Eurazeo

Eurazeo Research

Investment Thesis

Eurazeo is one of Europe's leading private markets asset managers, with €39 billion in assets under management as of December 2025. The firm operates an integrated platform spanning three major asset classes — Private Equity, Private Debt, and Real Assets — with a mission to back high-growth companies while delivering measurable impact alongside strong returns.

Eurazeo's strategic ambition for 2024–2027 is to become the leading private asset manager across European mid-market, growth, and impact segments. The firm focuses on four primary sectors: Technology & Business Services, Healthcare & Life Sciences, Energy Transition & Climate, and Consumer & Lifestyle. It invests across the entire company lifecycle — from early-stage venture through growth equity to large buyouts — making it one of the few European managers with true lifecycle coverage.

A central pillar of Eurazeo's thesis is responsible and impact-driven investing. With eight dedicated impact funds and €5.1 billion in AUM earmarked for impact as of end-2024, the firm holds an AA rating from MSCI ESG, a 5-star rating from UNPRI, and is ranked among the world's 500 Most Sustainable Companies. It also leads PE firms globally in Diversity, Equality, and Inclusion rankings.

Business Lines

Eurazeo's Private Equity arm is organized across five strategies:

• Buyout (Mid-Large): Targets the European upper mid-cap segment in sectors including life sciences, tech, financial services, and consumer goods. Fund EC V raised €3 billion. Current portfolio includes Questel (IP management), UTAC (automotive testing), Neoxam (financial software), Planet (payment solutions), Scaled Agile, and Rydoo.
• Buyout (Small-Mid / Brands): Smaller company acquisitions and consumer brand investments with European expansion potential.
• Growth: Partners with tech-enabled companies at Series B–D stages, focusing on digital health, marketplaces, and fintech. Fund EGF IV targets B2B companies with very strong revenue growth. Notable investments include Doctolib (digital health), ContentSquare (digital analytics), BackMarket (refurbished electronics), ManoMano (home improvement), Vestiaire Collective (fashion resale), and Fonoa (AI-powered tax operating system). Average revenue growth across the EGF IV portfolio exceeds 40%.
• Healthcare / Kurma Partners: A dedicated biotech VC platform investing from early clinical through growth stage with Biofund IV (€250M target, first close at €140M). Recently completed the sale of Memo Therapeutics to Ipsen for up to €700 million.
• Venture: Seed through Series C investments in digital, smart city, and healthcare sectors.
• Secondaries & Mandates: Active in European mid-market secondaries since 2003, with over €6.4 billion AUM representing 17% of total group AUM. Invests across GP-led and LP secondaries. The fifth-generation Eurazeo Secondary Fund (ESF V) closed at €2.3 billion in July 2026, exceeding its €2 billion target.

The Private Debt arm is the European leader in direct lending to mid-caps, deploying primarily into the lower mid-market. Flagship fund Eurazeo Private Debt VII (EPD VII) closed at a record €3.9 billion in June 2026 — the largest fundraise in Eurazeo's history, significantly exceeding the €3 billion initial target.

Real Assets includes real estate and transition infrastructure. The Eurazeo Transition Infrastructure Fund (ETIF) completed its final closing at €706 million, 40% above its €500M target, deploying capital into energy and digital transition. The new EZORE fund launched in December 2024.

Eurazeo Planetary Boundaries Fund (EPBF): A new Article 9 buyout fund targeting companies developing innovative environmental solutions. First close secured €300 million in March 2025 (40% of the €750M target); early investments include Bioline AgroSciences and T1A Group (Europe's leading electronics refurbisher).

Stage Focus

Eurazeo operates across the full company lifecycle:

• Venture: Seed through Series C
• Growth: Series B through Series D
• Buyout: Mid-market to large-cap established businesses
• Private Debt: Mid-cap companies needing growth financing

Check Size

Check sizes vary significantly by strategy:

• Venture: €1M–€30M
• Growth equity: €20M–€150M
• Small-Mid Buyout: €30M–€150M
• Mid-Large Buyout: €100M–€600M+
• Private Debt (direct lending): €20M–€100M per facility

Recent Activity

In 2024, Eurazeo deployed €4.6 billion (up 18% from 2023) and recorded €3.4 billion in realizations — more than 2.5 times 2023 volumes. Third-party fundraising reached €4.3 billion (+23%), with over 60% raised internationally (particularly Asia and Continental Europe).

Key recent developments in 2025–2026:

• Private Debt VII closed at €3.9 billion — largest fundraise in firm history (June 2026)
• ESF V secondaries programme closed at €2.3 billion — exceeding the €2 billion target (July 2026)
• Fonoa: Led $110M Series C for AI-powered global tax operating system alongside Headline and Forestay Capital (June 2026)
• T1A Group: Third EPBF investment — Europe's leading electronics refurbisher (June 2026)
• Memo Therapeutics (Kurma Partners): Sold to Ipsen for up to €700 million (July 2026)
• FST Hotels: Eurazeo completed the sale of its stake in the Spanish hotel group (July 2026)
• Mapal: Acquired — pan-European leader in hospitality software (early 2025)
• Aquardens: Acquired — Italian thermal park operator; first EZORE fund investment (February 2025)
• Bioline AgroSciences: First EPBF investment in biological crop protection (early 2025)

Portfolio Highlights

Notable active portfolio companies:

• Doctolib — France's leading digital health platform (1M+ medical appointments/day)
• ContentSquare — Digital experience analytics platform used by 850+ global brands
• BackMarket — Europe's largest refurbished electronics marketplace
• ManoMano — Europe's leading DIY and home improvement marketplace
• Vestiaire Collective — Global fashion resale platform
• Fonoa — AI-powered tax operating system for global businesses
• Questel — Global IP management software and services
• Scaled Agile — Enterprise agile framework and training

Notable exits:

• Amolyt Pharma (sold 2024, ~4x CoC) — rare disease biotech
• Onfido (sold 2024, ~4x CoC) — identity verification
• Lumapps (sold 2024, ~4x CoC) — enterprise social intranet
• Memo Therapeutics (sold to Ipsen July 2026, up to €700M) — antibody therapeutics

Team

• Christophe Bavière — Chief Executive Officer (CEO since February 2026, formerly Co-CEO from February 2023). Previously CEO of Idinvest Partners. Named among the 50 Most Influential in Private Equity by Private Equity International.
• William Kadouch-Chassaing — Chairman of the Executive Board (Chairman since February 2026, formerly Co-CEO from February 2023). Named among the 50 Most Influential in Private Equity.
• Sophie Flak — Member of the Executive Board, Managing Partner ESG & Digital. Joined Eurazeo in 2013. Previously founded Accenture France's sustainability consulting practice and served on the executive committee at Accor Hotels.
• Matthieu Baret — Managing Partner, Venture strategy
• Romain Mombert — Managing Director, Eurazeo Growth
• Christophe Simon — Managing Partner, Secondaries & Mandates (30+ person team, active in European mid-market secondaries since 2003)
• Amine Rais — Partner, Secondaries & Mandates
• Riccardo Abello — Managing Partner, Co-Head Real Estate

Geographic Focus

Eurazeo is deeply European, headquartered in Paris with 14 offices across Europe, Asia, and the United States. Primary investment markets include France, Germany, United Kingdom, Italy, Spain, Benelux, and the Nordics. The US presence is primarily through Brands and Growth strategies. Asia exposure is primarily through the LP investor base, with over 60% of 2024 fundraising coming from international investors.

Decision Process

Eurazeo is a publicly listed company (Euronext Paris) and operates through a formal investment committee structure. Each strategy (Buyout, Growth, Venture, Healthcare, Secondaries, Private Debt, Real Assets) has dedicated managing partners and investment committees. Given the firm's scale and listed status, decisions involve structured partner-level deliberation with committee approval. Timelines are typically 3+ months for significant investments. Buyout transactions often take 6-12 months.

Founder Preferences

Across Growth and Venture strategies, Eurazeo backs:

• Tech-enabled businesses with strong network effects (marketplaces, platforms, SaaS)
• Mission-driven founders in healthcare, climate, and sustainability
• European companies with global ambitions — building European champions
• Series B–D stage companies with clear product-market fit and growing revenue (EGF IV portfolio averages >40% revenue growth)
• B2B-focused software and fintech businesses with recurring revenue models
• Companies in digital health, AI-powered business applications, tax/compliance tech, and clean economy