HLD

What HLD does

HLD is a private equity group founded in 2010 by Jean-Philippe Hecketsweiler and Jean-Bernard Lafonta, headquartered in Paris with operational offices in Luxembourg, Amsterdam, Milan and Zurich. The firm provides long-term equity capital and operational support to mid-market European companies without the time constraints typical of traditional private equity, anchored by an unconstrained permanent-capital structure and an entrepreneur-partnership philosophy grounded in family values. Since inception HLD has executed 29 platform acquisitions, over 70 build-ups and 7 exits, delivering a 15-year IRR greater than 25%, and currently manages €4 billion in assets through the HLD Europe Luxembourg AIF (CSSF registration V01780), managed by BIL Manage Invest SA.

HLD's 22 portfolio companies span five verticals — Business Services (Tessi at €545.7M turnover, TSG at €1.3B turnover, Tenexa), Consumer (Ba&sh at €300M, Jimmy Fairly, 52 Entertainment), Healthcare (Fillmed, Clariane at €5.3B), Industry (Aresia, CBG Acciai, MVG) and Safety (Coyote/Safety Systems Group, M-Cube, Sodel) — generating combined turnover of approximately €10 billion and employing 110,421 people. Notable platform transactions include the 2021 acquisition of Photonis (rebranded Exosens in 2023, then Euronext IPO in May 2024 winning the Euronext Large Cap IPO Grand Prix), the 2020 buyout of TSG alongside management (followed by nearly 50 add-on acquisitions by 2026), the 2023 acquisitions of Infodis (now Tenexa) and Vilavi insurance brokerage, and the June 2024 Clariane capital increase.

HLD earns revenue through capital gains on portfolio exits (the TSG sale to CapVest at €1.8 billion EV in February 2026 is the largest realization disclosed) and recurring management and advisory fees on the €4 billion AUM, channelled via the regulated Luxembourg fund vehicle. Distribution is direct: proprietary networks of founders, management teams and specialized M&A advisors source deals, and HLD does not market investment products publicly. Marketing footprint is limited to a corporate website, a LinkedIn presence, ESG reports, and participation in PE industry events and conferences, consistent with an institutional B2B investor.

Name

HLD

Legal name

HLD Associés Europe

Website

https://groupehld.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

HLD is a Paris-based private equity group founded in 2010 providing long-term equity capital to mid-market European companies. Managing €4 billion in assets through the HLD Europe Luxembourg AIF, it holds 22 portfolio companies across Business Services, Consumer, Healthcare, Industry and Safety, generating combined turnover of approximately €10 billion.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

akta.pro primary industry

Primary Fund-of-Funds (Blind-pool FoF) (FSANAGAA)

akta.pro secondary industry

Real Estate / PropTech Growth Equity (FSANACAH)

Keywords

• Private equity investment
• Long-term capital
• Growth equity
• Portfolio management
• Buyout acquisitions

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Capital gains from portfolio company exits: HLD generates returns through successful exits of portfolio companies, having completed 7 exits delivering a 15-year IRR greater than 25%. The firm invests without time constraints, allowing for optimal exit timing.
2. Management and advisory fees: HLD Europe is managed by BIL Manage Invest SA, a regulated entity under CSSF supervision, suggesting standard private equity management fee structures.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

HLD is a private equity investment group that provides long-term equity capital and operational partnership to high-growth-potential European companies. The firm manages the €4 billion HLD Europe fund and currently holds stakes in 22 portfolio companies spanning Business Services, Consumer, Healthcare, Industry, and Safety sectors, supporting them through both organic growth and external build-up acquisitions.

Product overview

HLD (Groupe HLD) is an entrepreneurial investment group that provides long-term equity investment and operational support to high-growth European companies. Rather than a traditional product company, HLD offers investment partnership services across five verticals: Business Services, Consumer, Healthcare, Industry, and Safety. The group's investment model is not constrained by time horizons, enabling sustained support for portfolio companies. HLD manages €4 billion in assets via the HLD Europe fund, with 22 portfolio companies achieving €10 billion combined turnover and employing 110,421 people. Key portfolio companies include: TSG (multi-energy solutions, €1.3bn turnover), Tessi (digitized business processes, €545.7m), Exosens (detection/imaging technologies, €468m), Ba&sh (fashion, €300m), Clariane (healthcare, €5.3bn), 52 Entertainment (online games, €102m), Fillmed (aesthetic medicine, €87m), Aresia (aeronautics, €198m), Jimmy Fairly (eyewear, €122m), Vilavi (insurance, €161m), and others spanning retail technology, cybersecurity, and industrial manufacturing.

Differentiator

Problem solved

Functional benefit

Brands

• HLD Mediterranean Fund: Philanthropic endowment fund launched in 2018 to safeguard the Mediterranean Sea by supporting non-profits acting to protect the Sea's ecosystem.
• HLD Europe

Products and services

• Investment and Portfolio Support Services

Quantifiable outcome

• 15-year IRR greater than 25% from 7 exits
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Houlihan LokeyminorImplementation/ SI/ Consulting Partner · 15 March 2023Houlihan Lokey advised LBO France on the acquisition of Infodis by HLD in March 2023. Infodis is a French IT infrastructure and digital workplace provider.
• TSGcoreStrategic or Co-development PartnerHLD invested in TSG, a France-based energy infrastructure company, as part of multi-energy development and energy transition initiatives across 30 countries in Europe and Africa. TSG focuses on green energy for mobility including electricity, gas, biofuels, and hydrogen.
• TSG Management TeamcoreStrategic or Co-development PartnerIn September 2020, HLD acquired a majority stake in TSG alongside the management team to support TSG's multi-energy development strategy. Jean-Marc Bianchi serves as CEO.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• PAI Partners: Pan-European mid/large-cap PE firm with multi-sector portfolio across food, retail, healthcare, and industrials. Directly comparable to HLD as a peer European mid-market buyout firm with similar entrepreneurial partnership model and multi-sector investment approach.
• Ardian: Major European PE and private markets firm managing €150+ Bn in AUM with direct investment approach across multiple sectors and strategies. Comparable to HLD as a pan-European direct PE investor with similarly diversified multi-sector portfolio and significant AUM scale.
• Eurazeo: French-listed PE firm with diversified portfolio across luxury, healthcare, financial services, and industrials. Comparable to HLD as a French-rooted generalist PE firm with similar multi-sector strategy and mid-market focus.
• LBO France: French PE firm with diversified sector exposure including healthcare, industrials, consumer, and technology. Comparable to HLD as a mid-market French PE firm with similar multi-sector approach and entrepreneurial investment style.
• Bridgepoint: Pan-European mid-market PE firm with comparable AUM scale (€30+ Bn) and multi-sector portfolio across business services, consumer, and industrials. Comparable to HLD as a pan-European mid-market buyout specialist with similar direct investment approach.
• Tikehau Capital: European alternative asset manager with private equity focus and comparable AUM scale. Comparable to HLD as a French-rooted alternative asset manager with PE operations across multiple sectors and geographies.
• BC Partners: Pan-European PE firm with multi-sector portfolio and long-term investment approach across consumer, healthcare, and industrials. Comparable to HLD as a mid/large-cap European buyout specialist with similar diversified sector exposure.
• Cinven: Pan-European PE firm with mid/large-cap focus across consumer, healthcare, business services, and industrials. Comparable to HLD as a European mid/large-cap PE firm with similar diversified sector approach and direct investment model.
• Astorg: European mid-market PE firm with multi-sector focus including healthcare, business services, and technology, with €20+ Bn AUM. Comparable to HLD as a European mid-market PE firm with similar AUM scale and sector diversification.

Broad incumbents

• EQT: Major European PE firm with broader platform across sectors and stages, including infrastructure and growth equity, with €250+ Bn AUM. Comparable to HLD as a European PE leader but with materially larger scale and broader investment platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/jeanbernardlafonta
• Xx.com/groupe_hld

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries19 records

Funding overview

Funding rounds

Investors

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

M&A7 records

Investments9 records

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

Frequently asked questions about HLD