123 Investment Managers

What 123 Investment Managers does

123 Investment Managers (123 IM) is a Paris-based, AMF-regulated asset management company founded in 2001 that specializes in providing private and institutional investors with access to non-listed French assets. The firm manages €1.2B in assets under management, has cumulatively invested €4.5B in unlisted investments since inception, and serves a base of 85,000+ private investors (with a ~40% reinvestment rate) alongside 21 major institutional investors. Its core offerings include sector-focused private equity funds (FPCI 123 Hospitality Selection in tourism, FPCI 123Remploi in diversified SME), direct Club Deal investments, and tax-optimized structures such as Club Deal Dutreil for inheritance planning. The platform is distributed through 700+ wealth management advisors, private banks, and insurance partners including Laplace, MAIF, AXA, and FIPAGEST.

The company's product surface has expanded materially through subsidiaries and acquisitions: Pierres Responsables REIM (real estate management, launched January 2025) covers Core, Core+, and value-add strategies in residential, coliving, healthcare, education, and essential infrastructure; Pams handles multi-management; Lendopolis and Lendosphere provide participatory financing for energy transition; and INFI (acquired December 2024) brings Girardin-law overseas territory project financing. Revenue is generated primarily through recurring management fees on AUM plus carried interest tied to fund outperformance, with a track record of 10% average net IRR on realized exits over the past 10 years. The firm is privately held as a Société Anonyme, opened its capital to external investors around 2022 to fund growth, and is led by co-founder Xavier Anthonioz as President of the Management Board. All applicable funds operate under SFDR Article 8 sustainability standards, and the firm holds Label ISR, Label Relance, France Invest, AFG, PRI, and Finansol certifications.

Name

123 Investment Managers

Legal name

123 Investment Managers

Website

https://123-im.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

123 Investment Managers is a Paris-based, AMF-regulated asset manager founded in 2001 that invests €1.2B in non-listed French assets on behalf of 85,000+ private investors and 21 institutional investors through sector-focused FPCI funds, Club Deals, and real estate strategies.

Ownership category

akta.pro rank

Product category

Private Equity Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Real Assets Fund of Funds (Real Estate / Infrastructure / Natural Resources FoF) (FSAHAKAG)

akta.pro secondary industries

Fund of Funds & Multi-Manager Mutual Funds (FSAAAEAL), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Private equity management
• Asset management services
• Fund management
• Alternative investments
• Wealth diversification

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management fees: 123 IM charges management fees on the funds under management, typical for an AMF-regulated asset management company.
2. Carried interest: Investment professionals receive carried interest tied to fund outperformance, aligned with industry standards for private equity managers.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

123 Investment Managers (123 IM) is an AMF-regulated French asset management company that creates and manages private equity funds and direct investment vehicles enabling private and institutional investors to invest in unlisted French SMEs across tourism, healthcare, real estate, and energy transition sectors. The firm offers regulated fund structures (FPCI, FPS, OPPCI, FPCR), club deals with tax-optimization features such as Dutreil Transmission, and manages €1.2 billion in assets under management.

Product overview

123 Investment Managers is a diversified investment platform offering private and institutional investors access to non-listed assets in France. The core offering consists of sector-specific FPCI funds (FPCI 123 Hospitality Selection, FPCI 123Remploi), direct investment Club Deals including Club Deal Dutreil for inheritance optimization, and real estate management through subsidiary Pierres Responsables REIM. Additional subsidiaries include Pams (multi-management) and acquired platforms Lendopolis (participatory financing) and INFI (overseas financing). All funds operate under SFDR Article 8 sustainability standards.

Differentiator

Problem solved

Functional benefit

Brands

• Pierres Responsables REIM: Real estate management company focused on alternative real estate investments with strong social and environmental impact in France.
• Pams
• INFI
• Fonds de dotation 123 IM Impact Mécénat

Products and services

• FPCI 123 Hospitality Selection A professional private equity fund (FPCI) focused on investing in the French tourism and leisure sector, targeting SMEs and intermediate-sized companies with strong regional presence. Available in two share classes for retail and professional investors.
• FPCI 123Remploi A diversified professional private equity fund (FPCI) targeting approximately 15 SMEs across conviction themes, with a 6% net TRI target over a 5-6 year horizon, eligible for reinvestment of business sale proceeds.
• Club Deals Direct investment products allowing private clients to invest directly in the capital of unlisted companies that hold and operate tangible assets such as hotels, campings, senior residences, and healthcare facilities.
• Club Deal Dutreil Specialized Club Deal products that incorporate the Dutreil Transmission mechanism for inheritance tax optimization (75% tax abatement), with 123 IM providing the required management function.
• Investment Funds (FPS/FPCI/OPPCI/FPCR) Various regulatory fund structures including FPS (professional investment fund), FPCI (professional private equity fund), OPPCI (professional real estate fund), and FPCR (professional reinvestment fund) tailored for different investor profiles and investment strategies.
• Pierres Responsables REIM A real estate management company focused on alternative real estate investments including managed residential, coliving, health, education, and essential urban logistics infrastructure, implementing three strategies: Core, Core+, and Core+ with value-add.
• Pams A subsidiary dedicated to multi-management (multigestion), part of the Groupe 123 IM diversification strategy.
• Lendopolis A participatory financing platform dedicated to energy transition financing, acquired from Banque Postale AM.
• INFI A historic company specializing in structuring financing for projects in French overseas territories under the Girardin tax incentive law, operating in industrial sector and social housing with investments typically between €5-30 million.

Quantifiable outcome

• Average net IRR of 10% on realized exits over past 10 years
• +3 more outcomes

Named customers6 records

Segments3 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 core.

• Banque des TerritoirescoreStrategic or Co-development PartnerStrategic partner for Pierres Responsables REIM's social housing investment vehicle targeting 250 people from disadvantaged populations
• AXIO CapitalcoreStrategic or Co-development PartnerCo-investment partner with 123 IM in Bordeaux River Cruise management buyout transaction; AXIO became majority shareholder with 123 IM providing financing through tourism sector fund
• LendospherecoreStrategic or Co-development Partner123 IM acquired majority stake in Lendosphere (crowdfunding platform for energy transition); joint investment of €6.5M in solar projects via obligation issuance

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Pragma Capital: Paris-based private equity firm with French mid-market focus. Comparable as a co-investor alongside 123 IM (Pragma co-created Sandaya with 123 IM in 2010), reflecting directly overlapping French SME deal pipelines.
• Apax Partners: Paris- and London-headquartered PE firm with French mid-market and sector-specialist funds. Comparable as a sector-driven French PE investor — notably, Apax acquired Sandaya from 123 IM's portfolio in 2016, evidencing direct overlap in French tourism/hospitality deal flow.
• LBO France: Independent French mid-market private equity and real estate manager. Comparable to 123 IM as a domestically focused PE firm serving institutional and private investors with sector-specialized French SME exposure.
• Tikehau Capital: Paris-listed alternative asset manager spanning private equity, real estate, private debt and multi-management. Comparable to 123 IM in offering diversified French real-economy funds distributed to HNW and institutional investors through a CGP/private-bank network.
• AXIO Capital: French mid-market private equity firm. Comparable as a co-investor (AXIO led the Bordeaux River Cruise MBO with 123 IM in 2024), reflecting overlapping French SME/tourism deal flow and similar institutional fundraising channels.

Broad incumbents

• AXA Investment Managers: AXA Group's asset management arm, distributing PE/real-asset products via insurance and wealth channels. Comparable to 123 IM for institutional real-asset mandates and as a distribution partner (AXA is itself one of 123 IM's 700+ distribution partners).
• Ardian: Paris-headquartered global private investment house with large PE, infrastructure, and real estate franchises. Comparable to 123 IM for institutional French PE allocations and real-asset fund structures, though materially larger and globally diversified.
• Eurazeo: Major Paris-listed private equity and private debt firm with deep French mid-market exposure and significant institutional LP base. Comparable to 123 IM at the larger end of the French PE market, with overlap in real-economy and real-asset strategies.
• Amundi: Europe's largest asset manager with extensive French retail and institutional distribution. Comparable to 123 IM at the asset-management-platform level (multi-affiliate model, CGP distribution, real-asset and PE product offerings), but at vastly larger scale.
• Bpifrance: French public investment bank providing PE, venture, and financing to French SMEs. Comparable to 123 IM as a significant French SME capital provider with overlapping institutional relationships and sector mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/123im_france
• YouTubeyoutube.com/channel/UCiLHuApqJItuNkt5_fxk6fA/videos
• LinkedInlinkedin.com/company/123-investment-managers

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments16 records

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

Frequently asked questions about 123 Investment Managers