Deciphering trends

Deven Parekh wanted to be a doctor. He eventually chose finance, then private equity, then software—not by chance, but out of conviction. “If you’re going to invest, you might as well do it in the fastest-growing sectors.”

Private equity has emerged as a key player in financing the real economy. Beyond its financial role, it plays a central role in the transformation of businesses, particularly small and medium-sized enterprises (SMEs).

To analyze the implications of this decision, assess its impact on the profession, and present Altaroc proposals, Club Patrimoine brought together Frédéric Stolar, CEO and co-founderAltaroc; David Charlet, President of ANACOFI; and Guillaume Goffin, Partner at Gide Loyrette Nouel.

Private equity doesn't have a problem with appetite, but with execution. Private equity is going through a major evolutionary phase. Long reserved for institutional investors (pension funds, insurers, Family Office ), it is gradually opening up to a wider wealth management clientele, seeking diversification, performance uncorrelated with listed markets and long-term investment solutions.

In an interview conducted at the offices of Cressey & Company Chicago, David Rogero, Managing Partner, discusses the firm's DNA, its investment strategy, and its vision for the evolution of the healthcare sector in North America.

As the largest intergenerational transfer of wealth in history gets underway, private banks face an unprecedented challenge: winning over and retaining the loyalty of a new generation of investors who no longer see wealth as an inheritance, but as a lever for action. This colossal transfer of capital is not only upsetting the balance, it's redefining the way wealth is thought of and used. This generation of committed, connected investors in search of meaning is overturning the codes of private banking, and in this movement, private equity is establishing itself as the common language between capital and impact.

Article - Special report N°15

At a time when negotiations on the future of pensions are struggling to reach a conclusion, new simulations by Altaroc illustrate the impact that a capitalization component could have on the wealth of future retirees. Between returns and education, the debate on long-term savings is back in the spotlight.

2024 really gave European private equity a new impetus for growth. Funds on the Old Continent raised €126 billion, a spectacular 24% increase on the previous year. This growth momentum was largely driven by buyouts, which accounted for €87 billion (+42%). Among the broad spectrum of capital providers, funds of funds are playing an increasingly important role, accounting for 16% of funds raised in 2024. The growing appetite for tech/software and healthcare is reflected in the figures: these two sectors alone account for almost half of all investments.

With the French pension system running out of steam, should we draw inspiration from the American model and bet on private equity? French economist Antoine Levy shares his vision in an exclusive interview with Altaroc.

The differences between American and European regulations, which are more restrictive on the Old Continent, have a direct influence on the adoption of private equity.

Private equity provides the stability needed to finance pensions, thanks to an investment model connected to the real economy and focused on transforming the companies we acquire. Focus on General Atlantic's strategy.

In order to secure the pensions of retirees, American pension funds have to juggle returns and risk. Private equity offers a solution to this delicate balance.

The 30th edition of the annual study on the net performance of French players is now online. This study, carried out by France Invest, provides an annual overview of private equity performance.

Private Equity funds in excess of $1 billion saw their fundraising rise by 4% in the first 9 months of 2023, to $233.5 billion, reveals Pension & Investments. Altaroc invests in various managers specializing in Buyout.

Private Equity continues to attract institutional investors, with growing interest in local opportunities. According to a Schroders survey, Private Equity, private loans and real assets are the preferred areas for investment, in line with technological advances and environmental issues. Investors plan to increase their exposure in these sectors.

One of the advantages of Private Equity is that it is rooted in the real economy, promoting growth and job creation. Private Equity is increasingly attracting regional investors, as demonstrated by the Grand Est region's investment of €92 million in 19 funds. Altaroc supports companies such as Vitaprotech and Vivacy, contributing to local economic dynamism.

In its survey for the 1st half of 2023, France Invest highlights the sustained activity of Private Equity in France, with 1,398 companies benefiting from €13.1 billion in financing. Investments in the regions are increasing, particularly in industry and healthcare, with growing interest from family offices. Foreign investors remain attracted to the French market.

High-net-worth investors are diversifying their portfolios into Private Equity, competing with listed equities. One study reveals that 84% of them are already invested, seeking higher returns and protection against volatility. Investment companies are adapting to this growing trend. Private Equity could become the norm.

In the first half of 2023, wealthy families will reduce their equity allocation by 38% and increase their Private Equity holdings by 38%, according to a study by Citigroup. More than 268 family offices, managing $565 billion, are participating in this trend. Investors are diversifying in the face of inflation and market volatility.

In its latest report on the performance of French Private Equity, France Invest reveals that Private Equity offered an average annual return of 14.2% over 10 years, outperforming the CAC 40, real estate and hedge funds. Despite the uncertainty of 2022, short-term returns remain high.

Private equity is set to enter a recovery phase after 2023. The software sector stands out for its resilience and its potential in the field of AI.

In 2026, the private equity sector will enter a recovery phase, offering attractive investment conditions following the low point of 2023. Software, particularly systems of record, stands out for its resilience and potential to create value.

Inside Private Equity with François Georges, Dominica Adam, and Maurice Tchenio, among others

Inside Private Equity with Olivier Farouz, Briac Houtteville, and Frédéric Stolar, among others

Inside Private Equity with Thomas Vandeville, Chris Bon, and Louis Flamand, among others.

Inside Private Equity with Pascal Girin, Olivier de Vilmorin, and Frédéric Stolar.

Inside Private Equity special featuring Maurice Tchenio with Alain Afflelou and Jean-Sébastien Decaux

Maurice Tchenio and the Birth of Private Equity in France

Inside Private Equity with Maxime Dubois, Julien Krantz, and Louis Flamand.

Inside Private Equity with Samuel Hassine, Jean-Christel Trabarel, and Frédéric Stolar.

Inside Private Equity with Manuel Liedot, John Hazan, and Julie Van Campenhoudt.

Analysis of the role of software publishers in private equity strategies.

Inside Private Equity with Aleksandra Putra, Emmanuel Olivier, and Louis Flamand.

Inside Private Equity with Romain Peninque, Maurice Tchenio, and Guillaume Lorain.

Isabelle Pagnotta discusses trends in private equity on BFM Business.

Inside Private Equity with Clément Delpirou, Bertrand Pivin, and Frédéric Stolar.

Inside Private Equity's Grand Debrief with Clément Delpirou, Bertrand Pivin, and Louis Flamand.

Inside Private Equity's Grand Debrief with Hugues Galambrun, Yoon Lee, and Louis Flamand.

Inside Private Equity with Hugues Galambrun, Yoon Lee, and Louis Flamand.

The Inside Private Equity Grand Debrief with Frédéric Stolar, Saniya Jamil, and Eric Hazan.

Inside Private Equity with Frédéric Stolar, Saniya Jamil, and Eric Hazan.

The Inside Private Equity Grand Debrief with Frédéric Trinel, Isabelle Pagnotta, and Louis Flamand.

Inside Private Equity with Frédéric Trinel, Isabelle Pagnotta, and Louis Flamand.

Inside Private Equity's Grand Debrief with Frédéric Stolar, Eric de Montgolfier, and Thomas de Villeneuve.

Inside Private Equity with Frédéric Stolar, Eric de Montgolfier, and Thomas de Villeneuve.

The Inside Private Equity Grand Debrief with Frédéric Stolar, Emmanuel Straschnov, and Henri de Castries.

Inside Private Equity with Frédéric Stolar, Emmanuel Straschnov, and Henri de Castries.

Private Equity Deep Dive: Strategy, Risks, and Opportunities Explained

Inside Private Equity: Comprehensive Debrief on Opportunities and Key Sectors.

Inside Private Equity with Alexandre De Vigan, Aleksandra Putra, and Edouard Debost.

The Inside Private Equity Grand Debrief with Alexandre De Vigan, Aleksandra Putra, and Edouard Debost.

Analysis of American resilience and its influence on private equity.

Bridgepoint, a leader in the mid-market, creates value through growth and innovation.

Arnaud Lambert analyzes the healthcare sector and its potential in private equity.

Discover how ethics and AI are transforming the healthcare industry.

Innovation and strategies in private equity with Severin Naudet.

Featured in Odyssey , Hg the growth of B2B software.

Nordic Capital, a Swedish private equity firm, manages €31 billion and targets four key sectors.

Our CIO, Louis Flamand, shares his analysis of the private equity landscape for the second quarter of 2025.

Our CIO, Louis Flamand, shares his analysis of the private equity landscape for the first quarter of 2025.

Amid the cold, hard numbers of growth and the mechanics of capital and multiples, there is a driving force that is sometimes overlooked, yet is essential: the human element

Q4 2025: Normalization of private equity and increased investor selectivity.

Our CIO, Louis Flamand, shares his analysis of the private equity landscape for the third quarter of 2025.

Louis Flamand, Chief Investment OfficerAltaroc, presents the key principles of Re-Up and how to implement them.

Software is becoming a strategic pillar of private equity. Analysis.

This special report invites you to take a step back, understand the changes underway, and discover how private equity, far from being a mere financial engine, acts as a catalyst for economic and human transformation. Enjoy your journey to the heart of global private equity.

The hospital of tomorrow is being built today—not only by doctors and engineers, but also by private equity. Patient flow management software, AI applied to diagnostics, telemedicine: private equity players are redrawing the map of care. A discreet, more efficient, and more digital revolution.

Under the dual pressure of aging demographics and budgetary constraints, US pension funds are significantly increasing their exposure to private equity. This asset class, long reserved for a financial elite, is becoming a central lever for financing the promises made to retirees. But at what price, and with what long-term guarantees? Europe is watching, hesitating and wondering: what if the future of pensions was played out outside listed markets?

In this special Summer 2024 feature, discover how companies are revolutionizing healthcare thanks to artificial intelligence, such as AiVF and its advances in in vitro fertilization, or Unlearn and its digital twins. Private Equity also supports players committed to a sustainable future, such as Beewise and its robotized beehive, or Marlink and its satellite telecommunications solutions. It's possible to combine performance and positive impact!

In recent years, the alignment of interests between private companies and Private Equity players has strengthened, with the aim of achieving clean, sustainable growth. Issues such as climate change, biodiversity protection and fairness on boards of directors have become priorities for consumers and investors alike. The bottom line is clear: financial performance alone is no longer enough. Companies, particularly those backed by Private Equity funds, must at the very least take into account their impact on their ecosystem, and some even have a positive impact on the world.

New technologies are revolutionizing the healthcare sector more than ever. Artificial intelligence is now positioned as a diagnostic tool for certain cancers and cardiovascular diseases; it can also speed up clinical trials, predict potential complications linked to medical treatments and provide invaluable assistance with fertility. The managers of Vintage Altaroc have positioned themselves in this resilient, high-growth sector, which, as you will discover, offers the benefits of personalized, predictive medicine.

Competitive advantage, conquering new markets, attracting talent... innovation is more than ever a growth driver for companies.