Frequently asked questions about Private Equity and offers Altaroc
Invest in Vintage Odyssey
Holders of Vintage Odyssey units may not redeem them during the life of the fund, which may be extended, as defined in the regulatory documentation.
For more details, see the fund regulations.
Indeed, the capital paid in by investors in Vintage Odyssey enables Altaroc to subscribe to funds with proven track records. This capital enables the funds to acquire high-potential companies. On average, the funds sell these companies within five years, and receive a share of the proceeds, which are then redistributed by Altaroc to its investors. It should be noted that the underlying funds have a 10-year lifespan, which can be extended by 2 or 3 years.
From 2023 onwards and for all Vintage Odyssey products, subscribers are called for 20% of the amount committed at closing. Thereafter, calls are made twice a year, on a fixed date, for a fixed amount of 10% of the amount committed at each maturity, i.e. a total call of 20% per year. It should be noted that investors who sign their subscription form in Altaroc Odyssey funds after the first closing are required to pay a subscription premium to the fund - a practice common to all Private Equity funds.
For further details on the calculation of the subscription premium, please refer to the fund regulations.
Altaroc products are marketed byAltaroc partners, mainly wealth management consultants, family offices and private banks.
If you are interested in investing in Vintage Odyssey, we recommend that you contact your wealth management advisor, family officer or private banker. However, if you do not have a dedicated manager, you can contact the Altaroc team directly by making an appointment directly on the site in the "Subscribe" section.
The subscription conditions to which you will have access will be identical to those offered by your investment manager. Investing in Private Equity involves risks of liquidity and capital loss.
The Altaroc offer
Our rate of deployment is explained by :
- the selection is made during the first year of Vintage Odyssey's life, or, at the latest, during the following year. As opposed to most funds of funds, to ensure diversification by Vintage, it takes an average of 3 years to select their managers,
- the speed of deployment of the managers we select for our portfolios,
- Altamir's sponsorship enables us to make an early commitment to the funds we select, as well as offering our subscribers access to Vintage funds that are already well invested.
It is possible to subscribe for prospects who arrive via our website, when they do not have a wealth management advisor, family officer or private banker.
This distribution channel is not privileged, and we invest our marketing efforts in our partner channel. In all cases, we apply the same pricing conditions as our partner channel.
The Altaroc team receives remuneration from carried interest only on the funds' 20% co-investments.
In addition, carried-interest (or performance fees) are only paid if the fund has returned to investors the full amount of their commitment in cash.
Investing in Private Equity involves risks. Past performance is no guarantee of future results.
For more details on carried interest, see the fund regulations.
Thanks to its international network, size, reputation and ability to make significant commitments in the future, Altamir gives Altaroc access to the funds of top-quartile global fund managers. The world's top funds are seeking to broaden their traditional investor base by opening up to individual clients. These funds need intermediaries such asAltaroc to reach this new clientele, who cannot be addressed in the same way as institutional investors or family offices.
Technology, Healthcare, B2B Services and Digital Consumers are the growth sectors that will drive the transformation of the economy in the years to come, and are characterized by their resilience. This is why Altaroc 's investment team has developed particularly sharp expertise in these sectors.
Altaroc ensures much faster deployment than conventional funds of funds: in fact, all subscriptions to the underlying funds are completed in less than 12 months, compared with 3 to 4 years for a conventional fund of funds.
What's more, since underlying funds take an average of 4 years to deploy the capital raised, the portfolio of underlying companies is built up in 3 to 4 years, compared with 7 to 8 years for a conventional fund of funds.
Altaroc and Altamir are both managed and advised by Altaroc Partners.
Altaroc Partners SA is an asset management company founded in 1972 by Maurice Tchenio, one of the pioneers of Private Equity in France, who created the concept of the first FCPRs (venture capital funds) and helped define the industry's standards in his market.
Altamir relies on Vintage Odyssey for geographic and manager diversification.
Altaroc is backed by a highly experienced investment team, with five experts combining over 100 years of experience:
- Maurice Tchenio, Chairman and Co-founder, founded Apax in 1972, today one of the world's undisputed leaders in LBOs; he was instrumental in the creation and development of the Private Equity industry in Europe. In 1995, he also founded Altamir, a listed Private Equity company specializing in Private Equity, listed on Euronext, to give private individuals access to institutional-quality Private Equity.
- Frédéric Stolar, Managing Partner and Co-founder, began his career in 1991 at Apax with Maurice Tchenio. He then headed the Financial Services division at Warburg Pincus Europe, one of the largest American Private Equity funds. In 2001, with the support of the Albert Frère and Paul Desmarais families, he co-founded the Sagard Private Equity fund, which he managed for almost 20 years.
- Louis Flamand, Chief Investment Officer, has over 20 years' experience in funds of funds, including as Head of Investments Europe and Asia for Metlife and Global Head of Private Equity for UBS Private Bank,
- Dimitri Bernard, Investment Director, has over 10 years' experience in the world of Private Equity. He was in charge of Private Equity fund selection at Indosuez, as well as funds of Private Equity funds for Ardian.
- Eric Sabia, CFO, joined Altamir in 2016 as Chief Financial Officer, then Altaroc in 2021 where he holds the same position.
The Odyssey range
The construction of Altaroc portfolios is based on criteria common to all Vintage portfolios:
- a minimum size of €100M,
- 80% of amounts invested in 5 to 7 funds selected for their exceptional track-record over time, to guarantee performance and diversification,
- 20% of amounts allocated to co-investments alongside managers, to boost performance,
- 2 main geographic regions: Europe and North America, with exposure to Asia and the rest of the world via our global funds,
- 2 segments targeted for their higher profitability and lower volatility: Buyout (or LBO) and Growth Capital (or Development Capital),
- calls for funds with fixed dates and amounts, to optimize investors' cash flow.
The 5 to 7 funds selected will be different for each Vintage Odyssey.
The value proposition ofAltaroc
By investing in Vintage ranges Altaroc, customers can protect themselves against macroeconomic risk by investing in several Vintage. Private Equity investments entail risks of liquidity and capital loss.
Past performance is no guarantee of future results.
Private Equity
Investors are solicited as investments are made by the underlying funds. Calls for funds are mainly concentrated during the investment period, i.e. the first 4 to 5 years of the fund's life.
However, calls may be made during the post-investment period, to finance management fees and/or additional investments in portfolio companies.
Originating in the United States, Private Equity has developed rapidly over the last 40 years, initially among institutional investors such as pension funds, insurance companies, etc., who wished to invest in unlisted companies by delegating the management of their investments to specialized management companies. It consists of an operation whereby an investor buys shares in unlisted companies seeking equity capital.
Management companies support and/or improve the performance of the companies in which they acquire stakes. The companies acquired are supported for an average of five to seven years, then sold with a crystallised capital gain when they are taken public or resold, either to industrial groups or to other funds. The companies we support generally have one of the following profiles:
- unlisted growth companies,
- so-called "orphan" companies or underdeveloped divisions of large corporations,
- listed companies that are undervalued or whose growth potential could be better exploited by a private shareholder.
The Private Equity model can be applied to a wide range of companies, whatever their type, size, sector or geographical area. There are many cases in which Private Equity generates real added value, particularly when the companies it supports need to change size, strategy or organisational set-up.
Carried interest is defined as profit-sharing for the Private Equity fund management teams, based on the fund's performance. In general, this participation corresponds to 20% of realized capital gains, provided that the investor has achieved a minimum annual IRR (Internal Rate of Return, or "hurdle rate") of 8% - in most cases - after management fees.
If the minimum IRR is not reached, no carried interest is payable.
Asset class performance & risk
Investing in Private Equity entails risks, particularly in terms of liquidity and capital loss. Find out more about the main risks associated with Private Equity investing on our Private Equity Performance and Risks page.
Private Equity's performance is based on a series of levers explained by Frédéric Stolar in this short video.
Private Equity investments entail risks of liquidity and capital loss. Past performance is no guarantee of future results.
Investing in Private Equity entails risks, particularly in terms of liquidity and capital loss. Find out more about the main risks associated with Private Equity investing on our Private Equity Performance and Risks page.
Our rate of deployment is explained by :
- the selection is made during the first year of Vintage Odyssey's life, or, at the latest, during the following year. As opposed to most funds of funds, to ensure diversification by Vintage, it takes an average of 3 years to select their managers,
- the speed of deployment of the managers we select for our portfolios,
- Altamir's sponsorship enables us to make an early commitment to the funds we select, as well as offering our subscribers access to Vintage funds that are already well invested.
Holders of Vintage Odyssey units may not redeem them during the life of the fund, which may be extended, as defined in the regulatory documentation.
For more details, see the fund regulations.
Indeed, the capital paid in by investors in Vintage Odyssey enables Altaroc to subscribe to funds with proven track records. This capital enables the funds to acquire high-potential companies. On average, the funds sell these companies within five years, and receive a share of the proceeds, which are then redistributed by Altaroc to its investors. It should be noted that the underlying funds have a 10-year lifespan, which can be extended by 2 or 3 years.
It is possible to subscribe for prospects who arrive via our website, when they do not have a wealth management advisor, family officer or private banker.
This distribution channel is not privileged, and we invest our marketing efforts in our partner channel. In all cases, we apply the same pricing conditions as our partner channel.
From 2023 onwards and for all Vintage Odyssey products, subscribers are called for 20% of the amount committed at closing. Thereafter, calls are made twice a year, on a fixed date, for a fixed amount of 10% of the amount committed at each maturity, i.e. a total call of 20% per year. It should be noted that investors who sign their subscription form in Altaroc Odyssey funds after the first closing are required to pay a subscription premium to the fund - a practice common to all Private Equity funds.
For further details on the calculation of the subscription premium, please refer to the fund regulations.
By investing in Vintage ranges Altaroc, customers can protect themselves against macroeconomic risk by investing in several Vintage. Private Equity investments entail risks of liquidity and capital loss.
Past performance is no guarantee of future results.
Altaroc products are marketed byAltaroc partners, mainly wealth management consultants, family offices and private banks.
If you are interested in investing in Vintage Odyssey, we recommend that you contact your wealth management advisor, family officer or private banker. However, if you do not have a dedicated manager, you can contact the Altaroc team directly by making an appointment directly on the site in the "Subscribe" section.
The subscription conditions to which you will have access will be identical to those offered by your investment manager. Investing in Private Equity involves risks of liquidity and capital loss.
The Altaroc team receives remuneration from carried interest only on the funds' 20% co-investments.
In addition, carried-interest (or performance fees) are only paid if the fund has returned to investors the full amount of their commitment in cash.
Investing in Private Equity involves risks. Past performance is no guarantee of future results.
For more details on carried interest, see the fund regulations.
Thanks to its international network, size, reputation and ability to make significant commitments in the future, Altamir gives Altaroc access to the funds of top-quartile global fund managers. The world's top funds are seeking to broaden their traditional investor base by opening up to individual clients. These funds need intermediaries such asAltaroc to reach this new clientele, who cannot be addressed in the same way as institutional investors or family offices.
Technology, Healthcare, B2B Services and Digital Consumers are the growth sectors that will drive the transformation of the economy in the years to come, and are characterized by their resilience. This is why Altaroc 's investment team has developed particularly sharp expertise in these sectors.
Altaroc ensures much faster deployment than conventional funds of funds: in fact, all subscriptions to the underlying funds are completed in less than 12 months, compared with 3 to 4 years for a conventional fund of funds.
What's more, since underlying funds take an average of 4 years to deploy the capital raised, the portfolio of underlying companies is built up in 3 to 4 years, compared with 7 to 8 years for a conventional fund of funds.
The construction of Altaroc portfolios is based on criteria common to all Vintage portfolios:
- a minimum size of €100M,
- 80% of amounts invested in 5 to 7 funds selected for their exceptional track-record over time, to guarantee performance and diversification,
- 20% of amounts allocated to co-investments alongside managers, to boost performance,
- 2 main geographic regions: Europe and North America, with exposure to Asia and the rest of the world via our global funds,
- 2 segments targeted for their higher profitability and lower volatility: Buyout (or LBO) and Growth Capital (or Development Capital),
- calls for funds with fixed dates and amounts, to optimize investors' cash flow.
The 5 to 7 funds selected will be different for each Vintage Odyssey.
Investors are solicited as investments are made by the underlying funds. Calls for funds are mainly concentrated during the investment period, i.e. the first 4 to 5 years of the fund's life.
However, calls may be made during the post-investment period, to finance management fees and/or additional investments in portfolio companies.
Altaroc and Altamir are both managed and advised by Altaroc Partners.
Altaroc Partners SA is an asset management company founded in 1972 by Maurice Tchenio, one of the pioneers of Private Equity in France, who created the concept of the first FCPRs (venture capital funds) and helped define the industry's standards in his market.
Altamir relies on Vintage Odyssey for geographic and manager diversification.
Altaroc is backed by a highly experienced investment team, with five experts combining over 100 years of experience:
- Maurice Tchenio, Chairman and Co-founder, founded Apax in 1972, today one of the world's undisputed leaders in LBOs; he was instrumental in the creation and development of the Private Equity industry in Europe. In 1995, he also founded Altamir, a listed Private Equity company specializing in Private Equity, listed on Euronext, to give private individuals access to institutional-quality Private Equity.
- Frédéric Stolar, Managing Partner and Co-founder, began his career in 1991 at Apax with Maurice Tchenio. He then headed the Financial Services division at Warburg Pincus Europe, one of the largest American Private Equity funds. In 2001, with the support of the Albert Frère and Paul Desmarais families, he co-founded the Sagard Private Equity fund, which he managed for almost 20 years.
- Louis Flamand, Chief Investment Officer, has over 20 years' experience in funds of funds, including as Head of Investments Europe and Asia for Metlife and Global Head of Private Equity for UBS Private Bank,
- Dimitri Bernard, Investment Director, has over 10 years' experience in the world of Private Equity. He was in charge of Private Equity fund selection at Indosuez, as well as funds of Private Equity funds for Ardian.
- Eric Sabia, CFO, joined Altamir in 2016 as Chief Financial Officer, then Altaroc in 2021 where he holds the same position.
Private Equity's performance is based on a series of levers explained by Frédéric Stolar in this short video.
Private Equity investments entail risks of liquidity and capital loss. Past performance is no guarantee of future results.
Originating in the United States, Private Equity has developed rapidly over the last 40 years, initially among institutional investors such as pension funds, insurance companies, etc., who wished to invest in unlisted companies by delegating the management of their investments to specialized management companies. It consists of an operation whereby an investor buys shares in unlisted companies seeking equity capital.
Management companies support and/or improve the performance of the companies in which they acquire stakes. The companies acquired are supported for an average of five to seven years, then sold with a crystallised capital gain when they are taken public or resold, either to industrial groups or to other funds. The companies we support generally have one of the following profiles:
- unlisted growth companies,
- so-called "orphan" companies or underdeveloped divisions of large corporations,
- listed companies that are undervalued or whose growth potential could be better exploited by a private shareholder.
The Private Equity model can be applied to a wide range of companies, whatever their type, size, sector or geographical area. There are many cases in which Private Equity generates real added value, particularly when the companies it supports need to change size, strategy or organisational set-up.
Carried interest is defined as profit-sharing for the Private Equity fund management teams, based on the fund's performance. In general, this participation corresponds to 20% of realized capital gains, provided that the investor has achieved a minimum annual IRR (Internal Rate of Return, or "hurdle rate") of 8% - in most cases - after management fees.
If the minimum IRR is not reached, no carried interest is payable.