NextStage
NextStage AM is a Paris-based, privately-held French asset manager founded in 2002 that runs multiple private equity fund vehicles (FPCI structures) investing in growth-stage PMEs and ETIs, serving both 37,000+ individual investors and major institutional LPs including Amundi, AXA, and BPI France.
- Company typePrivate
- Founded2002
- HeadquartersParis, France
- Headcount11–50
- GTM typeB2B
- OfferingServices
What NextStage does
NextStage AM is a Paris-based, privately-held French asset management firm (société de gestion) founded in 2002 that specializes in capital-développement — development/expansion-stage private equity focused on French PMEs and ETIs. The firm operates as a multi-vehicle capital-development platform running distinct fund structures targeting different investor cohorts: NextStage Croissance (a unit-linked vehicle eligible for Assurance-Vie and PER), FPCI NextStage Capital Entrepreneur III (a professional fund eligible under Article 150-0 B ter for individual investors), NextStage Championnes IV (a diversification fund for private investors), NextStage Evergreen (an evergreen/open-ended vehicle for institutional investors), Pépites Territoires (co-branded with AXA for regional SMEs), and Sur-Mesure bespoke dedicated vehicles for institutional partners. Its principal revenue streams are fund management fees on assets under management (subscription/recurring), performance-based carried interest from successful exits (transaction-based), and structuring fees for custom vehicles (professional services). Distribution blends direct institutional sales with channel partners — insurance wrappers (assurance-vie/PER), financial advisor networks, and AXA's insurance distribution — as well as white-label dedicated vehicles for institutional clients.
The firm's customer base is two-sided: portfolio companies that are capital recipients and growth partners (currently 78 PMEs/ETIs active), and capital providers — including 37,000+ individual investors, plus major institutional LPs such as Amundi, AXA, and BPI France. As of March 31, 2026, the firm reports 214 lifetime investments, 78 active PME/ETI holdings, and +200 entrepreneurs supported; named portfolio companies span luxury/fragrance (Adopt Parfums), hospitality (Bagatelle, Atream), technology (BOW, Orion), entertainment/climbing (Arkose), energy (Aventa), fashion (Faguo), and education/real estate (Forprof). The firm has historically executed discrete acquisitions including Dream Yacht Charter (2017) and LinXea (2015).
NextStage AM is led by co-founder and Chairman/CEO Gregoire Sentilhes alongside Managing Partners Vincent Bazi, Hervé de Beublain, Jean-David Haas, and Mauricio Alvarez, with Charlotte Lengaigne-Giraudeau most recently elevated to Associée (Partner) in June 2026. Operationally the firm is headquartered at 19 avenue George V, 75008 Paris, with an 11–50 employee footprint and a vertical organizational structure (development, investment, operations teams). There is no disclosed proprietary technology stack, AI capability, or external parent; ownership is held by founding partners and management under French AMF regulation, with no public listing or external parent entity disclosed.
NextStage firmographics
Firmographics- Name
- NextStage
- Legal name
- NextStage AM
- Website
- https://nextstage.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- NextStage AM is a Paris-based, privately-held French asset manager founded in 2002 that runs multiple private equity fund vehicles (FPCI structures) investing in growth-stage PMEs and ETIs, serving both 37,000+ individual investors and major institutional LPs including Amundi, AXA, and BPI France.
- Ownership category
- akta.pro rank
NextStage industry classification
Industry- Product category
- Private Equity / Development Capital
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Impact Investment & Development Investment Funds (BPADACAO)
Keywords
Where NextStage is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices1 record
Markets served
NextStage business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Fund Management Fees: Management fees charged on assets under management across multiple fund vehicles (FPCI structures). Fee structure typical of professional capital investment funds targeting institutional and high-net-worth investors.
- Carried Interest: Performance-based carried interest from successful portfolio company exits, aligned with investor returns.
- Custom Vehicle Structuring: Fees from structuring dedicated investment vehicles (Solutions Sur Mesure) for institutional clients requiring bespoke capital development solutions.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
NextStage product offering
Product offeringCore offering
NextStage AM is a Paris-based development capital (capital-développement) investment management firm that deploys growth equity into French PMEs and ETIs through a range of regulated fund vehicles. It manages multiple FPCI structures, unit-linked funds, evergreen vehicles, and AXA co-branded regional funds, offering tailored solutions for institutional and individual investors.
Product overview
NextStage AM operates as a capital-development investment platform offering a portfolio of distinct fund vehicles targeting different investor segments. The core offering includes NextStage Croissance (retail unit of account), FPCI NextStage Capital Entrepreneur III (tax-optimized professional fund), NextStage Championnes IV (champion company fund), NextStage Evergreen (institutional evergreen structure), and Pépites Territoires (AXA co-branded regional fund). Custom structuring services are available through Solutions de Mandats. An index product (Indefi NextStage Evergreen Index) was launched in 2026 to track Evergreen performance.
Differentiator
Problem solved
Functional benefit
Brands
- NextStage Croissance: Unit of account fund eligible for assurance-vie and PER
- FPCI NextStage Capital Entrepreneur III
- NextStage Championnes IV
- NextStage Evergreen
- Pépites Territoires
- Solutions Sur-Mesure
Products and services
- NextStage Croissance
Quantifiable outcome
- 78 PMEs & ETIs in active portfolio as of March 2026
- +2 more outcomes
Companies that use NextStage
Customer profileNamed customers11 records
Segments4 records
Ideal customer profiles3 records
NextStage technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
NextStage partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- IndeficorePartnership with Indefi to launch the Indefi NextStage Evergreen Index, marking the 10th anniversary of NextStage Croissance. This index provides performance benchmarking for evergreen capital development investment vehicles.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
NextStage competitors and assessment
Company assessmentBroad incumbents
- Ardian: One of Europe's largest private investment houses with significant French mid-market and growth capital activity, including direct funds and fund-of-funds. Comparable as a French-rooted PE manager serving institutional LPs across the PME/ETI segment.
- Eurazeo: Paris-listed investment firm with broad private equity, private debt, and real assets strategies, including significant French mid-market and growth equity activity. Directly competes for institutional capital and French SME/ETI deals.
- PAI Partners: Paris-based private equity firm focused on mid- and large-cap buyouts across Europe, with strong institutional LP base. Comparable as a French-headquartered PE manager competing for institutional mandates and mid-market deals.
- BPI France: France's public investment bank providing direct equity, quasi-equity, and fund-of-funds investment to French SMEs and mid-caps. Comparable as a French institutional capital provider supporting PME/ETI growth and a current investor/partner of NextStage AM.
Direct peers
- LBO France: Paris-based mid-market PE firm investing in French SMEs and mid-caps through buyout and growth capital strategies. Closely comparable to NextStage in fund size, target segment (PME/ETI), and institutional/retail distribution approach.
- MBO Partenaires: French mid-market private equity firm focused on management buyouts and growth capital for SMEs and mid-caps. Comparable in target deal size, sector breadth, and French geographic concentration.
- Capital Croissance: French private equity manager specializing in growth/development capital (capital-développement) for French SMEs. Closely comparable in mandate, target segment, and capital-développement positioning.
- Idinvest Partners (now part of Eurazeo): Formerly independent French SME-focused growth capital and private debt manager, now within Eurazeo. Historically a direct competitor to NextStage in capital-développement and PME growth equity.
Emerging players
- Raise: French investment platform with growth capital and venture activities targeting French SMEs and startups. Comparable as a French-rooted capital provider competing for PME mindshare and retail investor capital.
Regional players
- Cathay Capital Private Equity: European-Chinese cross-border PE firm with significant French mid-market activity. Comparable in targeting European SMEs/mid-caps and securing institutional LP backing, though more internationally diversified.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
NextStage social profiles
Digital presenceNextStage financial estimates
Financial estimateRevenue estimate
Valuation estimate
NextStage leadership team
Management profileNumber of profiles
Profiles6 records
NextStage funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NextStage M&A and investment
M&A and investmentM&A2 records
Investments66 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NextStage
What does NextStage do?
NextStage AM is a Paris-based development capital (capital-développement) investment management firm that deploys growth equity into French PMEs and ETIs through a range of regulated fund vehicles. It manages multiple FPCI structures, unit-linked funds, evergreen vehicles, and AXA co-branded regional funds, offering tailored solutions for institutional and individual investors.
Is NextStage a public or private company?
NextStage is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was NextStage founded?
NextStage was founded in 2002. It employs 11 to 50 people.
Where is NextStage based?
NextStage is headquartered in Paris, France, in the Europe region.
How does NextStage make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest and custom Vehicle Structuring.
Who are NextStage's main competitors?
Broad incumbents on record are Ardian, Eurazeo, PAI Partners and BPI France. Direct peers are LBO France, MBO Partenaires, Capital Croissance and Idinvest Partners (now part of Eurazeo). Raise is listed as an emerging player. Cathay Capital Private Equity is listed as a regional player.
Does NextStage have an API?
No public API is recorded for NextStage.
What industry is NextStage in?
NextStage's product category is Private Equity / Development Capital. Its primary akta.pro industry code is BPADACAO, Impact Investment & Development Investment Funds. Its NAICS code is 523940 and its SIC code is 6282.