder and President Charles Beigbeder (Centrale Paris aerospace) and CEO Olivier de Panafieu (HEC Paris), with a thematic fund management bench across Quantonation, Expansion, Exergon, Calderion, and Sharies.

Name

Audacia

Legal name

AUDACIA

Website

https://audacia.fr

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Audacia is an independent French asset manager (Euronext Growth Paris: ALAUD) managing €900M+ AUM across thematic deeptech venture funds (quantum, space, nuclear, fuels), SME growth capital, and Sharies coliving real estate for retail, HNW, and institutional investors.

Ownership category

akta.pro rank

Product category

Private Equity and Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Finance and Insurance (52)

SIC

Investment Advice (6282), Finance Services (6199), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industry

Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)

Keywords

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

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Audacia generates revenue through management fees charged on assets under management across its various funds including Quantonation, Expansion, Exergon, Calderion, and traditional private equity funds. Fees are typically calculated as a percentage of committed capital or NAV.
2. Performance Fees (Carried Interest): The company earns carried interest on investment returns generated for fund investors, typically subject to hurdle rates and European waterfall structures.
3. Capital Increase Proceeds: As a publicly listed company (ISIN: FR00140059B5), Audacia generates capital through equity raises and maintains its own balance sheet for strategic investments and fund development.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Audacia is an independent French asset management company (société de gestion) that provides diversified investment solutions across three business lines: Capital Développement (private equity for SME growth and transitions), Venture Deeptech (thematic venture funds in quantum, space, decarbonization, fuels, healthtech, defense), and Immobilier (coliving real estate). The company manages over €900 million in assets under management through multiple thematic funds including Quantonation, Expansion, Exergon, Calderion, Sorbonne Venture, Straton, FCPI Audacia Capital Innovation IR, Sharies, Constellation, and Recovery Bonds.

Product overview

Audacia is an independent private equity and asset management company offering diversified investment solutions across three business lines: Capital Développement (Private Equity for growing SMEs), Venture Deeptech (thematic venture funds), and Immobilier (Real Estate). The Deeptech vertical manages specialized funds including Quantonation (quantum technologies), Expansion (New Space), Exergon (decarbonization/nuclear), Calderion (next-generation fuels), Sorbonne Venture (Healthtech), and Straton (defense). Real estate operations include the Sharies coliving platform. The company manages over €900 million in assets under management and serves private investors, family offices, and institutional investors.

Differentiator

Problem solved

Functional benefit

Brands

• Quantonation: World's first venture capital fund dedicated to quantum technologies, managing €325 million across two funds
• Expansion Ventures
• Exergon
• Calderion
• Straton
• Sharies

Products and services

• Quantonation World's first venture capital fund dedicated exclusively to quantum technologies, managing approximately €325 million across two funds since 2018. Supports companies in quantum computing, quantum security, and quantum sensing. Portfolio includes Pasqal, Quandela, Quobly, and Welinq.
• Expansion Ventures Pan-European venture capital fund dedicated to New Space and New Air Mobility sectors, targeting aerospace and defense entrepreneurs from pre-seed to Series B for European sovereignty. SFDR Article 8 classification promoting environmental and social characteristics.
• Exergon Franco-Italian venture capital fund dedicated to new nuclear power, energy storage and energy efficiency. SFDR Article 9 fund serving resilient and sovereign European energy, aiming to deploy nearly €100 million in about 30 European startups.
• Calderion Industrial and technological fund dedicated to next-generation fuels value chains including low-carbon hydrogen, CO2 capture, and e-fuels. Targets 25 international champions in decarbonized fuel sectors serving heavy industry, maritime transport, and aviation.
• Sorbonne Venture Seed fund dedicated to disruptive innovations in Healthtech, developed in collaboration with Sorbonne University and Aloé Private Equity. Target deployment of nearly €100 million in about 15 startups from pre-seed to Series A.
• Straton Fund dedicated to defense and industrial sovereignty, partnering with Bleuet de France and supporting defense ecosystem development.
• FCPI Audacia Capital Innovation IR First DeepTech tax fund for retail investors, targeting €15 million to invest in 15 young innovative enterprises (JEI) across quantum, nuclear, AI, energy transition, health, and hydrogen sectors. Offers up to 27% tax advantage under French IR-SMEs/JEI regime with €5,000 minimum subscription.
• Sharies Managed residential real estate investment platform offering coliving residences developed in partnership with Sharies. Properties located in Massy, Reims, and Vanves with shared living spaces for seniors.
• Constellation Private equity fund under Capital Développement vertical supporting growth and transitions of industrial SMEs.
• Recovery Bonds (Obligations Relance) Debt instrument for French SMEs and mid-cap companies. Audacia deployed nearly €80 million to 20 French companies between 2022 and 2023 in partnership with Tikehau Capital.

Quantifiable outcome

• Assets under management grew from €400M to €900M+ in three years
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Calderion Partners (Vincent Brillault, Olivier de Panafieu)coreStrategic or Co-development Partner · 12 November 2025Calderion is Audacia's €150M fund dedicated to next-generation fuels (low-carbon hydrogen, CO2 capture, e-fuels). Co-founded by Vincent Brillault and Olivier de Panafieu, the fund aims to support 25 international champions in decarbonized fuel value chains targeting heavy industry, maritime transport, and aviation.
• Aloé Private EquitycoreStrategic or Co-development Partner · 13 December 2023Partnership with Aloé Private Equity for the creation of Sorbonne Venture, a seed fund dedicated to disruptive innovations in Healthtech. Sorbonne Venture aims to deploy nearly €100 million in about fifteen startups, investing from pre-seed to series A, bridging academic excellence and entrepreneurship.
• United Nations PRIcoreStrategic or Co-development Partner · 1 January 2019Signatory to the Principles for Responsible Investment (PRI) established by the United Nations since 2019. The commitment demonstrates Audacia's integration of ESG criteria into its investment approach and aligns with its formal ESG policy and SFDR compliance framework.
• ShariescoreStrategic or Co-development PartnerSharies is Audacia's key partner for coliving real estate development. Since 2019, Audacia has been a pioneer in financing coliving residences through Sharies, developing properties in Massy, Reims, and Vanves. The partnership focuses on innovative managed residential real estate with shared living spaces for seniors.
• EthiFinanceminorOthersCollaboration with EthiFinance for ESG rating integration into investment processes since 2021. EthiFinance provides ESG scoring framework and sustainability reporting support for Audacia's portfolio companies and fund reporting aligned with SFDR requirements.
• Natixis CIBminorStrategic or Co-development PartnerCo-hosted webinar with Natixis Corporate and Investment Banking on battery supply chain innovation, discussing Europe's challenges in building sovereign and competitive battery industry. Panel explored alternative chemistries, vehicle-to-grid technology, AI-driven diagnostics, and recycling capabilities.
• Boston Consulting Group (BCG)minorStrategic or Co-development PartnerAudacia organized a major event at BCG Paris offices focusing on transformative impacts of quantum and aerospace technologies. The event brought together industry leaders, investors, and policymakers to discuss European innovation challenges and opportunities.

Scale indicators9 records

Recent moves15 records

Expansion highlights7 records

Broad incumbents

• Tikehau Capital: Tikehau Capital is a publicly listed French alternative asset manager (Euronext Paris) with private debt, private equity, real estate, and capital markets strategies. It is already an Audacia partner (Recovery Bonds distribution) but is also a broad incumbent competing for institutional capital across similar asset classes.
• Bpifrance: Bpifrance is France's public investment bank, a major provider of growth capital, venture, and innovation financing. While already a co-investment partner with Audacia in Calderion, Geolinks, KHIMOD, and Sorbonne Venture, it is also a broad incumbent that competes for French deeptech deal flow and LP capital.

Direct peers

• Elaia Partners: Elaia Partners is a Paris-based venture capital firm investing across deeptech, digital, and life sciences. It competes directly with Audacia's deeptech funds (particularly Quantonation and Sorbonne Venture) for early-stage European deeptech deals and shares a similar LP base of institutional and family-office investors.
• Cathay Innovation: Cathay Innovation is a global venture capital firm with European operations focused on AI, fintech, mobility, and deeptech. It is comparable to Audacia as a multi-stage, multi-thematic venture investor and competes for institutional capital mandates and deeptech deal flow.
• Karista: Karista is an early-stage French venture capital firm with deeptech and digital health funds. Comparable to Audacia in targeting French and European early-stage deeptech with institutional backing and competing for similar quantum, healthtech, and digital transformation deals.
• Supernova Invest: Supernova Invest is a French deeptech and sustainable-tech venture capital firm managing multiple funds including Cosmos (deeptech) and the CEA Investissement portfolio. Direct peer to Audacia's Exergon and Calderion funds in deeptech decarbonization and energy transition investing.
• Serena Capital: Serena Capital is a Paris-based venture capital firm investing across digital, deeptech, and SaaS themes. Comparable to Audacia's venture arm as a French multi-thematic VC competing for similar early-stage technology deals and institutional LP capital.
• Creadev: Creadev is the private investment vehicle of the Mulliez family, investing across PE, venture, and growth in Europe and Africa. Comparable to Audacia's Capital Développement arm in providing growth capital to French SMEs and competes for similar mid-market and venture opportunities.
• Eurazeo: Eurazeo is a publicly listed French private equity and venture capital firm (Euronext Paris) with deep exposure to growth, venture, and deeptech strategies. It is the closest listed French PE comparable to Audacia in terms of public-market profile, multi-strategy platform, and pan-European investment approach.
• Sofinnova Partners: Sofinnova Partners is one of France's leading independent venture capital firms, with a strong deeptech and life sciences focus. It shares Audacia's independent, thesis-driven model and French institutional LP base, and competes for similar early-stage deeptech and healthcare deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/audacia
• Xx.com/audaciaparis

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments17 records

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

Frequently asked questions about Audacia