Galiena capital

What Galiena capital does

Galiena Capital is an independent French private equity small-cap asset management firm founded in 2009 by Pascal Noguera (formerly of Astorg Partners and Banque Worms) and Benoît Panhard (formerly of IPE, Roland Berger, and UBS Warburg). The firm manages €500 million of committed capital across three fund vintages (Galiena I, II, III) and invests equity tickets of €10–30 million as majority or lead-minority shareholder in French SMEs with enterprise values of €10–50 million, primarily in BtoB sectors across industry, services, and healthcare. Galiena has supported approximately 20 SMEs and executed around 15 build-up (growth-by-acquisition) transactions since inception, including the 2019 acquisition of CAMEO Energy. The firm is headquartered at 39 avenue d'Iéna in Paris's 16th arrondissement, employs a core investment team of approximately 11 professionals, and operates under AMF approval (GP-10000058) as a Société de Gestion de Portefeuille.

The firm's revenue model comprises two streams: management fees charged on committed capital under management (annual subscription-style billing, rate not publicly disclosed) and carried interest earned on investment returns above a defined hurdle rate. Capital is raised directly from a base of approximately 150 investors, including entrepreneurs, industrial families, family offices, and institutional investors, and the team systematically co-invests alongside LPs to align interests. The go-to-market is relationship-driven, with deal flow sourced through the team's professional networks, the LP base, and active participation in the France Invest ecosystem, rather than through marketing channels or intermediaries.

Galiena differentiates through its focus on French SMEs underserved by large-cap funds, an active shareholder playbook (industrial projects, R&D, external growth, and national/international expansion support), and a formal RSE/ESG framework in place since 2012 and reinforced by UN PRI signature since 2017, Initiative Climat International participation, and the French government's Label Relance received in 2024. Portfolio exposure is diversified across medtech, aerospace, defence, healthcare, telecom, training, manufacturing, environment, and luxury end-markets, and the firm maintains an active steering committee role in France Invest's Sustainability Commission, embedding it in French PE policy-setting on responsible investment.

Name

Galiena capital

Legal name

GALIENA Capital

Website

https://www.galiena-capital.com/

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

Galiena Capital is an independent French private equity small-cap firm managing €500m across three funds, providing €10–30m equity tickets to French SMEs in BtoB sectors as majority or lead-minority shareholder.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Private equity funds
• Small cap investing
• SME equity capital
• Growth capital investment
• Fund management services

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management fees: Galiena Capital charges management fees on committed capital under management. Fees fund the firm's operational expenses, team compensation, and due diligence activities. The fixed salary component of team remuneration is tied to these fees.
2. Carried interest (performance fees): As a private equity manager, Galiena Capital earns carried interest on investment returns above a defined hurdle rate. The variable component of team remuneration (discretionary) is determined principally by performance. This aligns team interests with fund investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Galiena Capital is an independent private equity Small Cap asset manager (Société de Gestion de Portefeuille, AMF-approved) that raises and invests closed-end funds (Galiena I, II, III) into French SMEs. It deploys equity tickets of €10–30m for enterprise values of €10–50m, taking majority or lead-minority stakes in B2B-focused companies across industry, services, and healthcare. The firm provides active shareholder support covering transmission, organic growth, R&D, and build-up acquisitions, and has executed approximately 15 build-up transactions across roughly 20 supported companies since 2009.

Product overview

Galiena Capital is an independent Small Cap Private Equity management company. It does not offer a unified product platform or software-as-a-service offering. Rather, it provides professional shareholder services and investment capital to SMEs through its funds (Galiena I, II, III), investing tickets of €10-30m as majority or lead-minority shareholder. The 'products' are its investment funds, which serve as financial vehicles enabling portfolio company development (industrial projects, R&D, external growth, national and international expansion). The firm has supported approximately 20 companies and executed around 15 build-ups since inception.

Differentiator

Problem solved

Functional benefit

Products and services

• Galiena I, II, III Funds Private equity Small Cap investment funds (Galiena I, II, III) with €500m of committed capital, targeting enterprise values of €10–50m. Invest as majority or lead-minority shareholder in French SMEs across B2B sectors (industry, services, health), supporting portfolio companies through transmission, organic growth, R&D, build-up acquisitions, and national/international expansion. Available to qualified investors (entrepreneurs, industrial families, family offices, institutionals) via direct LP commitment.

Quantifiable outcome

• 20 companies supported since inception with approximately 15 build-up transactions completed across the portfolio.
• +1 more outcomes

Named customers14 records

Segments1 record

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.

• France Invest (Commission Sustainability)coreStrategic or Co-development Partner · 1 January 2017Galiena Capital is an active member of the steering committee of France Invest's Sustainability Commission (formerly ESG Commission). The firm contributes to developing and promoting best ESG practices within the French private equity industry. Anne-Laure Mougenot served on the Copil from 2013 to 2024.
• UN Principles for Responsible Investment (PRI)coreStrategic or Co-development Partner · 1 January 2017Galiena Capital is a signatory of the UN PRI since 2017, committing to integrate ESG factors into its investment processes and to promote responsible investment practices among its portfolio companies.
• Initiative Climat International (iCi)coreStrategic or Co-development Partner · 1 January 2017Galiena Capital is a signatory of the Initiative Climat International (iCi), a collaborative climate initiative under the UN PRI framework focused on climate-related investment practices and disclosure.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Activa Capital: Independent French mid-market PE firm focused on majority/lead-minority investments in French SMEs, with comparable enterprise value range and active operational support model.
• Weinberg Capital Partners: Independent French mid-market PE firm with small and mid-cap strategies targeting French SMEs. Comparable ownership approach and ticket size, with overlap in diversified B2B sectors.
• LBO France: Independent French private equity manager investing across small and mid-cap French SMEs, with similar majority/lead-minority approach and ticket sizes overlapping with Galiena's €10-50m EV sweet spot. Direct competitor for both deal flow and LP capital.
• Raise Investissement: Independent French mid-market PE platform raising capital from a broad entrepreneur/institutional LP base similar to Galiena's ~150 LP pool. Direct competitor for SME ownership-transition deals in France.
• Capital Croissance: French lower mid-market PE firm investing equity tickets of similar size in French SMEs across diversified B2B sectors. Closely comparable on geography, ticket size, and ownership approach.
• Montefiore Investment: French mid-market PE specialist focused on services and consumer SMEs with majority stakes. Overlapping sector focus and relationship-driven fundraising model position it as a close comparable.
• Omnes Capital: Paris-based mid-market PE firm with a small/mid-cap buyout strategy targeting French SMEs. Comparable on enterprise-value range, sector mix, and active ownership approach.
• Naxicap Partners: French mid-cap PE manager (BNP Paribas subsidiary) investing in French SMEs and mid-caps with tickets similar to Galiena's. Larger scale makes it a broader incumbent but directly comparable on mandate and geography.
• MBO+: French small-cap PE manager specializing in majority buyouts of French SMEs. Directly overlaps with Galiena on ticket size, ownership structure, and SME transmission thesis.
• Andera Partners: French mid-market private equity firm with growth and buyout strategies targeting French and European SMEs. Overlapping ticket sizes and B2B sector focus make it a primary comparable for both deals and LP fundraising.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/galiena-capital

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Galiena capital