NextStage AM
NextStage AM is a Paris-based, AMF-regulated multi-strategy private equity platform founded in 2002, managing €9.3B AUM across development-capital investments in French SMEs and ETIs for institutional and retail investors.
- Company typePrivate
- Founded2002
- HeadquartersParis, France
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What NextStage AM does
NextStage AM is a Paris-based, AMF-regulated (registration GP02012) multi-strategy private equity platform founded in 2002 that specializes in Capital-Développement (development capital) for French SMEs and intermediate-sized enterprises (ETIs). The firm operates FPCI, FCPI, and UC fund vehicles and distributes them through a nationwide network of insurance unit-linked wrappers at carriers including Generali, AXA, Spirica, and Swiss Life, reaching 37,000+ individual investors alongside institutional LPs such as Amundi, AXA, and BPI France.
As of December 2024 the firm manages €9.3 billion in assets under management across 78 active portfolio companies and 214 lifetime investments. Product offerings include the long-running NextStage Croissance strategy (entering its 10th year in 2026), the recently launched Indefi NextStage Evergreen Index (June 2026) constructed in partnership with Indefi, and an ESG-oriented partnership with Emargence (February 2026). Operations are anchored by the Entrepreneurs-Investisseurs Club and have been recognized with a UN PRI score of 19.5/20 and consecutive Les Echos Champions de la Croissance awards in 2025 and 2026.
The business model rests on two revenue streams: (i) recurring management fees on AUM, with blended economics implied by the multi-vehicle, multi-channel structure, and (ii) performance fees (carried interest) realized at exit on the 78-company portfolio. Go-to-market is dual-track — institutional distribution to anchor LPs (Amundi, AXA, BPI France) plus retail distribution via unit-linked insurance wrappers — with no disclosed geographic expansion beyond France. Leadership is led by President and founding partner Grégoire Sentilhes, with Charlotte Lengaigne-Giraudeau promoted to Partner in 2026.
NextStage AM firmographics
Firmographics- Name
- NextStage AM
- Legal name
- NextStage AM
- Website
- https://nextstage-am.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- NextStage AM is a Paris-based, AMF-regulated multi-strategy private equity platform founded in 2002, managing €9.3B AUM across development-capital investments in French SMEs and ETIs for institutional and retail investors.
- Ownership category
- akta.pro rank
NextStage AM industry classification
Industry- Product category
- Private Equity / Development Capital Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Investment Banking and Securities Intermediation (523150), Miscellaneous Intermediation (52391)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Multi-Strategy — Single-Manager, Multi-PM (FSAHAFAB)
- akta.pro secondary industries
- Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI), Co-Investment Syndication & Allocation Intermediation (FSAEALAH), Secondaries Fundraising & Liquidity Intermediation (LP Stakes/GP-led) (FSAEALAG)
Keywords
Where NextStage AM is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices2 records
Markets served
NextStage AM business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: Annual management fees charged on assets under management across various fund vehicles including FPCI, FCPI, and unit-linked products. Fee structures vary by fund type and investor category.
- Performance Fees (Carried Interest): Carried interest from successful fund exits, aligning manager and investor interests in fund performance.
- Fund Administration: SAS au capital of 251,610 euros as registered capital for the management company.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Unit-linked products (Assurance-Vie & PER) |
| Subscription | Multi-year contract | FPCI (Fonds Professionnel de Capital-Investissement) |
| Subscription | Multi-year contract | FCPI (Fonds Commun de Placement dans l'Innovation) |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
NextStage AM product offering
Product offeringCore offering
NextStage AM is a French private equity management company that raises and manages investment funds (FPCI, FCPI, UC, and evergreen vehicles) targeting innovative and growth-driven French PMEs and ETIs. The firm serves both institutional investors (Amundi, AXA, BPI France) through bespoke mandates and individual investors (+37,000) through insurance wrappers (Assurance-Vie, PER), with dedicated fund vehicles for each investor category. It combines capital provision with operational and strategic support to portfolio companies under a Capital-Développement investment thesis.
Product overview
NextStage AM operates as a multi-strategy investment platform offering a comprehensive suite of private equity and development capital fund products. The core portfolio includes unit of account vehicles (NextStage Croissance), professional funds (FPCI Capital Entrepreneur series), sector-specific programs (Championnes for innovative SMEs), and institutional offerings (NextStage Evergreen). The platform provides investment solutions for retail investors through life insurance and PER wrappers, professional investors via FPCI structures with tax advantages (150-0 B ter eligibility), and institutional clients through dedicated mandates and co-investment programs with partners like AXA France. The various fund products share a common investment thesis focused on French SMEs and ETIs while offering different liquidity profiles, tax treatments, and investor accessibility levels.
Differentiator
Problem solved
Functional benefit
Products and services
- NextStage Croissance (UC & PER) A unit of account (unité de compte) investment vehicle eligible for Assurance-Vie and PER (Plan d'Épargne Retraite) life insurance and pension wrappers, allowing individual investors to access private equity through insurance products distributed via insurance partners.
- FPCI NextStage Capital Entrepreneur III
- NextStage Championnes IV
- NextStage Evergreen An evergreen private equity fund structure for institutional investors offering continuous NAV reporting and diversification within unlisted French growth companies, with no fixed end-of-life date.
- Pépites & Territoires
- Solutions dédiées
- FCPI NextStage Découvertes
Quantifiable outcome
- €9.3 billion in assets under management (December 2024)
- +5 more outcomes
Companies that use NextStage AM
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
NextStage AM technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
NextStage AM partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core, major and strategic.
- Generali FrancecoreMajor insurance company distributing NextStage AM products through its life insurance and PER products. Referenced as a key distribution partner with dedicated fund listing.
- SpiricacoreInsurance company partner distributing NextStage AM investment products. Co-publisher of the Baromètre Capital Investissement & Retraite 2025 study.
- Swiss LifemajorInsurance company distributing NextStage AM products to its high-net-worth client base through wealth management solutions.
- IndefistrategicStrategic partnership to develop and launch the Indefi NextStage Evergreen Index, a benchmark index for evergreen private equity funds, launched June 2026.
- EmargencestrategicPartnership with Emargence consulting group announced February 2026, to build a leader in advisory and accounting expertise services in Île-de-France.
Scale indicators9 records
Recent moves4 records
Expansion highlights4 records
NextStage AM competitors and assessment
Company assessmentBroad incumbents
- Eurazeo: Eurazeo is a major French-listed private equity and investment firm with €20B+ AUM across mid-market and larger buyouts, growth capital, and private debt. Highly comparable as a Capital-Développement and mid-market PE peer in France, though materially larger and broader in scope.
- Ardian: Ardian is one of Europe's largest private investment houses with $150B+ AUM spanning PE, infrastructure, real estate, and private debt. Comparable as a large-scale European PE platform serving institutional LPs with diversified fund vehicles.
Direct peers
- LBO France: LBO France is a Paris-based private equity manager investing across mid-market buyouts, growth capital, real estate, and infrastructure in France. Directly comparable as a domestic French mid-market PE platform with multi-strategy funds and institutional LP base.
- Capza: Capza (formerly Oddo Private Equity) is a Paris-based mid-market private investment platform offering growth capital, buyout, and private debt funds to European SMEs and ETIs. Closely comparable business model and target company profile to NextStage AM.
- Bpifrance Investissement: Bpifrance is the French state investment bank that invests directly in PMEs and ETIs across all stages. Comparable as a major French mid-market growth capital provider, and an existing LP/institutional partner of NextStage AM.
- Montefiore Investment: Montefiore Investment is a Paris-based private equity firm specializing in mid-market service-sector buyouts in France. Comparable as a French mid-market PE specialist serving institutional and family-office investors.
- Activa Capital: Activa Capital is a Paris-based mid-market private equity firm focused on SMEs and ETIs in France through buyout and growth capital. Directly comparable by geography, ticket size, and target company profile to NextStage AM.
Regional players
- IK Partners: IK Partners is a European mid-market private equity firm focused on buyouts across the Nordics, Benelux, DACH, France, and Iberia. Comparable mid-market PE playbook with similar ticket sizes, though broader European footprint than NextStage AM.
Emerging players
- Isatis Capital: Isatis Capital is a French lower-mid-market private equity firm investing in SMEs across France. Comparable as a Capital-Développement / regional PME investor; has co-invested with NextStage AM (e.g., GreenOffice), evidencing direct overlap.
Others
- Spirica: Spirica is a French life-insurance company specializing in unit-linked products that distributes NextStage AM funds to retail investors. Relevant as a distribution partner rather than a competitor, but adjacent ecosystem participant.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
NextStage AM social profiles
Digital presenceNextStage AM financial estimates
Financial estimateRevenue estimate
Valuation estimate
NextStage AM leadership team
Management profileNumber of profiles
Profiles4 records
NextStage AM funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NextStage AM M&A and investment
M&A and investmentM&A1 record
Investments8 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NextStage AM
What does NextStage AM do?
NextStage AM is a French private equity management company that raises and manages investment funds (FPCI, FCPI, UC, and evergreen vehicles) targeting innovative and growth-driven French PMEs and ETIs. The firm serves both institutional investors (Amundi, AXA, BPI France) through bespoke mandates and individual investors (+37,000) through insurance wrappers (Assurance-Vie, PER), with dedicated fund vehicles for each investor category. It combines capital provision with operational and strategic support to portfolio companies under a Capital-Développement investment thesis.
Is NextStage AM a public or private company?
NextStage AM is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was NextStage AM founded?
NextStage AM was founded in 2002. It employs 11 to 50 people.
Where is NextStage AM based?
NextStage AM is headquartered in Paris, France, in the Europe region.
How does NextStage AM make money?
Three revenue lines are on record. Management Fees are the primary driver. The others are performance Fees (Carried Interest) and fund Administration.
Who are NextStage AM's main competitors?
Broad incumbents on record are Eurazeo and Ardian. Direct peers are LBO France, Capza, Bpifrance Investissement, Montefiore Investment and Activa Capital. IK Partners is listed as a regional player. Isatis Capital is listed as an emerging player. Spirica is listed as an others.
Does NextStage AM have an API?
No public API is recorded for NextStage AM.
What industry is NextStage AM in?
NextStage AM's product category is Private Equity / Development Capital Asset Management. Its primary akta.pro industry code is FSAHAFAB, Multi-Strategy — Single-Manager, Multi-PM, with a secondary code of FSAEALAI, Institutional Capital Introduction (LP/Family Office/Endowment Matching). Its NAICS code is 523940 and its SIC code is 6282.