TiLT Capital Research
Investment Thesis
TiLT Capital Partners is the energy transition platform of the Siparex Group, a French independent private equity house. Siparex has run TiLT since 2021. The firm describes itself as an Article 9 growth capital fund for the energy and ecological transition in Europe. Its view is that energy transition winners need long-term shareholders, and that the best opportunities sit in profitable European SMEs that have a proven business model and need capital to scale. The team is a group of former Engie executives with more than 45 years of combined energy experience, and it pairs sector expertise with a strong ESG commitment. A quarter of the carried interest is indexed to ESG targets.
Investment Sectors
The website names four sector buckets:
- Energy efficiency
- Flexible generation and storage
- Smart grids and data analytics
- Decentralised solutions
The portfolio covers solar EPC and development, wind repowering, hydrogen generators, waste-heat recovery, power electronics, biogas treatment, grid inspection software with AI, and billing software for energy suppliers and telecom operators.
Stage Focus
TiLT invests growth and late-stage capital. Targets are European companies with a proven model, a commercial track record and revenue above 5 million euros. This is not an early-stage or venture investor, and it does not suit pre-revenue startups. A small number of software and deeptech names (eSmart Systems, triPica, Nomad Solar Energy, EODev) are the closest to venture-style companies in the book.
Check Size
Tickets run 15 to 50 million euros, with more available through co-investment. TiLT takes minority positions, as lead or co-lead, and can follow on. Its investment in triPica was 12.4 million euros, slightly below the stated floor.
Lead Tendency
The firm states it invests as a minority investor in lead or co-lead positions. It sits on the boards of its companies and describes itself as an involved shareholder. Lead tendency is recorded as both.
Fund Status and Recent Activity
TiLT Capital Fund 1 closed above its hard cap at 320 million euros in October 2023. The website now states 340 million euros under management including co-investment capacity. Fund 1 is an Article 9 fund with European institutional investors. It currently supports about 11 to 12 companies. The most recent deal is a 12.4 million euro investment in triPica, a Paris billing and CRM platform for energy suppliers and telecom operators, announced 10 November 2026. Before that, TiLT announced Negratín in September 2025 and ENDENA in 2025. The firm is actively deploying.
Portfolio Highlights
- triPica (Paris): CRM and billing platform for energy suppliers and telecoms
- Negratín (Granada, Spain): EPC contractor and independent power producer, 4.5 GW delivered
- ENDENA (Paris): sustainable real estate engineering group
- eSmart Systems (Halden, Norway): AI inspection software for power grids
- Nomad Solar Energy (Madrid): mobile off-grid solar generators
- Silicéo (France): commercial rooftop photovoltaic integrator
- EODev (Île-de-France): hydrogen fuel cell generators
- Volta Groupe (Paris): solar and wind developer, wind repowering
- Deltalys (Lyon): H2S filtration for biogas
- Watt & Well (Pertuis): power electronics
- Orcan Energy (Munich): organic Rankine cycle waste-heat machines
- DualSun (Marseille): hybrid solar panels
No exits are disclosed on the site.
Team
- Nicolas Piau, Founding Partner and CEO, member of the Siparex executive committee
- Nicolas Lepareur, Co-founder and Managing Partner
- Nathanaël Krivine, Co-founder and Managing Partner
- Antoine Krug, Senior Investment Director
- Marion Pelat, Senior Associate
- Hortense Jacon, Investment Manager
- Antoine Joint, ESG and Climate Director
- Téo Guevit, Senior Analyst
- Mateo Delaveau, Analyst
- Anaïs Leleu and Maëlle Voil are also listed on the team page; their titles were not captured
The team is 11 people, all based in Paris.
Decision Process
The firm decides as a partnership of three founding partners inside the Siparex group. No public detail on committee structure or timeline.
Founder Preferences
Companies led by management teams with a proven commercial record, revenue above 5 million euros, and a credible contribution to energy efficiency or system flexibility. ESG and impact reporting is a core part of the relationship; the firm publishes an annual ESG and Impact report.
Geographic Focus
Europe, with French and European SMEs. Portfolio companies are in France, Spain, Germany and Norway, and several sell internationally (Negratín in Latin America and Asia).
Fit Notes for F4
TiLT is a growth equity fund, far from F4's pre-seed to seed stage. It is relevant only for later-stage portfolio companies in energy transition with more than 5 million euros of revenue.