Trocadero Capital Partners

What Trocadero Capital Partners does

Trocadero Capital Partners is an independent French private equity and mezzanine investment firm headquartered in Paris (44 Rue Pauléry, 75116), operating as a société par actions simplifiée registered with the RCS of Paris under No. 539 593 772 and authorized by the AMF as a portfolio management company under GP-13000033. Founded in 2012 and 100% management-owned, the firm targets French and European SMEs and mid-cap companies (PME/ETI) with enterprise values between €10M and €150M, deploying capital as both a minority and majority equity holder and as a subordinated debt provider across all sectors.

The firm operates three distinct investment strategies: Croissance & Transmission (multi-vintage FPCI funds providing equity and mezzanine for growth, LBO/LMBO, and generational transfer transactions); Environnement & Performance (an SFDR Article 9 sustainable fund combining equity investment with operational decarbonation support, with carried interest indexed to Paris Agreement-aligned CO2 performance); and Obligations Relance, the firm acts as one of 33 delegated managers deploying the €1.7B France Relance government-backed subordinated debt facility (subscribed by 19 FFA-member insurers and the Caisse des Dépôts), offering non-dilutive ~8% bonds over 8 years. The team of approximately 12 investment professionals is led by Managing Partners Nicolas Gagnez and Benjamin Fougerat, with Partners Philippe Bruneau, Maud Minoustchin, Benjamin Rey, and Thomas Rossille, plus a dedicated Impact Manager and compliance function.

The firm has built a portfolio of more than 40 companies across France, the United States, Germany, Austria, Switzerland, Portugal, and Belgium, with representative investments including Locala (digital marketing), Tofane (telecom), Adopt' (perfumery), Biscabois (outdoor decking), Telstar (industrial pumping), Salini Immobilier (real estate development), Spengler (medical devices), and Amerigo (automotive parts export). It generates revenue through recurring management fees on assets under management and carried interest on realizations (most recently the November 2024 divestiture of the Basilique Hospitality portfolio to Alboran), and distributes LP capital through direct institutional relationships rather than third-party placement agents. The firm holds UNPRI signatory status, is a member of Initiative Climat International (iCI), and publishes annual ESG and SFDR Article 29 LEC reports.

Name

Trocadero Capital Partners

Legal name

Trocadero Capital Partners

Website

https://trocaderocp.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Trocadero Capital Partners is an independent, AMF-regulated French private equity firm investing as a minority/majority equity holder and subordinated debt provider in French and European SMEs/ETIs (€10M–€150M EV) via three strategies: Croissance & Transmission, Environnement & Performance (SFDR Article 9), and Obligations Relance.

Ownership category

akta.pro rank

Product category

Private Equity Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Private equity
• Asset management
• Private debt
• Growth capital
• SME investments

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, Others

Revenue model

1. Management fees on managed funds: The firm earns management fees on the assets under management across its three fund strategies: Croissance & Transmission, Environnement & Performance, and Obligations Relance. The Croissance & Transmission funds (FPCI) invest equity and mezzanine in SMEs/ETIs. Obligations Relance provides subordinated debt to SMEs/ETIs under the France Relance plan.
2. Carried interest (performance fees): Trocadero earns carried interest on successful exits and value creation in portfolio companies. The firm has structured carried interest for its Environnement & Performance fund to be indexed to CO2 performance aligned with the Paris Agreement, tying investment team rewards to ESG outcomes.
3. Obligations Relance interest income: The Obligations Relance fund provides subordinated debt financing (non-dilutive, 8-year maturity, ~8% interest rate, €2M–€100M per operation) to French SMEs and ETIs under the France Relance government plan. Trocadero earns interest income on these bond instruments.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Trocadero Capital Partners is a Paris-based private equity firm managing three complementary investment strategies: Croissance & Transmission (growth and buyout capital for SMEs and mid-caps), Environnement & Performance (ESG-oriented growth investments), and Obligations Relance (private debt financing). The firm targets French and European small and mid-cap enterprises (PME and ETI) valued between €10M and €150M, providing equity and debt capital to support growth, transmission/succession, and recovery situations.

Product overview

Trocadero Capital Partners operates as an independent asset management firm offering three distinct investment strategies: Croissance & Transmission (minority equity and bond lending for SME growth and transmission), Environnement & Performance (SFDR Article 9 sustainable fund combining equity with operational decarbonization support), and Obligations Relance (government-backed subordinated bonds for SME development financing). The three products serve different investment approaches from traditional growth equity to impact-focused environmental investments.

Differentiator

Problem solved

Functional benefit

Brands

• Trocadero Croissance & Transmission: Private equity fund focusing on growth and transmission/LBO investments in PME and ETI companies
• Trocadero Environnement & Performance
• Trocadero Obligations Relance

Products and services

• Croissance & Transmission Growth and buyout equity strategy that finances the development and ownership transition of French and European SMEs and mid-cap companies valued between €10M and €150M. Designed for business owners and family shareholders seeking capital partners for expansion or generational transfer.
• Environnement & Performance ESG-oriented growth investment strategy that targets companies with strong environmental and operational performance, providing equity capital to businesses that align with sustainability and impact objectives.
• Obligations Relance Private debt (obligations) financing strategy aimed at supporting French SMEs and mid-caps requiring non-bank debt capital for recovery, resilience, or transition situations.

Quantifiable outcome

• Obligations Relance fund: €1.7 billion total size, 8% interest rate, 8-year maturity, €2M–€100M per operation
• +3 more outcomes

Named customers9 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Initiative Climat International (iCI)coreOthers · 30 November 2022Trocadero Capital Partners joined the Initiative Climat International (iCI), supported by UNPRI, as part of a coordinated Private Equity industry action against climate change. The initiative's three commitments include recognizing climate impacts on the economy, contributing to the COP21 goal of limiting warming to below 2°C, and reducing GHG emissions in portfolio companies.
• UNPRI (UN Principles for Responsible Investment)minorOthers · 30 November 2022The iCI initiative that Trocadero joined is supported by UNPRI, aligning the firm's climate commitments with UN-supported responsible investment principles.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• LBO France: LBO France is a leading independent French mid-market private equity firm operating across venture, growth, LBO and real estate strategies. Targets French SMEs and mid-caps with comparable ticket sizes and an analogous independent boutique culture, making it a very close direct peer to Trocadero.
• Montefiore Investment: Montefiore Investment is a French mid-market private equity firm specialized in services and consumer SMEs, with a strong transmission/LBO franchise. Competes head-to-head with Trocadero for French SME LBO deals at similar ticket sizes, though with a more sector-tilted approach.
• Initiative & Finance: Initiative & Finance is an independent French mid-market PE firm focused on transmission and growth capital for SMEs valued €10M–€150M. Operates in essentially the same investment niche as Trocadero with comparable ticket sizes and French geographic focus.
• Alboran Enterprises: Alboran is an independent French mid-market private equity firm specializing in transmission and LBO of French SMEs. Long-standing co-investment partner with Trocadero (Basilique Hospitality 2018–2024), making it both a transactional ally and a direct competitor in the same French SME segment.
• Idia Capital Investissement: Idia Capital Investissement is the Crédit Agricole group PE arm dedicated to French agribusiness, food and energy transition SMEs. Provides a comparable mid-market French PE/transition platform; notably the prior employer of Maud Minoustchin who now co-leads Trocadero's Environnement & Performance strategy.
• Andera Partners: Andera Partners (formerly Edmond de Rothschild Investment Partners) is a French private equity firm with dedicated mid-market LBO and mezzanine strategies targeting European SMEs. Co-financed Spengler Group with Trocadero through Obligations Relance, making it a direct French mid-market peer.

Broad incumbents

• Ardian: Ardian is a global private investment house with sizable mid-market PE, private debt and infrastructure operations across Europe. Competes in the French SME segment and offers a comparable multi-strategy platform including direct lending analogous to Trocadero's Obligations Relance.
• Bpifrance: France's public investment bank with extensive PE, mezzanine and debt programs targeting French SMEs/ETIs. Recurring co-investor with Trocadero (Basilique Hospitality, Amerigo Group, Eowin) and a quasi-peer given overlapping investment thesis and ticket sizes in the French mid-market.
• PAI Partners: PAI Partners is a leading European mid-market private equity firm headquartered in Paris. Invests across French and European SMEs/ETIs with LBO structures, sharing Trocadero's core mid-market LBO/transmission thesis but at a larger AUM scale.
• Eurazeo: Eurazeo is one of Europe's leading listed investment firms with significant mid-market PE and private debt operations across France and Europe. Direct co-investment partner of Trocadero (Eowin, 2025) and a benchmark competitor in the French SME/ETI segment with substantially larger AUM.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/trocaderocp
• LinkedInlinkedin.com/company/trocadero-capital-partners

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments7 records

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

Frequently asked questions about Trocadero Capital Partners