Isatis Capital

What Isatis Capital does

Isatis Capital is an independent French private equity management company (société de gestion de portefeuille) headquartered in Paris at 23 rue Taitbout, authorized by the AMF under number GP 13000026 and governed by the AIFM Directive. Founded in 2013, the firm deploys €480 million in assets under management across a range of funds (FPCI Crescendo, FCPR Isatis Capital Vie & Retraite, Isatis Flex Transmission 1, Isatis Souveraineté PME) that invest in profitable, growing French B2B SMEs in digital transformation, healthcare, cutting-edge services, and high-tech sectors. With 18 investment professionals and a 23-year track record of supporting 125 SMEs, Isatis Capital primarily executes primary LBO transactions, taking minority or majority stakes to back management teams in succession, growth acceleration, and external expansion scenarios. The firm was reorganized in May 2026 around co-founder Laurent Baudino through a management buyout, with Brice Lionnet continuing as President of the Directoire.

The firm's revenue model is built on recurring management fees charged on AUM across its fund range, supplemented by carried interest on successful exits. Funds are distributed through two channels: dedicated institutional vehicles for insurance companies, pension funds, and sovereign wealth funds, and retail-accessible vehicles (FCPR Isatis Capital Vie & Retraite) distributed via private banking networks and independent financial advisors to qualified investors and high-net-worth individuals. The firm is signatory to the UN Global Compact, Initiative Climat International (iCi), and TCFD, embedding ESG criteria into its investment process. Notable portfolio companies include Senef Soft (SaaS ERP for service sectors, exited to Oakley Capital in 2026), 3R Industries Group (majority buyout 2024), Pitchy (video creation software, €40M round 2023), Wiiisdom (data quality reporting), CET Ingénierie (construction engineering), Milexia Group (electronic components distribution, exited 2023), and Adelyce and Captivea (recent 2026 investments). The firm's go-to-market combines direct entrepreneur sourcing with co-investment partnerships alongside Bpifrance, Société Générale Capital Partner, Crédit Mutuel Equity, and other PE players.

Name

Isatis Capital

Legal name

Isatis Capital

Website

http://www.isatis-capital.fr/en/

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Isatis Capital is an independent French private equity management company that invests in profitable, growing French B2B SMEs in digital transformation, healthcare, services, and high-tech through minority and majority LBO stakes, managing €480M in AUM across institutional and private wealth fund vehicles.

Ownership category

akta.pro rank

Product category

Private Equity Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industries

Managed Account / SMA Multi-Manager Platforms (FSANAGAL), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Private equity investment
• SME growth capital
• Asset management
• Leveraged buyouts
• Institutional fund management

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, Others

Revenue model

1. Management Fees and Carried Interest: Isatis Capital generates revenue through management fees charged on assets under management (AUM) across its fund range (FPCI Crescendo, FCPR Isatis Capital Vie & Retraite, Isatis Flex Transmission 1, and others), as well as carried interest (performance fees) on successful exits and investments. Funds are raised from institutional clients and distributed through private banks and independent financial advisors.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Isatis Capital is an independent French private equity management company that invests equity capital into growth-stage French B2B SMEs through minority or majority stakes, primarily via primary LBO transactions. The firm manages approximately €480 million in assets across a range of funds (FPCI Crescendo, FCPR Isatis Capital Vie & Retraite, Isatis Flex Transmission 1, Isatis Souveraineté PME) targeting digital transformation, healthcare, services, and high-tech sectors, and currently supports around 30 SMEs with €1 billion in cumulative capital raised since inception.

Product overview

Isatis Capital is an independent private equity management company that offers investment solutions primarily through its FPCI Crescendo fund range. The firm focuses on ESG-compliant investments in profitable, growing French SMEs operating in B2B sectors, with key themes including digital transformation, healthcare, cutting-edge services, and high-tech industries. Their investment strategy targets primary LBO (Leveraged Buyout) transactions where they take minority or majority stakes to actively support portfolio companies in becoming mid-cap leaders in their respective fields. The company manages approximately €1 billion in raised capital across multiple funds dedicated to institutional clients and distributed through private banks and wealth management advisors.

Differentiator

Problem solved

Functional benefit

Products and services

• FPCI Crescendo Professional private equity fund reserved for institutional or qualified investors. Crescendo FPCI invests in ESG-compliant, profitable, growing French B2B SMEs in digital transformation, healthcare, cutting-edge services and technologies.
• FCPR Isatis Capital Vie & Retraite Private equity fund structured for life and retirement savings, distributed through private banks and independent financial advisors to qualified investors and high-net-worth clients. Used by Isatis Capital to deploy capital into French SME portfolio transactions.
• Isatis Flex Transmission 1 Private equity fund reserved for institutional or qualified investors, dedicated to MBO/MBI transactions and corporate transmission/succession scenarios in French SMEs.
• Isatis Souveraineté PME Private equity fund dedicated to economic sovereignty themes, targeting French SMEs in strategic sectors as part of Isatis Capital's diversified fund range.

Quantifiable outcome

• 125 PME supported since inception
• +2 more outcomes

Named customers13 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

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Eurazeo: Listed French private equity firm with significant mid-market and SME exposure in France. Operates at materially larger scale than Isatis but competes for the same institutional LPs and French B2B SMEs.
• Bpifrance Investissement: French public investment bank and the dominant French SME PE investor with multi-billion AUM. Acts as co-investor alongside Isatis (3R Industries, Milexia) and represents both a partner and a competitive force in the French SME market.
• Crédit Mutuel Equity: PE arm of Crédit Mutuel group, which acquired Isatis's Milexia stake in 2023. Operates as both co-investor and direct competitor for French SME LBOs, with a broader portfolio and balance sheet than Isatis.
• Ardian: Paris-based global private investment house with large French mid-market and SME buyout funds. Represents the larger incumbent Isatis competes against for senior talent, LP capital, and SME transmission deals.
• Société Générale Capital Partner: Private equity arm of Société Générale focused on French and European mid-market transactions. Co-invested with Isatis in Milexia and competes for similar B2B SME deals, but with broader sector mandate and larger balance sheet.

Direct peers

• Capital Export: Independent French PE firm specializing in SME buyouts and growth capital, with a regional French focus similar to Isatis. Direct competitor for sub-€100M equity tickets in French B2B SMEs.
• Siparex: Independent French mid-market private equity firm headquartered in Lyon, focused on SMEs and ETIs across regional France. Direct comparable as a co-investment partner (Ekstend Group) and as a similarly-sized independent PE manager pursuing French SME LBO and transmission deals.
• Initiative & Finance: Paris-based independent private equity firm focused on French SME buyouts and growth capital, with a similar LBO primary strategy and B2B sector coverage. Direct competitor for SME transmission deals and institutional LP mandates in France.
• Expansio Capital: French private equity firm focused on majority stakes in profitable French SMEs and mid-market companies, with a transmission/LBO strategy closely mirroring Isatis's core approach.

Emerging players

• Seventure Partners: Paris-based growth equity investor active in digital and life sciences. Co-invested alongside Isatis in Pitchy (€40M round) and operates in adjacent growth-equity territory, particularly in tech-enabled SMEs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/5064207

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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

M&A5 records

Investments24 records

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

Frequently asked questions about Isatis Capital