Introducing the Vintage Altaroc Odyssey FPCI

The Altaroc Odyssey vintage introduces several changes while retaining the core principles that underpin the investment strategy. One of the key new features is greater transparency: seven target funds are identified at launch, with allocations secured but not yet subscribed, allowing for greater flexibility in deployment and adaptation to the managers’ timing. The final portfolio is expected to comprise between five and seven funds, as in previous vintages. The geographic allocation is also evolving, with a stronger balance between Europe and North America, each representing approximately 45%, while exposure to Asia and the rest of the world is reduced to 10%. This decision is based on considerations of geopolitical risk and market maturity, as Asia is viewed as less stable and historically less successful in private equity despite strong economic growth.Another significant development involves the introduction of a strategy targeting the Lower Mid-Market segment, but exclusively through teams affiliated with high-quality Large Cap organizations. This positioning allows for capturing higher return potential while reducing the risks associated with small independent firms, particularly team risk and the vulnerability of companies during times of crisis. The support of a large-cap infrastructure provides resources, robust processes, and critical sector expertise. Beyond these developments, the strategy is built on strong fundamentals. Fund manager selection follows rigorous criteria: minimum fund size, long-term history, proven track record, experienced teams, and alignment of interests. Selected managers must also distinguish themselves through sector specialization and internal operational resources capable of providing concrete support to portfolio companies. The sector-based approach remains unchanged, with significant exposure to the new economy: approximately 50% in technology (primarily software), 20% in healthcare, 20% in services, and 10% in consumer goods. These sectors are prioritized for their structural growth and resilience. Value creation relies primarily on company growth rather than leverage, which limits the use of debt and reduces risk in a high-interest-rate environment. Finally, the strategy emphasizes the replicability of performance through proven playbooks and institutionalized organizations. The overall objective is to build a portfolio with an asymmetric risk/return profile, combining high performance potential with control over the risk of loss.