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Private equity's strengths in a global economy

The impact of the economic context

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Events Altaroc

The impact of the economic context

Published on

23/1/2025

Episode

2

3:04mn

Summary

Written transcription

Damien Hélène: Let's dive into the dynamics of the global macro-economic environment and its impact on private equity investment opportunities. For this session, I'm joined by Louis, our Chief Investment Officer, who will share his analysis throughout our discussion. Hello Louis, thank you for joining us. What's your take on the current macro environment and its impact on private equity?

Louis Flamand: Everyone can see that the European economy is falling behind the US economy. German industry is struggling, not least because it no longer benefits from the cheap energy sources it used to enjoy. France, meanwhile, is going through a political crisis, and its debt levels are a cause for concern. Private equity is obviously impacted by the macro-economy. But the most important point is that this impact is limited. Private equity is first and foremost a story of micro-economics. Managers know how to find champions in high-growth sectors, even in a complicated macroeconomic environment. The macro environment in Europe has been difficult for a long time, yet the performance of European private equity is good, and approaching that of North American private equity. What's more, Altaroc offers strong global geographic diversification, so that the potential impact of difficult macro-economic environments in certain regions of the world on the final performance of our Vintage investments is further reduced.

Damien Hélène: Some private customers are wondering about the macro-economic situation in France. What is our exposure to France?

Louis Flamand: We invest in France, but our target exposure is low. And secondly, our French portfolio companies are mostly international in scope. For example, Altaroc Odyssey 2024 has a target exposure to France of only around 4% of its target commitment to funds, mainly via the Bridgepoint Development Capital V fund. In addition, Bridgepoint aims to internationalize its portfolio companies, and will therefore create significant value by growing Odyssey 2024's French companies internationally.

Damien Hélène: By the way, Louis, speaking of Bridgepoint, I'd like to take you straight to Xavier Robert's analysis. He is Chief Investment Officer at Bridgepoint. He's been with the British firm for 26 years. He is one of the leading figures in private equity. He has been in the industry for over 30 years, and opened the doors of his London office to us a few days ago.

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In this series

16

episodes

Introduction - The advantages of private equity in a global economy

Discover the highlights of our first webinar of 2025 with Damien Hélène and Frédéric Stolar. On the agenda: the arrival of Cyril Hourdry as Director of Development France, the launch of our Odyssey ranges in ELTIF 2.0 format to accelerate our expansion in Europe, and an analysis of the macroeconomic outlook for Private Equity. We will also discuss the opportunities offered by our Vintage 2024 and co-investments through exclusive interviews. An essential session to start the year off right.

Discover the highlights of our first webinar of 2025 with Damien Hélène and Frédéric Stolar. On the agenda: the arrival of Cyril Hourdry as Director of Development France, the launch of our Odyssey ranges in ELTIF 2.0 format to accelerate our expansion in Europe, and an analysis of the macroeconomic outlook for Private Equity. We will also discuss the opportunities offered by our Vintage 2024 and co-investments through exclusive interviews. An essential session to start the year off right.

The impact of the economic context

Interview with Xavier Robert, Chief Investment Officer of Brigepoint, on the macro-economic context and its impact on private equity.

In this video, Xavier Robert, Chief Investment Officer at Bridgepoint , analyzes the impact of macroeconomic dynamics on Private Equity, including the reindustrialization of the United States and the rise of Artificial Intelligence. He explains why American growth, even under Trump, remains a positive lever for European funds, thanks to the internationalization of portfolio companies. Find out how Bridgepoint maintains solid performance despite an uncertain economic environment and why 2023-2025 are shaping up to be key years for investment.

In this video, Xavier Robert, Chief Investment Officer at Bridgepoint , analyzes the impact of macroeconomic dynamics on Private Equity, including the reindustrialization of the United States and the rise of Artificial Intelligence. He explains why American growth, even under Trump, remains a positive lever for European funds, thanks to the internationalization of portfolio companies. Find out how Bridgepoint maintains solid performance despite an uncertain economic environment and why 2023-2025 are shaping up to be key years for investment.

The impact of the US election on private equity

In this video, Louis Flamand, Chief Investment Officer of Altaroc , shares his analysis on the impact of the current macroeconomic environment and recent political developments on Private Equity. He explains why post-crisis vintages, such as 2024 and 2025, present particularly attractive investment opportunities. Also discover how Altaroc has been able to accelerate the deployment of its Vintage 2024 through strategic co-investments, despite economic uncertainties.

In this video, Louis Flamand, Chief Investment Officer of Altaroc , shares his analysis on the impact of the current macroeconomic environment and recent political developments on Private Equity. He explains why post-crisis vintages, such as 2024 and 2025, present particularly attractive investment opportunities. Also discover how Altaroc has been able to accelerate the deployment of its Vintage 2024 through strategic co-investments, despite economic uncertainties.

Co-investments, an essential performance lever in Altarocs strategy

In this video, Louis Flamand,Altaroc's Chief Investment Officer, explains the fundamentals of private equity co-investment and its benefits for investors. He details how Altaroc selects the best opportunities alongside trusted managers, optimizes fees and accelerates the deployment of its Vintage investments. Find out why a controlled 20% allocation to co-investments is essential for risk management and portfolio performance.

In this video, Louis Flamand,Altaroc's Chief Investment Officer, explains the fundamentals of private equity co-investment and its benefits for investors. He details how Altaroc selects the best opportunities alongside trusted managers, optimizes fees and accelerates the deployment of its Vintage investments. Find out why a controlled 20% allocation to co-investments is essential for risk management and portfolio performance.

Focus on the new co-investments of Vintage Altaroc Odyssey

In this video, Claire Peyssard, Head of Reporting and ESG at Altaroc , unveils the ten co-investments made in 2024, highlighting strategic sectors such as enterprise software and business services. It explains why these sectors offer resilience, growth and profitability, in particular thanks to business models based on subscription and the integration of artificial intelligence. Also discover two major co-investments: Opteven and Qlik, companies in full expansion, presented by their CEOs.

In this video, Claire Peyssard, Head of Reporting and ESG at Altaroc , unveils the ten co-investments made in 2024, highlighting strategic sectors such as enterprise software and business services. It explains why these sectors offer resilience, growth and profitability, in particular thanks to business models based on subscription and the integration of artificial intelligence. Also discover two major co-investments: Opteven and Qlik, companies in full expansion, presented by their CEOs.

Entrepreneur interviews

In this video, discover the inspiring journeys of Jean-Mathieu Biseau, CEO of Opteven, and Mike Capone, CEO of Qlik. Jean-Mathieu looks back on Opteven's transformation into a European leader in automotive services through spin-off strategies and partnerships with investment funds. For his part, Mike Capone shares the evolution of Qlik, a pioneer in data analysis, towards a complete platform integrating artificial intelligence and the cloud. Two stories of growth and innovation supported by strategic co-investments from Altaroc .

In this video, discover the inspiring journeys of Jean-Mathieu Biseau, CEO of Opteven, and Mike Capone, CEO of Qlik. Jean-Mathieu looks back on Opteven's transformation into a European leader in automotive services through spin-off strategies and partnerships with investment funds. For his part, Mike Capone shares the evolution of Qlik, a pioneer in data analysis, towards a complete platform integrating artificial intelligence and the cloud. Two stories of growth and innovation supported by strategic co-investments from Altaroc .

Vintage Altaroc Odyssey co-investment performance

In this video, Claire Peyssard, Head of Reporting and ESG at Altaroc , shares results on recent co-investments. She explains why companies held for less than a year are already showing significant revaluations, a rare phenomenon in private equity. Claire also highlights the exceptional performance of the largest co-investment in Vintage 2021, already valued at more than twice the stake in less than 2 and a half years.

In this video, Claire Peyssard, Head of Reporting and ESG at Altaroc , shares results on recent co-investments. She explains why companies held for less than a year are already showing significant revaluations, a rare phenomenon in private equity. Claire also highlights the exceptional performance of the largest co-investment in Vintage 2021, already valued at more than twice the stake in less than 2 and a half years.

The long view, a key performance driver in private equity

In this video, Dimitri Bernard, Investment Director at Altaroc , and Eliott Vincent, Key Account Manager, decipher the specificities of Private Equity, including the pace of fund deployment and the lifespan of investments. Dimitri explains why fund calls are deferred and how the ten-year investment cycle promotes performance and risk management. An essential discussion to understand the structure and advantages of this asset class, often unknown to private investors.

In this video, Dimitri Bernard, Investment Director at Altaroc , and Eliott Vincent, Key Account Manager, decipher the specificities of Private Equity, including the pace of fund deployment and the lifespan of investments. Dimitri explains why fund calls are deferred and how the ten-year investment cycle promotes performance and risk management. An essential discussion to understand the structure and advantages of this asset class, often unknown to private investors.

Liquidity in Private Equity

In this video, Dimitri Bernard, Investment Director at Altaroc , explains how Private Equity combines high performance with liquidity management. He details the deployment, disposal and distribution phases of funds, emphasizing the importance of a long investment horizon to maximize returns. Dimitri also discusses the ability of funds to maintain their historical performance in a changing market environment, emphasizing the importance of a disciplined strategy to optimize exit windows.

In this video, Dimitri Bernard, Investment Director at Altaroc , explains how Private Equity combines high performance with liquidity management. He details the deployment, disposal and distribution phases of funds, emphasizing the importance of a long investment horizon to maximize returns. Dimitri also discusses the ability of funds to maintain their historical performance in a changing market environment, emphasizing the importance of a disciplined strategy to optimize exit windows.

Tomorrow's champion managers

In this video, Dimitri Bernard, Investment Director at Altaroc , analyzes the ability of Private Equity funds to maintain their historical performance in a less favorable economic context. He explains why, despite the end of low rates and abundant liquidity, Private Equity maintains an advantage over listed markets thanks to solid operational contributions, active governance and business transformation strategies. Dimitri also emphasizes the importance of targeting specialized funds to continue generating attractive returns.

In this video, Dimitri Bernard, Investment Director at Altaroc , analyzes the ability of Private Equity funds to maintain their historical performance in a less favorable economic context. He explains why, despite the end of low rates and abundant liquidity, Private Equity maintains an advantage over listed markets thanks to solid operational contributions, active governance and business transformation strategies. Dimitri also emphasizes the importance of targeting specialized funds to continue generating attractive returns.

Private equity fees

In this video, Dimitri Bernard, Investment Director at Altaroc , answers Eliott Vincent's questions on the role of fees in Private Equity and their impact on net performance. He explains why these high fees are justified by the complexity of the operations, the involvement of specialized experts and the rigorous Due Diligence processes. Dimitri also highlights why Private Equity, despite its potential for higher returns than listed markets, remains underexploited by private investors, due to misperceptions about the costs and complexity of this asset class.

In this video, Dimitri Bernard, Investment Director at Altaroc , answers Eliott Vincent's questions on the role of fees in Private Equity and their impact on net performance. He explains why these high fees are justified by the complexity of the operations, the involvement of specialized experts and the rigorous Due Diligence processes. Dimitri also highlights why Private Equity, despite its potential for higher returns than listed markets, remains underexploited by private investors, due to misperceptions about the costs and complexity of this asset class.

Making private equity accessible

In this video, Dimitri Bernard and Eliott Vincent from Altaroc explain why Private Equity remains relatively inaccessible to private investors despite its high return potential. They address the main obstacles such as the high entry ticket, administrative complexity and lack of product knowledge. Thanks to the offer Altaroc Odyssey, which democratizes access to quality funds with a reduced ticket, Altaroc has attracted nearly 6,000 investors in four years. Discover how the expertise of the teams and the commitment of the founders contribute to this success.

In this video, Dimitri Bernard and Eliott Vincent from Altaroc explain why Private Equity remains relatively inaccessible to private investors despite its high return potential. They address the main obstacles such as the high entry ticket, administrative complexity and lack of product knowledge. Thanks to the offer Altaroc Odyssey, which democratizes access to quality funds with a reduced ticket, Altaroc has attracted nearly 6,000 investors in four years. Discover how the expertise of the teams and the commitment of the founders contribute to this success.

Altaroc Partners, a pioneering private equity management company

In just 4 years, 6,000 investors have entrusted Altaroc with access to an exclusive selection of the best private equity funds. Recognized expertise, a strong alignment of interests and dedicated support explain this success. Find out why Altaroc is the benchmark for private equity investing.

In just 4 years, 6,000 investors have entrusted Altaroc with access to an exclusive selection of the best private equity funds. Recognized expertise, a strong alignment of interests and dedicated support explain this success. Find out why Altaroc is the benchmark for private equity investing.

The final word with Frederic Stolar

In this web conference conclusion, Frédéric Stolar thanks the participants for their trust and reaffirms the solidity of the strategy of Altaroc in Private Equity. It highlights the promising performance of the Vintage Odyssey 2024, already committed to five leading funds, with a notable first investment in Qlik. Frédéric also announces the company's upcoming key events.

In this web conference conclusion, Frédéric Stolar thanks the participants for their trust and reaffirms the solidity of the strategy of Altaroc in Private Equity. It highlights the promising performance of the Vintage Odyssey 2024, already committed to five leading funds, with a notable first investment in Qlik. Frédéric also announces the company's upcoming key events.

Private equity's strengths in a global economy

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Information on investment performance is given solely for illustration purposes. Past performance is not a reliable guide to future results. An investment in Private Equity involves a high degree of risk. Potential investors must have the financial capacity and willingness to bear the risks associated with investing in the Funds (including the potential total loss of their capital), as well as – in the case of the Altaroc ranges – the lack of liquidity. Find out more here.