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Odyssey 2025

The Altaroc Odyssey 2025 Vintage

Published on
3/4/2025
Episode
1
9:26mn

Summary

Louis Flamand announces the launch of Vintage Altaroc Odyssey 2025, with a strong focus on technology, particularly software, and a rebalancing of investments, reducing exposure to healthcare to 10-20% and increasing exposure to software and technology services to 50-60%. The selection universe includes seven funds from six renowned managers, such asInsight Partners and Nordic Capital, with investments primarily targeting Europe and North America in high-growth sectors. For Odyssey 2025, Altaroc has already committed $52 million with Insight Partners XIII and €60 million with Hg Saturn IV, while continuing due-diligence on other opportunities.

Written transcription

Louis Flamand: We're launching Odyssey 2025 with even greater conviction, as the private equity market recovers. In this new Vintage, you'll find the main themes that make Altarocs offering so strong. Institutionalized managers meeting allAltaroc 's selection criteria: deep track record, high and consistent historical performance, low loss ratio, proven ability to create value through strong operational growth of their portfolio companies and low financial leverage. Stable, institutionalized organizations, rich in human resources, with strong in-house sectoral and operational expertise.

A selection universe of seven funds from six managers: Insight Partners XIII, Great Hill Partners IX, Hg Saturn IV and HG Mercury V, New Mountain Strategic Equity Fund II, Inflexion Buyout VI, Nordic Capital XII. This universe has been built around long-term, recurring investment themes: 1. high-growth strategy, primarily in the technology and software sector with Insight Partners, Great Hill Partners or Hg. 2. Lower Mid-Market funds benefiting from their membership of quality Large Cap platforms, giving them a competitive edge over the lower Mid-Market thanks to access to strong internal, operational or sectoral resources with Hg Mercury or New Mountain Strategic Equity Fund II and finally Growth-oriented buyout leaders such as Inflexion or Nordic Capital. The only change expected is a little more software and a little less healthcare.

Louis Flamand: Our portfolios have historically maintained significant exposure to healthcare, a sector appreciated for its resilience and long-term growth potential. However, the availability of specialized funds that meet our exacting standards has led us to adjust our approach and adopt greater flexibility. The market for private equity managers specializing in healthcare remains small, and few new players meet all our investment criteria. We have therefore adjusted our target exposure to a range of 10-20%, compared with our initial target of 20%. This does not call into question our commitment to leading funds already present in our past portfolios. At the same time, we have strengthened our allocation to software. This rebalancing is based on a number of fundamental factors: the large number of specialized managers meeting all our demanding Altaroc selection criteria, sustainable structural trends driven by the adoption of the recurring SaaS subscription model, the transition to the cloud, the rise of cash flow visibility and the ability of companies in the sector to maintain high growth. The services sector, facilitated by Technology Enabled Services, is now impacting all sectors of the economy. As a result, our target allocation to technology-enabled software and services is now between 50 and 60%, reflecting the sector's strong appeal and the large number of high-quality managers specializing in it.

Louis Flamand: With Odyssey 2025, we're moving into Vintage Re-Up or re-engagement.

Louis Flamand: We are continuing our commitment to leading managers with whom we have already invested in our previous Vintage . Five of the six managers in our selection universe are already part of our portfolio: Insight Partners and Nordic Capital Capital, who are managers present in Altaroc Odyssey 2021, Hg , who is present in Altaroc Odyssey 2022, New Mountain and Inflexion , who are managers already present in Altaroc Odyssey 2023. By launching a fifth Vintage, it is natural for a fund of funds to commit to the successor funds of its existing portfolio managers. However, it should be pointed out that underperformance is not the only reason for deciding not to reinvest in a manager's successor fund. Other reasons could be: the size of his successor fund is too large, and will lead to a change of strategy or a succession issue at the head of the firm; or he has just lost one or more very good partners, which will impact the performance of his future investments; or he is performing well, but one of his competitors is performing much better. When we commit to a fund, we don't stop our due-diligence - quite the contrary. We follow each of our portfolio managers very closely, attending their annual general meetings, talking to them regularly and analyzing investment opportunities alongside them. We constantly evaluate and compare them with the best-performing competitors in our shadow portfolio.

Louis Flamand: A simulated, parallel portfolio, comprising the managers most likely to enter our portfolio one day, either as new managers or as replacements for existing ones. A Re-Up is therefore really the fruit of due-diligence just as thorough as when we bring a new manager into our portfolio, because it involves comparing in great detail the opportunity to re-enter alongside an existing manager, with the opportunity to replace him with a manager from our shadow portfolio. We have already made two significant commitments to Odyssey 2025. Firstly, $52 million in Insight Partners XIII, a Growth Equity Growth buyout fund dedicated to the software sector, which has already begun investing. Good news for the deployment pace of this new Vintage. This commitment is shared between the main Insight Partners XIII fund ($42 million) and its companion fund Insight Growth Buyout Fund XIII ($10 million). The companion fund invests alongside Insight Partners XIII in its LBO transactions only, and benefits from attractive financial terms. Management fees are charged on the amounts invested over the life of the fund. Insight Partners XIII invests mainly in Growth Equity in hyper-growth software companies valued at a multiple of sales, as they are investing in their growth and their profitability is therefore not yet optimized. Valuations of these hypergrowth software companies peaked at 18 times next twelve months' sales during the 2021 software bubble, but have since fallen to an average level of six times next twelve months' sales.

Louis Flamand: A level not seen for over fifteen years, and therefore an attractive entry point for Insight Partners XIII. Second commitment: 60 million euros in Hg Saturn IV. A large-cap LBO fund dedicated to the software sector. The fund will invest mainly in Europe and North America. We have made four investments alongside the Hg Saturn III fund and will probably also invest alongside Hg Saturn IV. Hg is one of our biggest relationships.

Louis Flamand:In addition, we are conducting advanced due-diligence on Great Hill Partners, an American Growth Equity Growth buyout manager I've known for a long time, whose past performance has been exceptional, generated with little financial leverage. The average net performance of Great Hill's latest mature funds, Vintage 2008 Fund IV, Vintage 2014 Fund V and Vintage 2013 Fund VI, is 3.1x the stake and 31% IRR net of fees. Finally, we are also currently looking at New Mountain Strategic Equity Fund II, a mid-market $1 billion minority buyout fund managed by the same team currently investing in New Mountain VII, anAltaroc Odyssey 2023 fund.

Louis Flamand: High-quality companies looking for a majority partner are housed in New Mountain VI. Companies led by founders looking for a minority partner are housed in this fund: New Mountain Strategic Equity Fund II. The strategy of this fund is very similar to that ofInflexion Partnership Capital III, which we supported in Odyssey 2023.

Louis Flamand: In conclusion, we can say that the seven funds making up our advanced selection universe for this Vintage constitute a well-balanced portfolio by geography, with an almost perfect target balance between Europe and North America, and in terms of deal size. By sector, at plus or minus 5%, we are perfectly in line with our target allocation of 50% to 60% to the technology sector, essentially the software sector, 10% to 20% to the healthcare sector, 20% to the services sector and 10% to the consumer sector. This selection universe offers sector exposure via funds specializing in their target sectors, by number of investments with up to 170 underlying investments in this portfolio of funds, by type of transaction with buyout, growth, equity and even minority buyout with New Mountain Strategic Equity. One of the key common features of these seven funds is that the primary source of their value creation is the strong operational growth of their portfolio companies, rather than debt, which is their weakest lever for value creation.

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This website, along with all the information presented herein, is governed by French regulations. Certain jurisdictions prohibit or restrict access to this website. Therefore, we kindly ask you to ensure that you are legally authorized to access it from the country where the connection is established.

This website provides information about the Funds managed or marketed by Altaroc Partners S.A. Such information does not constitute an offer, solicitation, investment advice, or a recommendation to buy or sell financial products.

The Funds presented on our website cannot be subscribed to in any jurisdiction where their marketing has not been previously authorized.

Investors are reminded that past performance is not indicative of future performance and is not consistent over time. Our Funds do not offer any guarantee of return or performance and involve a risk of capital loss.

Past performance should not be the central factor in your investment decision. If you are interested in any of the Funds presented on this website, we advise you to first ensure that you are legally permitted to subscribe to them.

This website allows you to access information only about Funds that are subject to a public offering in the selected country. This website is not intended for individuals subject to jurisdictions where the publication or access to the website is prohibited due to their nationality or place of residence. Individuals accessing the website acknowledge that they are solely responsible for complying with the laws and regulations applicable in their country of residence and/or nationality.

Before making any investment in a Fund, which by nature carries a risk of capital loss, we invite you to consult an investment advisor and review the Key Information Document (KID), the prospectus, and any additional information, which are available on this website. A paper version can be requested from any authorized distributor or from the Swiss Representative: 3Altasuisse SA - Rue François-Versonnex 7, 1204 Geneva (Switzerland). These documents will be provided free of charge upon simple request at any time.

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Investors are reminded that past performance is not indicative of future performance and is not consistent over time. Our investment funds do not offer any guarantee of return or performance and involve a risk of capital loss. Past performance should not be the central factor in your investment decision.

This website is not intended for citizens or residents of the United States of America or for "U.S. Persons" as defined in "Regulation S" under the U.S. Securities Act of 1933. None of the Funds presented herein may be offered or sold directly or indirectly in the United States of America to residents and citizens of the United States of America or to "U.S. Persons."

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Ce site, ainsi que toutes les informations qui y sont présentées, sont régis par la réglementation française. Certaines législations interdisent ou restreignent l’accès à ce site. Nous vous prions, par conséquent, de vous assurer que vous êtes légalement autorisés à vous y connecter dans le pays à partir duquel la connexion est établie.

Ce site présente les informations relatives aux Fonds gérés ou commercialisés par Altaroc Partners S.A. Elles ne constituent en aucun cas une offre, une sollicitation, ou un conseil en investissement, ni une recommandation d'achat ou de vente de produits financiers.

Les Fonds présentés sur notre site Internet ne peuvent être souscrits dans l’Etat dans lequel leur commercialisation n’a pas été préalablement autorisée.

Il est rappelé aux investisseurs que les performances passées ne préjugent pas des performances futures et ne sont pas constantes dans le temps. Nos Fonds n’offrent aucune garantie de rendement ou de performance et présentent un risque de perte en capital.

Les performances passées ne doivent pas être l’élément central de votre décision d’investissement.

Si vous êtes intéressés par l’un des Fonds présentés sur ce site, nous vous conseillons de vous assurer préalablement que vous êtes juridiquement autorisés à y souscrire.

Ce site vous permet de consulter uniquement les informations relatives aux Fonds qui font l’objet d’une offre publique dans le pays sélectionné. Ce site Internet ne s'adresse pas aux personnes relevant d'une juridiction dans laquelle la publication du site Internet ou son accès est interdit(e) en raison de leur nationalité ou de leur lieu de résidence. Les personnes accédant au site Internet savent qu'elles sont seules responsables du respect des lois et réglementations applicables dans leur pays de résidence et/ou de nationalité.

Avant tout investissement dans un Fonds, qui par nature présente un risque de perte du capital investi, nous vous invitons à consulter un conseiller en investissement et à consulter le Document d’Information Clé (DIC) et le prospectus ainsi que toute autre information supplémentaire, qui sont disponibles sur ce site internet. Une version papier peut être demandée auprès de tout distributeur autorisé ou auprès du Représentant en Suisse : 3Altasuisse SA - Rue François-Versonnex 7 1204 GENÈVE (Suisse).

Ces documents seront fournis sans frais et à tout moment sur simple demande.

La distribution en Suisse des Fonds mentionnés sur le présent site Internet relève de la juridiction du siège social d’Altaroc Partners S.A., situé au 61 rue des Belles Feuilles

75016 PARIS (France).

Ce site est un site d'information dont l'objectif est de présenter l'activité de gestion de portefeuille d’Altaroc Partners S.A. ainsi que les principales caractéristiques de ses Fonds et services. Ce site n’est pas un site transactionnel.

Altaroc Partners S.A. se réserve la possibilité de modifier le contenu de façon discrétionnaire et sans préavis.

La souscription de parts ou d'actions d'un Fonds peut comporter des risques. La valeur nette d'inventaire du fonds peut augmenter ou diminuer en fonction des fluctuations du marché et il est possible que les investisseurs ne récupèrent pas l'intégralité du capital investi. Par ailleurs, avant toute transaction, les investisseurs doivent :

- consulter le Document d'information clé pour l'investisseur et le prospectus de chaque Fonds afin de connaître la nature exacte des véhicules choisis, leurs principales caractéristiques et les risques encourus ; et

- s'assurer que les véhicules choisis sont adaptés à leur situation financière, à leurs objectifs d'investissement et aux risques qu'ils sont prêts à accepter.

Il est rappelé aux investisseurs que les performances passées ne préjugent pas des performances futures et ne sont pas constantes dans le temps. Nos OPC n’offrent aucune garantie de rendement ou de performance et présentent un risque de perte en capital. Elles ne doivent pas être l’élément central de votre décision d’investissement.

Ce site Internet n'est pas destiné aux citoyens ou résidents des États-Unis d'Amérique ou à des «U.S. Persons» tel que ce terme est défini dans le «Regulation S» de la loi américaine de 1933 sur les valeurs mobilières. Aucun Fonds présenté ici ne peut être proposé ou vendu directement ou indirectement aux États-Unis d'Amérique à des résidents et citoyens des États-Unis d'Amérique et à des «U.S. Persons».

En choisissant d’accéder à notre site, vous certifiez être un investisseur qualifié domicilié en Suisse et avoir lu, compris et accepté les conditions légales ci-dessous. Les informations contenues dans les pages suivantes se rapportent uniquement aux Fonds gérés par Altaroc Partners S.A ., approuvés par l'Autorité fédérale de surveillance des marchés financiers (FINMA) à des fins de distribution en Suisse, conformément aux Articles 119 et suivants de la Loi fédérale du 23 juin 2006 sur les placements collectifs de capitaux (LPCC). Par conséquent, les informations contenues dans les pages suivantes sont destinées aux « investisseurs qualifiés » au sens de l'Art. 10, al. 3, let. c, d, al. 3bis et de la Circulaire 13/9 N° 19 de la FINMA.

This website allows you to consult only the information related to the Funds that are subject to a public offering in the selected country. This website is not intended for individuals subject to jurisdictions where the publication or access to the website is prohibited due to their nationality or place of residence. Individuals accessing the website acknowledge that they are solely responsible for complying with the laws and regulations applicable in their country of residence and/or nationality.

This website is an informational platform designed to present the portfolio management activities of Altaroc Partners S.A., as well as the main characteristics of its Funds and services. No information or opinion expressed on this website constitutes a solicitation, an offer, or a recommendation to buy, sell, or transfer an investment, to engage in any other transaction, or to provide investment advice or services.

Before investing in a Fund, which by nature involves a risk of loss of the invested capital, we invite you to consult an investment advisor and to review the Key Information Document (KID), the prospectus, and any other supplementary information available on this website. A paper version can be requested from any authorized distributor or directly from the Management Company. These documents will be provided free of charge at any time upon request.

Please note that the information and documents provided do not take into account your personal investment objectives, strategy, tax status, risk appetite, or investment horizon. We recommend consulting your personal advisor for tailored investment advice.

Altaroc Partners S.A. reserves the right to modify the content of this website at its sole discretion and without prior notice.

Investors are reminded that past performance is not indicative of future results and is not constant over time. Our Funds do not offer any guarantee of returns or performance and involve a risk of capital loss. Past performance should not be the primary factor in your investment decision.

This website is not intended for citizens or residents of the United States of America or “U.S. Persons” as defined under “Regulation S” of the United States Securities Act of 1933. None of the Funds presented herein may be offered or sold, directly or indirectly, in the United States of America, to residents or citizens of the United States of America, or to “U.S. Persons.”

By choosing to access our website, you acknowledge having read and accepted these Terms and confirm that you are accessing this website in compliance with the laws and regulations of the jurisdiction or country in which you reside.

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