The Odyssey 2024 Vintage selection universe
Summary
Written transcription
At Altaroc, we've decided to offer you a comprehensive view of the investment opportunities we're working on this year. To build our Vintage 2024 portfolio, we will first focus on seven managers identified in our investment universe. We have of course reserved allocations for each of them, but this list may evolve as we make investment decisions, always with a view to offering you the best balance of sectors, geographies and segments, but also to favouring candidates whose timing is perfectly suited to the deployment of Vintage. The first manager identified is Bridgepoint. Bridgepoint is a key player in the European LBO landscape. In fact, as part of the Odyssey range, we had already invested in Bridgepoint Europe VII, a fund targeting the heart of the Mid Market. This year, Bridgepoint is back with its other series, Bridgepoint Développement V, which will invest in the lower end of the Mid-Market, i.e. smaller companies. This fund will invest in the four sectors we favor at Altaroc: technology, healthcare, services and digital consumption. All in Europe. The second fund manager identified this year is Nordic Capital, the emblematic LBO investment firm from the Nordic countries, in a similar way to Bridgepoint. We have already invested in a fund called Nordic Capital XI, which addresses the heart of the Mid-Market, and for Odyssey 2024, we are now looking at the Nordic Evolution II Fund, which will also invest in the lower end of the Mid-Market in Europe, focusing on the software and healthcare sectors.
Our third manager is Inflexion, another leading player in the UK. We had already invested with Inflexion in a minority-strategy fund called Partnership with our previous Vintage . And this year, we're looking at the Inflexion buyout VII fund, which will invest in the majority of Western European Mid-Market investments in our four sectors. In fact, whether it's Bridgepoint, Nordic or inflexion, as you may have gathered, we're looking at companies we already know very well, but in different fund series from those in which we were already invested. The fourth fund on the list is from General Atlantic, a long-standing Growth Equity investor, whom we had already selected for their 2021 funds. They are back with the General Atlantic 2024 fund, this time with the successor fund to 2021, the same series that will invest in fast-growing companies in Altaroc's four preferred sectors, with an almost systematic digital dimension. It's worth noting that on identical fund series such as these, managers generally raise a fund every three or four years. To complete our list, in addition to the managers we have just mentioned, we have identified three others who were not included in our previous Vintage Odyssey and who have therefore strengthened our network of partners.
First of all, with Five Arrows, the investment arm of Banque Rothschild. Their Private Equity team has rapidly established itself as a European leader in the Mid Market segment. They benefit from the investment bank's brand image and international network to support entrepreneurs in the software and healthcare worlds in their development, particularly across the Atlantic. Then there's Summit. Summit has been investing in Growth buyout in the United States for 40 years. The team has an excellent track record and is an expert in the sectors we focus on, particularly technology and healthcare. This year, they are raising their twelfth fund in their historic strategy, called Summit XII. And last but not least, with almost 25 years of history and a strategy dedicated to the software sector since its inception. Vista is a pioneer of buyout in the North American software sector. It's one of the sector's undisputed leaders, and we're looking at the Vista Foundation V fund, which will invest in the Mid Market. With this list of seven funds, we cover our market spectrum across the segments, geographies and strategies we favor at Altaroc, all in line with the team's selection criteria. Our primary objective is performance, but with very good risk management.
