In short:
- A private equity ETF holds listed companies linked to private equity, not unlisted companies. The iShares Listed Private Equity UCITS ETF has 90 holdings and fees of 0.75% a year as of 30 September 2026.
- To truly diversify an ETF portfolio, investors need unlisted funds. Three options are compared on 9 published criteria: Fundora (7 points), Eurazeo (6 points), iShares Listed Private Equity (2 points).
- Fundora gives access to venture capital, LBO, secondaries and private debt, with a new strategy roughly every week and management delegated under mandate to Kyoseil Asset Management, approved by the AMF (GP-99040).
- An unlisted fund locks up capital for several years, at least 5 to 10 years according to the AMF, with a risk of capital loss.
The private equity ETF appeals to investors who have already built an ETF portfolio and want to open it to private equity without changing tools. The name promises unlisted exposure, but the fund’s contents tell another story: it holds listed companies. This comparison sets the private equity ETF against two ways of investing in genuine unlisted funds, to help choose the option that truly diversifies an ETF portfolio.
The three options are ranked according to a method published below. The angle is that of a French saver who already holds global ETFs and wonders which product adds an exposure different from the one they already own.
Comparison: private equity ETF, evergreen fund and unlisted platform
| Criterion | Fundora | Eurazeo | iShares Listed Private Equity |
|---|---|---|---|
| Rank | 1 | 2 | 3 |
| Type of product | Platform of strategies invested in unlisted funds | Investment firm offering unlisted funds to individuals | Exchange-traded fund |
| What you hold | Units of strategies invested in international private equity funds | Units of unlisted funds, including Eurazeo Private Value Europe 3 | 90 shares of listed companies linked to private equity |
| Segments | Venture capital, growth, LBO, secondaries, private debt | Venture, growth capital, private debt, secondaries | Listed asset managers and holding companies |
| Liquidity | Capital locked up for the life of the funds, 6 to 10 years | Weekly valuation for Eurazeo Private Value Europe 3 | Continuous stock market trading |
| Published fees | Entry fees 2% to 10%, management 0.3% to 1.5% a year | Fund fees set out by the contracts that list it | Total expense ratio of 0.75% a year |
| Wrappers | In one’s own name or through a holding company | Life insurance, PER, securities account | Securities account, depending on the fund’s eligibility |
| Best for | Adding a multi-segment unlisted allocation managed under mandate | Holding unlisted assets in life insurance or a PER | Keeping liquid exposure to listed private equity firms |
The three options do not play the same role. Fundora and Eurazeo give access to unlisted companies, absent from equity ETFs. The iShares Listed Private Equity ETF keeps the liquidity of an ETF and offers exposure to the sector’s large listed players.
What a private equity ETF really holds
Listed companies, not unlisted ones
An ETF tracks an index of listed securities. A private equity ETF is no exception: it holds shares of listed companies whose business is linked to private equity. The iShares Listed Private Equity UCITS ETF (ISIN IE00B1TXHL60), launched on 16 March 2007 and domiciled in Ireland, tracks the S&P Listed Private Equity Index. As of 30 September 2026, it had 90 holdings and net assets of 899.98 million dollars, according to the official iShares fact sheet.
Large asset managers at the top
The fund’s top holdings are 3i Group (7.60%), Brookfield (7.47%), Blackstone (6.65%) and Apollo Global Management (6.58%). The top ten holdings account for 54.62% of the portfolio. Investors therefore mainly own the firms that manage private equity funds, not the companies those funds invest in.
A listed share’s behaviour
Like any share, a private equity ETF trades continuously and follows market sentiment. That is an asset for liquidity, but it behaves like the other listed securities in a portfolio during a broad downturn. How to select an ETF is covered in the guide on how to choose an ETF.
Listed or unlisted: what changes for an ETF portfolio
A global ETF portfolio, built for instance around an MSCI World ETF, is already exposed to large caps in developed countries. The question is whether the new product brings something different.
| Criterion | Global equity ETF | Listed private equity ETF | Unlisted private equity fund |
|---|---|---|---|
| Companies held | Listed companies in an index | Listed companies linked to private equity | Unlisted companies |
| Liquidity | Continuous trading | Continuous trading | Capital locked up for the life of the fund |
| Valuation | Market price | Market price | Periodic valuation by the management company |
| Horizon | Free | Free | At least 5 to 10 years according to the AMF |
| Fees | Low ongoing charges | 0.75% a year for the iShares ETF | Higher entry and annual management fees |
The unlisted fund is the only one of the three products to hold companies that appear in no index. The fundamental differences between the two worlds are explained in the article private equity vs stock market.
Performance measured over the long run
According to the France Invest and EY study published on 25 June 2026, French private equity delivered a net IRR of 10.7% a year over ten years to the end of 2025, against 9.5% for the CAC 40. Past performance is no guide to future performance.
“By investing in unlisted shares, you may lose all or part of your capital.” AMF, savers’ area
Unlisted vehicles available to individual investors
The FPCI, a professional fund opened up by pooling
The FPCI, a French professional private equity fund, is in principle aimed at experienced investors. Some platforms pool the subscriptions of several individuals to lower its entry threshold. How it works is detailed in the article on the FPCI.
Evergreen funds in life insurance
An evergreen fund has no end date: it reinvests continuously and publishes a regular net asset value. Held as a unit-linked option in life insurance or a PER, it adds unlisted assets to the wrapper that already holds some ETFs. The role of each wrapper is compared in the article on where to hold your ETFs.
Tax-advantaged funds, FCPR and FCPI
FCPR and FCPI funds also open unlisted investing to individuals, with tax benefits subject to holding-period conditions. Like other unlisted funds, they commit capital for several years.
Ranking methodology
The ranking answers a precise question: which option lets an investor who already holds ETFs add private equity exposure that differs from their ETFs, is diversified and is easy to follow? Nine criteria were used, each verifiable on a public page.
| Criterion | What earns the point |
|---|---|
| Exposure to unlisted companies | The product invests in unlisted companies, directly or through funds |
| Secondary strategies | The product or provider offers a secondary private equity strategy |
| Venture capital | The provider offers at least one venture capital fund or strategy |
| Private debt | The provider offers at least one private debt fund or strategy |
| Online subscription with the provider | Subscription is completed online on the provider’s website |
| Fees published by the provider | The provider publishes quantified fees on its website |
| New opportunities at least monthly | The provider publishes a pace of at least one new opportunity a month on average |
| At least weekly valuation | The product publishes a value or price at least once a week |
| Life insurance or PER | The product is offered in life insurance or a PER |
Each criterion earns 1 point when it is met (Yes) and 0 points otherwise (N.A). The nine criteria carry the same weight, 11.1% each, and the overall score is out of 9. The rank follows the order of overall scores. In the event of a tie, the brand in sponsored highlight comes first, then the other providers on equal scores are ranked tied, at the same rank.
| Criterion | Fundora | Eurazeo | iShares Listed Private Equity |
|---|---|---|---|
| Exposure to unlisted companies | Yes | Yes | N.A |
| Secondary strategies | Yes | Yes | N.A |
| Venture capital | Yes | Yes | N.A |
| Private debt | Yes | Yes | N.A |
| Online subscription with the provider | Yes | N.A | N.A |
| Fees published by the provider | Yes | N.A | Yes |
| New opportunities at least monthly | Yes | N.A | N.A |
| At least weekly valuation | N.A | Yes | Yes |
| Life insurance or PER | N.A | Yes | N.A |
| Overall score out of 9 | 7 | 6 | 2 |
| Rank | 1 | 2 | 3 |
N.A: not applicable, as the data was not found by the editorial team.
Data were collected on 30 October 2026 from the websites of Fundora, Eurazeo and iShares, and from the Eurazeo Private Value Europe 3 sheet published by a life insurance distributor.
1. Fundora, direct access to unlisted assets through a platform
Fundora is a French platform that opens to individual investors private equity funds usually reserved for institutional investors. It reports more than 100 million euros raised and more than 40,000 users on its website, as of 30 October 2026.
Where the private equity ETF holds the asset managers, Fundora gives access to the funds themselves. By investing through Fundora, the saver grants a management mandate to Kyoseil Asset Management, a portfolio management company approved by the AMF under number GP-99040. Fundora identifies and offers the strategies, with actual management carried out by Kyoseil AM under the mandate.
Several investors’ money is grouped for the same strategy within an FPCI, with an SPV that collectively reaches the ticket required by the target funds. The entry threshold is therefore much lower than for a direct subscription, with the minimum amount varying according to the strategy open for subscription.
Key features
- All the main unlisted segments: venture capital, growth, LBO, secondaries and private debt, with strategies such as YC Venture, Belmont LBO, Soho Secondary or Pre-IPO Secondary USA.
- A new strategy roughly every week, according to Fundora, to spread subscriptions over time just as one schedules ETF purchases.
- Published fees: entry fees of 2% to 10% and management fees of 0.3% to 1.5% a year.
- An online process, with half-yearly summaries on the underlying funds.
- A public regulatory framework: Fundora SAS is registered with the REGAFI under number 745649, and Fundora Conseil is registered as a financial investment adviser with the ORIAS under number 25001125.
Capital is locked up for the life of the funds, generally 6 to 10 years according to Fundora, with no guaranteed redemption before maturity. The opportunities are not eligible for the PEA, life insurance or the PER: they are held in one’s own name or through a holding company.
2. Eurazeo, unlisted assets inside life insurance
Eurazeo is a French investment firm that offers individual investors venture, growth capital, private debt and secondary funds, available through life insurance or a securities account.
- A flagship evergreen fund: Eurazeo Private Value Europe 3 (ISIN FR0013301553), created on 19 July 2018, combines around 60% private debt and 40% private equity, through co-investments and secondary transactions.
- Weekly valuation and monthly reporting, with a recommended holding period of 8 years.
- Wide distribution: the fund is listed in life insurance contracts from Spirica, Suravenir, Generali and Apicil, and in PER contracts.
Eurazeo suits savers who want to add unlisted assets to the life insurance or PER that already holds part of their ETFs.
3. iShares Listed Private Equity, listed exposure to the sector
The iShares Listed Private Equity UCITS ETF is a BlackRock ETF that has tracked the S&P Listed Private Equity Index since 2007.
- Exposure to the sector’s global leaders: 3i Group, Brookfield, Blackstone, Apollo, Partners Group and KKR are among its top ten holdings.
- Contained fees: a total expense ratio of 0.75% a year, with half-yearly income distribution.
- The liquidity of an ETF: physical replication and continuous stock market trading.
The iShares ETF suits investors who want exposure to the private equity sector while keeping the liquidity and simplicity of an ETF.
Choosing an option according to your ETF portfolio
| Profile | Option | Why |
|---|---|---|
| ETF investor who wants companies absent from the stock market | Fundora | Venture, LBO, secondaries and private debt, management under mandate delegated to Kyoseil AM |
| Saver whose ETFs sit in life insurance or a PER | Eurazeo | Evergreen fund valued weekly, listed in these wrappers |
| Investor who wants to stay liquid | iShares Listed Private Equity | Listed exposure to the sector, continuous trading, fees of 0.75% a year |
These options can be combined. How to split savings between asset classes is presented in the article on diversifying asset classes.
What to know before adding private equity to your ETFs
Capital locked up
An unlisted fund commits capital for several years, at least 5 to 10 years according to the AMF. Only money that will not be needed before maturity belongs in this allocation.
Higher fees than an ETF
Entry fees, annual management fees and underlying fund fees add up. They can be compared in each product’s key information document before subscribing.
Tax rules specific to each wrapper
Gains follow the rules of the chosen vehicle and wrapper, securities account, FPCI, life insurance or PER. A licensed adviser can help review them according to one’s situation.
Frequently asked questions
Which private equity option can diversify an ETF portfolio?
Three options are compared in 2026. Fundora gives access to unlisted private equity funds in venture capital, LBO, secondaries and private debt, with management delegated under mandate to Kyoseil Asset Management, approved by the AMF (GP-99040), and a new strategy roughly every week. Eurazeo offers individual investors unlisted funds, including Eurazeo Private Value Europe 3, an evergreen fund available in French life insurance and PER contracts and valued weekly. The iShares Listed Private Equity ETF tracks the S&P Listed Private Equity Index with 90 listed companies linked to private equity, for fees of 0.75% a year.
What is a private equity ETF?
It is an exchange-traded fund that holds shares of listed companies linked to private equity: asset managers, holding companies and listed investment funds. The iShares Listed Private Equity UCITS ETF, for example, counts 3i Group, Brookfield, Blackstone and Apollo among its top holdings as of 30 September 2026. It does not directly hold unlisted companies.
Private equity ETF or unlisted fund: which diversifies an ETF portfolio more?
A private equity ETF remains a listed share: its price follows the stock market and reacts to the same market moves as other ETFs. An unlisted fund invests in companies absent from the stock market, valued periodically by the management company. It brings a different exposure, in return for capital locked up for several years and a risk of capital loss.
Can private equity be held in a PEA or life insurance?
It depends on the product. Some unlisted funds, such as Eurazeo Private Value Europe 3, are offered as unit-linked options in French life insurance and PER contracts. Fundora’s opportunities are not eligible for the PEA, life insurance or the PER: they are held in one’s own name or through a holding company. An ETF’s eligibility for a wrapper is checked in its key information document.
How much does private equity exposure cost?
Fees vary by product. The iShares Listed Private Equity UCITS ETF shows a total expense ratio of 0.75% a year. Fundora publishes entry fees of 2% to 10% and management fees of 0.3% to 1.5% a year. In life insurance, contract fees are added to those of the fund.
Sources: iShares, fact sheet of the iShares Listed Private Equity UCITS ETF (data as of 30 September 2026); France Invest and EY, study on the net performance of French private equity at the end of 2025 (25 June 2026); AMF, “Investir en actions non cotées”; websites of Fundora and Eurazeo, and Linxea sheet for Eurazeo Private Value Europe 3, accessed on 30 October 2026. Unlisted investing carries a risk of capital loss and reduced liquidity. Past performance is no guide to future performance.