What Ciclad does

Ciclad Gestion is a French private equity management company founded in 1988 and headquartered in Paris, regulated by the AMF under number GP00003. The firm specializes in investing alongside management teams of French SMEs during business succession (MBO/OBO) or growth transactions, executing MBOs, OBOs, and growth capital deals with high-growth-potential companies in France and select international markets.

The firm operates three specialized fund vehicles: the flagship Ciclad 7 fund (€190M, closed March 2025) targeting French SMEs with high growth potential; Ciclad Entreprise (€70M, closed January 2022) dedicated to 'Very Small Cap' investments with €1-5M tickets and bearing the Relance label from the French Ministry of Economy; and Si Vis Pacem, a newly launched fund focused on SMEs in the French defense industrial base (BITD). Ciclad invests across all economic sectors — software, industrial manufacturing, consumer products, business services, smart city, real estate media, and others — with 184 investments executed since founding and 36 currently in portfolio.

Ciclad generates revenue through traditional PE fund economics: recurring management fees on assets under management across its fund family, plus performance-based carried interest on successful portfolio exits. Distribution is relationship-driven, sourced directly from SME founders and managers, via referrals from lawyers, accountants, and bankers, and at industry events such as IPEM Cannes. The firm maintains offices in Paris, Lyon, and Bordeaux with a 26-person team, and is a signatory of the UN PRI and Initiative Climat International as well as a member of France Invest.

Name

Ciclad

Legal name

Ciclad Gestion

Website

https://ciclad.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Ciclad Gestion is a French private equity firm founded in 1988 that invests alongside management teams of French SMEs in MBO, OBO, and growth transactions, managing €190M (Ciclad 7), €70M (Ciclad Entreprise), and a defense-focused Si Vis Pacem fund, with 184 historical investments and 36 active portfolio companies.

Ownership category

akta.pro rank

Product category

Private Equity / SME Investment Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Asset-Based Lending (ABL) (FSANADAD)

Keywords

• Private equity investment
• SME growth capital
• Management buyout advisory
• Business succession investing
• Minority equity stakes

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Management fees charged on assets under management across Ciclad's fund family including Ciclad 7, Ciclad Entreprise, and Si Vis Pacem.
2. Carried Interest (Performance Fees): Performance-based carried interest from successful portfolio company exits and investments, typical of private equity fund structures.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Ciclad is a French private equity firm (Ciclad Gestion, AMF-regulated under GP00003) that invests alongside SME managers during business succession (MBO/OBO) and growth operations. The firm operates multiple specialized funds including the flagship Ciclad 7 (€190M), the very-small-cap Ciclad Entreprise (€70M), and the defense-sector Si Vis Pacem fund, supporting portfolio companies with capital, governance, and external growth support across France and internationally.

Product overview

Ciclad is a historical French private equity firm (société de gestion de portefeuille) regulated by the AMF (GP00003), specializing in investing alongside SME managers for business succession and growth opportunities. The firm operates multiple specialized funds: Ciclad 7 (€190M flagship fund), Ciclad Entreprise (€70M 'very small cap' fund with Relance label), and Si Vis Pacem (defense industry fund). Ciclad provides investment advisory services and portfolio management support to approximately 36 portfolio companies across diverse sectors, with a team of 26 professionals across Paris, Lyon, and Bordeaux offices.

Differentiator

Problem solved

Functional benefit

Brands

• Ciclad 7: Primary private equity fund investing in French SMEs with high growth potential
• Ciclad Entreprise
• Si Vis Pacem

Products and services

• Ciclad 7 Fund Primary private equity fund (7th generation) investing in French SMEs with high growth potential. Used for management buyouts, owner buyouts, and growth capital transactions alongside SME managers. Closed at €190 million in March 2025.
• Ciclad Entreprise Fund Fund dedicated to 'Very Small Cap' SMEs with investment tickets ranging from €1 to €5 million. Carries the 'Relance' label from the French Ministry of Economy for supporting French economic recovery. Targets founder-led or family-owned SMEs with limited access to traditional PE capital.
• Si Vis Pacem Fund Specialized fund dedicated to SMEs in the French defense industry (BITD - Base Industrielle et Technologique de Défense), focused on supporting the defense sector's growth and modernization. Launched January 2026.
• Investment Advisory Services Private equity investment management services including business succession (MBO/OBO), growth financing, and development support for SMEs in France and internationally. The advisory relationship spans from initial transaction structuring through exit.
• Portfolio Management Services Ongoing portfolio company support including strategic guidance, governance assistance, external growth operations (build-ups), and ESG integration across approximately 36 portfolio companies.

Quantifiable outcome

• Tripled in size during Ciclad partnership (ALSEI)
• +2 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and supporting.

• Initiative Climat International (iCI)coreStrategic or Co-development Partner · 17 February 2021Ciclad joined iCI to support concerted action by committed private equity actors against climate change. The initiative's manifesto aligns with Ciclad's ESG policy and convictions.
• Aca NexiasupportingImplementation/ SI/ Consulting PartnerCSR consulting partner introduced by Ciclad to Wavensys to help structure their ESG approach and establish sustainability indicators. Represents Ciclad's support network for portfolio company development.
• France InvestcoreStrategic or Co-development PartnerCiclad is a member of France Invest, the French private equity association. This membership provides industry representation, best practice sharing, and professional network access for Ciclad within the French investment community.
• UN PRI (Principles for Responsible Investment)coreStrategic or Co-development PartnerCiclad is a signatory of the UN PRI, demonstrating commitment to responsible investment practices and ESG integration in their investment process.
• PennylanesupportingTechnology or IntegrationPartnership between MyReport (Ciclad portfolio company) and Pennylane, an accounting software provider for chartered accountants and SMEs, to provide integrated business intelligence dashboards.
• CEGIDsupportingTechnology or IntegrationPartnership between MyReport (Ciclad portfolio company) and CEGID enterprise management solutions provider to offer integrated data analysis capabilities.
• LUCCAsupportingTechnology or IntegrationPartnership between MyReport (Ciclad portfolio company) and LUCCA HR software provider to enable comprehensive business data analysis.
• DIVALTOsupportingTechnology or IntegrationPartnership between MyReport (Ciclad portfolio company) and DIVALTO ERP solutions provider to deliver integrated data visualization.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• LBO France: LBO France is a long-established French mid-market private equity firm investing in French SMEs and mid-cap companies through MBO/OBO and growth capital, with multiple successor funds and a similar geographic focus. Its investment style, ticket sizes, and SME succession focus make it the closest direct comparable to Ciclad.
• Activa Capital: Activa Capital is a French mid-market PE firm specializing in MBO/OBO and growth capital investments in French SMEs. Its core strategy of partnering with managers for SME transmissions closely mirrors Ciclad's approach, making it a direct peer in deal sourcing and fund size.
• Andera Partners: Andera Partners (formerly Edmond de Rothschild Investment Partners) is a Paris-based private equity firm with a long history of mid-market French SME investing across multiple strategies. Its diversified platform and French mid-market focus position it as a close peer to Ciclad.
• MBO Partenaires: MBO Partenaires is a French PE firm focused on SME MBO/OBO and growth capital transactions, with a similar French mid-market remit and relationship-driven model. Ciclad and MBO Partenaires frequently compete for the same succession deals in France.
• Parquest Capital: Parquest is a Paris-based mid-market PE firm investing in French and Benelux SMEs through MBO, OBO, and growth capital. Its SME focus and ticket sizes overlap directly with Ciclad's core strategy.
• Omnes Capital: Omnes Capital is a Paris-based private equity and infrastructure investor with mid-market and SME buyout activities. Its French mid-market LBO practice and diversified fund structure make it a direct comparable to Ciclad.

Broad incumbents

• Bpifrance: Bpifrance is the French public investment bank that directly funds French SMEs and ETIs across all stages, often co-investing alongside private PE firms including Ciclad. As a state-backed broad incumbent, it competes for and complements Ciclad's SME deal flow.
• Eurazeo: Eurazeo is a major listed European investment firm with significant mid-market and SME PE operations in France. While much larger and more diversified than Ciclad, it competes in the same French SME transmission market segment.
• PAI Partners: PAI Partners is a leading European private equity firm with deep French roots, operating mid-market and large-cap buyout strategies. It is a more scaled, broad-incumbent peer in French SME/Mid-cap M&A activity.

Regional players

• Amethis: Amethis is a European growth/expansion fund manager with a focus on Africa and Europe, including French and European SMEs. As a co-investor in Ciclad's EIF Group transaction, it has a known working relationship and partially overlapping European mid-market activity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/CicladGestion
• Facebookfacebook.com/ciclad
• LinkedInlinkedin.com/company/ciclad

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A19 records

Investments12 records

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

Frequently asked questions about Ciclad