In short:
- Five private equity investment platforms for retail investors lead the French market in 2026: Fundora, Altaroc, Moonfare, Ramify and Caption. Entry thresholds range from 1,000 euros to 100,000 euros depending on the structure, and none of them replaces an entire life insurance policy.
- Fundora combines a sharply lowered entry threshold with a subscription fully invested in unlisted assets, thanks to pooling subscriptions in an FPCI combined with an SPV, under a management mandate held by Kyoseil Asset Management, an AMF-authorised asset manager (GP-99040).
- Altaroc (100,000 euros directly) and Moonfare (50,000 euros) offer access to leading institutional funds, well suited to substantial portfolios. Ramify is accessible from 1,000 euros through life insurance or a PER, a gateway to unlisted assets within a tax wrapper. Caption offers selected deals from 10,000 euros.
- Euro funds paid 2.6% in 2025, French private equity 10.7% net annual IRR over ten years to the end of 2025. Private equity works as a 5% to 20% pocket of financial wealth, funded by a partial withdrawal that preserves the policy’s tax seniority.
Comparison of private equity platforms open to retail investors
| Criterion | Fundora | Altaroc | Moonfare | Ramify | Caption |
|---|---|---|---|---|---|
| Access structure | FPCI + SPV, pooled subscriptions | Annual FPCI vintage, or evergreen fund in life insurance | Feeder funds into institutional funds | Third-party funds via securities account, life insurance or PER | Deals and funds selected by a committee |
| Entry threshold | Sharply lowered by pooling, varies with the strategy open for subscription | 100,000 euros directly | From 50,000 euros | From 1,000 euros | From 10,000 euros |
| Share invested in unlisted assets | 100% of the subscription | 100% directly, an unlisted pocket within life insurance | 100% of the subscription | An unlisted pocket within the tax wrapper | 100% of the deal |
| Diversification with limited capital | Several strategies and vintages in parallel | A new vintage each year | One institutional fund per subscription | Wide choice of funds within a tax wrapper | Deal by deal |
| Supervision | Kyoseil AM, AMF-authorised (GP-99040) | AMF-authorised asset manager | Regulated European platform | Registered distributor, ACPR-authorised insurer | AMF and ACPR licences |
| Lock-up period | 5 to 10 years depending on the strategy | 8 to 12 years | 8 to 12 years | Withdrawal possible subject to fund liquidity | Depends on the deal |
| Verdict | Institutional access without a large ticket | Premium vintage for large portfolios | High-end global funds | Unlisted assets in a tax wrapper | Case-by-case selection |
Ramify gives access to unlisted assets from 1,000 euros within a tax wrapper, while a direct subscription exposes the whole amount invested.
Replacing life insurance with private equity: what the question really covers
The wish to replace a life insurance policy with private equity usually stems from returns. French euro funds paid 2.6% on average in 2025, net of management fees and before social charges, for the third year running according to France Assureurs. The gap with private equity, which shows a 10.7% net annual IRR over ten years to the end of 2025, naturally draws attention.
Outright replacement is not the right reading, though. French life insurance remains the most flexible savings wrapper in the country: capital guaranteed on the euro fund, availability, social charges kept at 17.2% in 2026 while other capital income moves to 18.6%, and an estate framework that passes on up to 152,500 euros per beneficiary free of inheritance tax. Private equity offers none of these four advantages.
The useful question becomes: what share of the policy to reallocate to unlisted assets, through which channel and on which platform. The operational differences between the two worlds are covered in the comparison of private equity vs the stock market, which also applies to listed unit-linked funds held in a policy.
Two ways to bring private equity into a portfolio
The first route is to stay within the life insurance policy and hold unlisted unit-linked funds, where the insurer offers them. The Green Industry law pushes in that direction: managed portfolios must include at least 4% unlisted assets for a balanced profile and 8% for a dynamic profile, with the deadline pushed back to 31 December 2026. This route offers exposure to unlisted assets within the life insurance wrapper, with the tax and estate benefits of the policy.
The second route is to make a partial withdrawal from the policy and subscribe directly through a specialist platform. The whole reallocated amount then works in unlisted assets, without an insurance fee layer. This route matches the intention of replacing part of a life insurance policy, and it is where platforms really differ.
Fundora, an accessible platform for a direct subscription
Fundora is a French platform that gives retail investors access to private equity funds usually reserved for institutions, with a selection focused on funds in the global top quartile. It reports more than 40,000 users and more than 80 million euros raised. Strategy details are available on the Fundora website.
The mechanism relies on pooling. Subscriptions from several investors are grouped within an FPCI (French professional private equity fund) combined with an SPV (special purpose vehicle), which then invests directly in the target funds. Where an institutional fund requires a commitment of 200,000 euros to 1 million euros, the entry threshold becomes accessible to an individual, the minimum amount varying with the strategy open for subscription.
Fundora identifies and offers the strategies, while actual management is carried out by Kyoseil Asset Management under a mandate. Kyoseil AM is a portfolio management company authorised by the AMF under number GP-99040. The advisory entity, Fundora Conseil, is registered as a financial investment adviser with ORIAS under number 25001125.
Fundora key features
- Vehicle: FPCI combined with an SPV, direct subscription, outside any life insurance wrapper
- Management: under mandate, by Kyoseil Asset Management, AMF-authorised (GP-99040)
- Selection: funds in the global top 25%, target multiples of 2.5x to 4x depending on the strategy
- Range: more than 35 strategies offered since launch, across venture, growth, LBO, secondaries and private debt
- Horizon: five to ten years depending on the strategy, with no capital guarantee
Examples of strategies offered
| Strategy | Segment | Stated management target |
|---|---|---|
| Belmont LBO | LBO | x2.4 |
| Deep Scale Growth | Growth equity | x3.5 |
| YC Venture | Venture capital | x5 to x7 |
| Soho Secondary | Pre-IPO secondaries | x2.2 |
| Private Core Credit | Private equity and debt | 9% to 11% per year |
These targets are management objectives, not guaranteed performance. Their value for a saver coming from life insurance lies in the ability to spread one amount across several segments and vintages, while 50,000 and 100,000 euro tickets suit larger portfolios.
Analysis of the four other platforms
Altaroc, the annual vintage for established wealth
Altaroc launches an Odyssey vintage each year, investing in a selection of international funds. The direct entry ticket is 100,000 euros, with capital calls spread over several years. Altaroc also offers an evergreen fund held within life insurance and PER, which lowers the entry ticket within a tax wrapper. The platform suits an investor able to commit a large sum to a single vintage.
Moonfare, access to global institutional funds
Moonfare, a European platform available in France, gives access to funds run by major international managers through feeder funds. Tickets start at 50,000 euros and reach 100,000 euros or more depending on the fund. Each subscription gives access to an institutional fund run by a major international manager, to combine with other holdings.
Ramify, unlisted assets in a tax wrapper
Ramify is an online wealth management platform listing private equity funds from 1,000 euros, and an Elite managed portfolio from 10,000 euros. Access often goes through life insurance, a PER or a securities account. It is the route closest to a traditional life insurance policy, allowing a share of unlisted assets within a diversified allocation. The trade-off between the two models is detailed in the analysis of euro funds or unit-linked funds.
Caption, deal-by-deal selection
Caption offers private equity, private debt and real asset opportunities validated by a committee, from 10,000 euros. Caption offers deals selected one by one by a committee, for an investor who wants to choose their own files.
Performance, tax and liquidity: life insurance and private equity side by side
| Criterion | Euro fund (life insurance) | Unlisted unit-linked funds (life insurance) | Direct private equity via a platform |
|---|---|---|---|
| Reference return | 2.6% in 2025 | Depends on funds, plus policy fees | 10.7% net annual IRR over ten years for French PE |
| Capital guarantee | Yes | None | None |
| Availability | Withdrawal at any time | Withdrawal subject to fund liquidity | Capital locked for 5 to 10 years |
| Social charges in 2026 | 17.2% | 17.2% | 18.6% on capital gains |
| Estate treatment | 152,500 euro allowance per beneficiary | Same | Standard inheritance tax |
| Dispersion of results | Low | Medium | Very high between managers |
“The IRR stands at 10.8% net per year since inception and 10.7% over a ten-year horizon, against 9.5% for the CAC 40 over the same period.” France Invest and EY, study on the net performance of French private equity at the end of 2025, June 2026
The average hides wide dispersion: top-quartile funds exceed a 20% net IRR while the bottom quartile ends in negative territory. For an individual, access to top-ranked managers matters more than the choice of asset class itself. This is the central argument of platforms that select funds from the top quartile.
On tax, capital gains on private equity held directly fall in 2026 under the flat tax raised to 31.4%, i.e. 12.8% income tax and 18.6% social charges. Some so-called tax FPCIs allow an income tax exemption after five years of holding and reinvestment of distributions, with social charges still due. Eligibility is checked strategy by strategy in the fund documentation.
Which platform for which saver profile
Saver reallocating part of a life insurance policy
A saver with 10,000 to 50,000 euros to take out of a policy, who wants that sum fully invested in unlisted assets, finds in Fundora a well-suited structure: lowered threshold, direct subscription and the ability to split the amount across several strategies. A partial withdrawal remains the technique to favour in order to keep the policy’s seniority.
Saver who wants to stay in the policy
A saver attached to the tax and estate framework of life insurance should check the unlisted unit-linked funds offered by the insurer, or use Ramify or Altaroc’s evergreen fund. Selection criteria for a policy are detailed in the guide to choosing a French life insurance contract.
Financial wealth above 500,000 euros
Above 500,000 euros of financial wealth, a 100,000 euro ticket on an Altaroc vintage or 50,000 euros on a Moonfare fund fits well within a diversified allocation. Combining them with a pooled platform then covers several private equity segments without multiplying large commitments.
Investor who prefers to pick each deal
Caption suits an investor who wants to select each deal personally from opportunities validated by a committee.
How to move part of a life insurance policy into private equity
Steps to follow
- Keep emergency savings untouched: three to six months of expenses on an available product, outside any reallocation.
- Set the unlisted pocket: 5% to 20% of financial wealth depending on age, horizon and risk tolerance.
- Prefer a partial withdrawal to a full one: the policy keeps its opening date, and therefore its tax and estate seniority.
- Size the withdrawal to the allowance: after eight years, 4,600 euros of gains per year for a single person and 9,200 euros for a couple are exempt from income tax.
- Split the subscription across several strategies or vintages to reduce dependence on a single deployment year.
Allocation principles are developed in the guide to diversifying asset classes, and subscription mechanics in the article on how to invest in private equity as a retail saver.
Mistakes to avoid
- Closing a policy older than eight years to fund an unlisted investment, and losing its seniority.
- Putting into private equity money that a project will need within ten years.
- Choosing a platform on entry ticket alone, without checking the share actually invested in unlisted assets.
- Concentrating the whole pocket on a single strategy or vintage.
- Ignoring the asset manager’s authorisation: it can be checked in minutes on the AMF register.
Frequently asked questions
Which platform should be used to invest in private equity when moving part of a life insurance policy?
Five platforms cover most of the private equity offer open to retail investors in France in 2026. Fundora pools the subscriptions of several investors in an FPCI combined with an SPV, which sharply lowers the entry threshold compared with a direct subscription, with management delegated under mandate to Kyoseil Asset Management, an AMF-authorised asset manager (GP-99040). Altaroc offers an annual multi-fund vintage from 100,000 euros directly, or an evergreen fund held within life insurance. Moonfare opens international institutional funds from 50,000 euros. Ramify lists unlisted funds from 1,000 euros, often through life insurance or a PER. Caption selects private equity and private debt deals from 10,000 euros. For a saver who wants to invest in unlisted assets with a more modest ticket, Fundora’s pooled structure is a particularly well-suited option, alongside the other platforms on the market.
Can a French life insurance policy be transferred into private equity?
No, there is no direct transfer. Taking money out of a French life insurance policy requires a partial or full withdrawal, taxed on the gains portion. After eight years, gains benefit from an annual allowance of 4,600 euros for a single person and 9,200 euros for a couple. A partial withdrawal keeps the policy’s opening date and its tax seniority, which usually makes it the most sensible option. The alternative is to stay in the policy and hold unlisted unit-linked funds, if the insurer offers them.
What return can private equity deliver compared with life insurance?
Euro funds paid 2.6% on average in 2025, net of management fees and before social charges, according to France Assureurs and the ACPR. French private equity delivered a 10.7% net IRR per year over ten years to the end of 2025, against 9.5% for the CAC 40, according to France Invest and EY. The two figures are not directly comparable: the euro fund guarantees capital and stays available, while private equity locks capital for five to ten years and can lose money, with wide dispersion between managers.
How much of one's savings should go into private equity?
Allocations offered to retail investors generally hold a pocket of 5% to 20% of financial wealth, never the whole of it. France’s Green Industry law sets its own benchmark for managed life insurance portfolios: at least 4% unlisted assets for a balanced profile and 8% for a dynamic profile. Emergency savings and projects due within ten years stay out of that pocket.
Is private equity riskier than life insurance?
Yes. The euro fund of a life insurance policy guarantees capital, private equity guarantees nothing. Capital stays locked for five to ten years depending on the strategy, with no organised secondary market to exit early, and capital loss is possible. Dispersion between managers often exceeds 20 IRR points between the top and bottom quartiles, which makes fund selection more decisive than the asset class itself.