Capitem Partners

What Capitem Partners does

Capitem Partenaires is an independent French private equity firm founded in 2013 and headquartered in Lyon, regulated by the AMF under registration GP-13000017. The firm is structurally distinctive in that 100% of its fund capital is subscribed by approximately 60 entrepreneur-investors — business owners rather than institutional LPs — who simultaneously act as the limited partner base, deal referrers, and operational advisors to portfolio companies. Capitem manages four FPCI vehicles (FPCI Capitem 1 through 4), with the most recent vintage (Capitem 4) closed at €35 million in December 2024.

The firm provides minority and majority equity capital to profitable French and European SMEs with annual revenue above €5 million, targeting ticket sizes of €1-5 million per transaction. Investment solutions span MBO/MBI buyouts, self-sales, share reclassifications, minority shareholder exits, and growth capital for organic or build-up strategies. Portfolio construction spans 41 cumulative investments and 23 realized exits across 17 active participations, with documented holdings in IT services (Arago, Novencia, Shift, Hisi), logistics (Blondel), electrical engineering (DMR), packaging (Sodeprint), signage (Oxysign), hospitality (TDS), 3D printing (Cylaos), managed real estate (LWS Hospitality), and aluminum casting (Aluthea, exited).

Capitem earns revenue through the standard French PE management company model: annual management fees on committed or invested capital of the FPCI vehicles it manages, plus carried interest on realizations above hurdle. Distribution of fund interests is by referral and annual Club Capitem investor events rather than institutional fundraising, and deal origination flows from the entrepreneur-investor network rather than outbound sales teams. The investment team comprises five professionals led by founding partner Stéphane Grès, with combined institutional PE experience exceeding three decades across Crédit Mutuel Equity, Apax Development, Picardie Investissement, and Initiative & Finance. Capitem reports first-quartile French PE performance and a >17% net subscriber IRR on the Part A share of its inaugural vehicle.

Name

Capitem Partners

Legal name

Capitem Partenaires

Website

https://www.capitem.fr/

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Capitem Partenaires is an independent French private equity firm based in Lyon, managing FPCI funds subscribed exclusively by ~60 entrepreneur-investors. It provides €1-5M minority and majority equity to profitable French and European SMEs for buyouts and growth, with 41 investments and 23 exits since 2013.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Other Financial Vehicles (52599)

akta.pro primary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

Keywords

• Private equity investment
• SME buyout financing
• Development capital
• Entrepreneur-led investing
• Portfolio management services

Headquarters

HQ city

Lyon

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. Private equity returns and management fees: Capitem generates returns through capital appreciation on its portfolio investments. As a fund manager (FPCI structure), it earns management fees on committed capital and performance fees (carried interest) on investment returns. Revenue is derived from the deployment and management of private equity funds subscribed by entrepreneur-investors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Capitem Partenaires is an independent French private equity firm that provides minority and majority equity capital to profitable, growing SMEs in France and Europe with annual revenue above €5M, through FPCI fund vehicles (Capitem 1, 2, 3, and 4) subscribed exclusively by approximately 60 entrepreneur-business owners. It offers development capital for organic or external (build-up) growth and transmission capital for MBOs, MBIs, self-sales, capital reclassification, and minority shareholder exits, with typical investment tickets of €1M–€5M (co-investment possible on larger tickets). Beyond financing, portfolio companies gain access to a network of entrepreneur-investors who provide operational expertise and business development contacts.

Product overview

Capitem Partenaires is an independent private equity firm based in Lyon, France, that operates as an entrepreneurial investment structure managed exclusively by business owners. The firm offers investment fund vehicles (FPCI Capitem 1 through FPCI Capitem 4) for development capital and buyout transactions targeting profitable French SMEs with revenues exceeding 5 million euros and investment tickets between 1 and 5 million euros. Their services include minority and majority partnership investments, growth capital for organic or external growth (build-ups), and capital transmission for management buyouts, self-sales, and shareholder exits. The firm differentiates through its network of approximately 60 entrepreneur-investors who provide expertise and networks to supported companies. As of 2026, Capitem manages 17 active portfolio companies and has completed 39 investments with 23 exits since founding in 2013.

Differentiator

Problem solved

Functional benefit

Brands

• FPCI Capitem 4: The 4th investment fund vehicle of Capitem Partenaires, raised in December 2024 for €35 million
• FPCI Capitem 3
• CLUB CAPITEM

Products and services

• FPCI Capitem 4 (Fourth Investment Fund Vehicle) A regulated French fonds professionnel de capital investissement (FPCI) vehicle providing equity capital to French and European SMEs with revenue above €5M, subscribed exclusively by approximately 60 entrepreneur-investors. FPCI Capitem 4 raised €35M in December 2024 and is being deployed across development and transmission transactions.
• Capital Développement (Development Capital) Investment offering providing minority or majority equity capital to profitable, growing French and European SMEs to support organic expansion or external growth via build-up M&A strategies. Ticket sizes of €1M–€5M with co-investment possible on larger deals.
• Capital Transmission (Buyout Capital) Investment offering providing minority or majority equity capital for ownership-transition transactions, including management buyouts (MBO), management buy-ins (MBI), self-sale (cession d'entreprise par son dirigeant), capital reclassification, and minority shareholder exits in French and European SMEs with revenue above €5M.

Quantifiable outcome

• Net subscriber IRR (Part A) above 17% for first investment vehicle
• +3 more outcomes

Named customers10 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

One partnership is on record.

• Chammas & MarcheteauminorOthersChammas & Marcheteau acted as advisors to Capitem in the €35M fundraise for FPCI Capitem 4 (4th vehicle).

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Eurazeo: Major listed French private equity firm with broad mid- and large-cap exposure across PE, growth and private debt. Represents the scaled end of French PE — useful as an incumbent benchmark for what Capitem could scale toward over multiple vintages.
• Crédit Mutuel Equity: Larger French PE manager (part of Crédit Mutuel group) investing across SME to lower-mid-cap. Founding partner Stéphane Grès previously worked at Crédit Mutuel Equity, and the firm has co-invested alongside Capitem in Groupe Blondel — overlapping deal flow and LP relationships.
• Bpifrance (Investissement): France's state-backed investment bank and the dominant French mid-market PE provider. Bpifrance has co-invested with Capitem in Sodeprint (LBO secondary) and Groupe Blondel, overlapping on French SME buyout and growth transactions.

Direct peers

• Initiative & Finance: French lower-mid-market private equity firm focused on profitable SMEs with tickets typically below €10M. Damien Gassies (Capitem's Investment Director) previously worked at Initiative & Finance, and both firms share a similar geographic focus on the French mid-market and a similar ticket-size profile.
• Arkéa Capital: Banking-backed French regional PE firm (linked to Crédit Mutuel Arkéa) investing in profitable SMEs and mid-caps. Closely comparable regional French SME buyout approach and ticket-size band.
• Naxicap Partners: Major French mid-market PE firm investing in SMEs and mid-caps across sectors. Naxicap co-invested with Capitem in Oxysign (Semios acquisition) and shares a similar focus on profitable, growing French SMEs with sponsorable management teams.
• Picardie Investissement: French regional PE firm investing in profitable SMEs and mid-caps. Senior advisor Philippe Pruvot was General Manager at Picardie Investissement for 20 years, and both firms have co-invested in Groupe Blondel — directly comparable mandate, ticket size, and regional French orientation.
• Crédit Agricole Capital Investissement (Alpes Développement): Crédit Agricole's regional PE arm investing in French SMEs. Crédit Agricole Alpes Développement co-invested with Capitem in LWS Hospitality (Capitem 4 deal); Analyst Nicolas Schlitz previously worked at Crédit Agricole in structured finance — closely comparable regional SME buyout profile.

Emerging players

• Calcium Capital: Smaller French PE firm that acquired Capitem's stake in Arago Consulting in 2024. Targets growth and transition capital for French SMEs — directly comparable deal profile at similar ticket sizes.

Regional players

• Ouest Croissance: French regional PE firm based in western France. Led the investor consortium alongside Bpifrance and Capitem in Sodeprint's capital reorganisation, and shares Capitem's profitable-SME LBO thesis on the western French territory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capitem-partenaires

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A3 records

Investments5 records

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

Frequently asked questions about Capitem Partners