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The selection universe of the Altaroc Odyssey 2025 Vintage

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The selection universe of the Altaroc Odyssey 2025 Vintage

Published on

3/4/2025

Episode

2

2:58mn

Summary

Vintage Altaroc Odyssey 2025 comprises seven private equity funds from six managers, focusing onAltaroc 's preferred sectors: software, payments, healthcare and services, with investments mainly in Europe and the United States. Among them, Insight Partners XIII and Hg Saturn IV, in which firm commitments have already been signed, stand out for their growth equity and buyout strategy, providing good visibility and effective deployment from the outset. Each of the management companies involved has between 25 and 35 years' experience, and manages assets of between 10 and 100 billion euros for institutional investors.

Written transcription

Dimitri Bernard: Our selection universe at the launch of Vintage Altaroc Odyssey 2025 comprises a total of seven private equity funds from six different managers. First of all, we have the Insight Partners XIII fund, a Growth Equity, Growth buyout fund that invests exclusively in the software sector. Insight invests worldwide, but mainly in the United States, and in companies of all sizes. Then we have the Hg Saturn IV and Hg Mercury V funds. Hg is also a leading buyout player dedicated to the software sector. But Hg invests mainly in Europe. We cover two segments here, with the Mercury fund investing in companies at the heart of the Mid Market, while the Saturn fund invests in Large Cap companies. Also in Europe, the Nordic Capital XII fund, a Scandinavian Large Cap buyout fund. Nordic is a pioneer of private equity in the Nordic countries, but now invests more widely in Europe, as well as in the United States. These teams invest in the software, payments, healthcare and services sectors. And finally, to conclude on European exposure, the Inflexion Buyout fund. This is a British mid-market buyout fund that invests throughout Europe.

Dimitri Bernard: This is one of the biggest teams dedicated to the European Mid Market, investing in all our target sectors. We're now rounding out our U.S. exposure with New Mountain Strategic Equity Fund II, a minority buyout Mid Market fund that invests in all our target sectors in the United States. And finally, Great Hill Partners IX, a Growth Equity, Growth buyout fund that invests in our preferred sectors in the United States: software, healthcare, services and digital consumption. All the management companies on this list were founded between 1989 and 2000, so have a proven track record over long periods: 25 to 35 years. Today, they each manage assets of between 10 and 100 billion euros or dollars, mainly on behalf of institutional investors.

Dimitri Bernard: Let me remind you that this list represents an investment universe. It includes pre-identified funds and those in advanced due diligence. However, even before the launch of the Odyssey 2025 Fund, we have signed firm commitments in two of these funds, Insight Partners XIII and Hg Saturn 4, which, in addition to very good visibility, ensures a good start in terms of deployment.

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In this series

5

episodes

The Altaroc Odyssey 2025 Vintage

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.

Louis Flamand

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.

Louis Flamand

The selection universe of the Altaroc Odyssey 2025 Vintage

Vintage Altaroc Odyssey 2025 comprises seven private equity funds from six managers, focusing onAltaroc 's preferred sectors: software, payments, healthcare and services, with investments mainly in Europe and the United States. Among them, Insight Partners XIII and Hg Saturn IV, in which firm commitments have already been signed, stand out for their growth equity and buyout strategy, providing good visibility and effective deployment from the outset. Each of the management companies involved has between 25 and 35 years' experience, and manages assets of between 10 and 100 billion euros for institutional investors.

Dimitri Bernard

Dimitri Bernard

Vintage Altaroc Odyssey 2025 comprises seven private equity funds from six managers, focusing onAltaroc 's preferred sectors: software, payments, healthcare and services, with investments mainly in Europe and the United States. Among them, Insight Partners XIII and Hg Saturn IV, in which firm commitments have already been signed, stand out for their growth equity and buyout strategy, providing good visibility and effective deployment from the outset. Each of the management companies involved has between 25 and 35 years' experience, and manages assets of between 10 and 100 billion euros for institutional investors.

Dimitri Bernard

Dimitri Bernard

Introducing Insight Partners

Insight Partners Partners, founded in 1995, is distinguished by its exclusive specialization in the software sector, with over 750 international investments. The fund is recognized for its ability to support hyper-growth companies, with sales increases frequently exceeding 80% per annum, and for valuing organic growth over leverage. What's more, Insight has a team of 70 people dedicated to sourcing, identifying and approaching target companies.

Dimitri Bernard

Dimitri Bernard

Insight Partners Partners, founded in 1995, is distinguished by its exclusive specialization in the software sector, with over 750 international investments. The fund is recognized for its ability to support hyper-growth companies, with sales increases frequently exceeding 80% per annum, and for valuing organic growth over leverage. What's more, Insight has a team of 70 people dedicated to sourcing, identifying and approaching target companies.

Dimitri Bernard

Dimitri Bernard

Introducing the Hg manager

Hg is a private equity fund established in 1990, specializing in LBOs for the software sector in Europe, and comprises three fund ranges, including the Saturn fund for large-cap companies. Since 2012, Hg has strengthened its specialization in software, becoming one of the world's leading acquirers of software companies and outperforming its European competitors in terms of size and resources. Altaroc has a strong and historic relationship with Hg, having invested in two of its funds in 2022 and participated in several co-investments over the past three years.

Dimitri Bernard

Dimitri Bernard

Hg is a private equity fund established in 1990, specializing in LBOs for the software sector in Europe, and comprises three fund ranges, including the Saturn fund for large-cap companies. Since 2012, Hg has strengthened its specialization in software, becoming one of the world's leading acquirers of software companies and outperforming its European competitors in terms of size and resources. Altaroc has a strong and historic relationship with Hg, having invested in two of its funds in 2022 and participated in several co-investments over the past three years.

Dimitri Bernard

Dimitri Bernard

Private equity and buyout outlook to 2025

In 2024, the buyout market experienced a noticeable upturn thanks to improving economic conditions, with an increase in transactions particularly in the USA and Europe, while Asia showed varied regional dynamics. Take-private transactions and carve-outs were particularly dynamic, illustrating a growing desire on the part of companies to leave public markets for greater flexibility. Investors' caution in the face of macroeconomic risks reduced fund-raising, but also created attractive investment opportunities, while the strategy of GP-LED transactions continues to grow as an alternative to traditional exits.

Louis Flamand

In 2024, the buyout market experienced a noticeable upturn thanks to improving economic conditions, with an increase in transactions particularly in the USA and Europe, while Asia showed varied regional dynamics. Take-private transactions and carve-outs were particularly dynamic, illustrating a growing desire on the part of companies to leave public markets for greater flexibility. Investors' caution in the face of macroeconomic risks reduced fund-raising, but also created attractive investment opportunities, while the strategy of GP-LED transactions continues to grow as an alternative to traditional exits.

Louis Flamand

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