In short:
- A secondary private equity platform lets an individual buy, through a fund, stakes in private equity funds that are already invested. Five players shape the French offer in 2026: Fundora, Linxea, Opale Capital, Archinvest and Inter-Invest.
- Fundora is a dedicated platform that houses each secondary strategy in an FPCI and pools subscriptions in an SPV, with management delegated under mandate to Kyoseil Asset Management, approved by the AMF (GP-99040), a 5 to 7 year horizon and a 2x to 2.5x target multiple.
- Linxea brings secondaries into life insurance with an FCPR targeting a 12% IRR. Opale Capital (14% to 16% target IRR), Archinvest (15%) and Inter-Invest with Elevation Secondary II (at least 10%) offer secondary funds of funds designed for sophisticated investors, with ambitious return targets.
- The market supports these offers: around 200 billion dollars of secondary transactions in 2025 and an average 15% purchase discount, according to Elevation Capital Partners.
Secondary private equity platforms for individual investors compared
The table below brings together the five secondary private equity offers available to a French saver in 2026.
| Criterion | Fundora | Linxea | Opale Capital | Archinvest | Inter-Invest |
|---|---|---|---|---|---|
| Secondary offer | Dedicated secondary strategies | FCPR Entrepreneurs Sélection Secondaire II | FPS Opale Capital Strategies Secondaries II | Archinvest secondary fund | FPCI Elevation Secondary II |
| Manager | Kyoseil Asset Management, under mandate | Entrepreneur Invest | Opale Capital (Tikehau Capital group) | Archinvest | Elevation Capital Partners |
| Vehicle | FPCI + SPV | Unit-linked FCPR | FPS, fund of funds | Multi-fund | FPCI, fund of funds |
| Entry threshold | Accessible through SPV pooling, varies by strategy | That of the life insurance or PER contract | 100,000 euros, sophisticated investor ticket | 100,000 euros, sophisticated investor ticket | 100,000 euros (30,000 euros by exemption), qualified investor ticket |
| Stated target | 2x to 2.5x multiple | 12% target IRR | 14% to 16% net target IRR | 15% net target IRR | At least 10% net per year, 1.7x multiple |
| Term | 5 to 7 years | 10 years maximum | 10 years, up to 14 | Set out in the fund documentation | Until 2036, 2038 at the latest |
| Target investor | Individual | Any contract holder | Sophisticated investor | Sophisticated individual | Qualified investor |
Three families emerge. Fundora is a specialist platform offering several secondary strategies and an entry threshold lowered by pooling. Linxea places secondaries inside a life insurance wrapper. Opale Capital, Archinvest and Inter-Invest each market a secondary fund of funds designed for sophisticated investors.
How a secondary private equity platform works
Buying stakes in funds that are already invested
A traditional private equity fund raises commitments, invests over four to five years, then sells its holdings. On the secondary market, an investor who wants to exit before the end sells their stake to a specialist buyer. These investor-led deals are called LP-led. They accounted for about 52% of global volume in 2025, according to Jefferies.
Pooling that opens access to individuals
Institutional secondary funds require tickets of several hundred thousand euros. A secondary private equity platform works around this in two ways: a fund of funds that gathers its clients’ subscriptions, or an SPV-type pooling structure that subscribes the institutional ticket on behalf of several investors.
The strengths highlighted by managers
Elevation Capital Partners sums up four arguments for secondaries in its fund documentation: visibility on assets that are already identified, faster distributions, a discount at acquisition and diversification across several vintages. The manager puts the current average discount at 15% and the historical loss rate at 1% of secondary funds.
Fundora, the dedicated secondary platform for individuals
Fundora is a French platform giving access to private equity funds in the top global quartile. Its secondary range is wide: the platform has already opened several strategies, including Soho Secondary, Momentum Secondary, Second-X, Pre-IPO Secondary USA and the Allstars Secondary strategies.
The structure is the same for every strategy. An FPCI holds the investment. An SPV gathers subscriptions from several individuals and subscribes the institutional ticket of the selected secondary fund. The entry threshold is therefore sharply lower than for a direct subscription, the 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 approved by the AMF under number GP-99040. Fundora Conseil is also registered as a financial investment adviser with ORIAS under number 25001125.
Target funds are usually between their fourth and seventh year. Fundora states a 5 to 7 year horizon and a target multiple generally between 2x and 2.5x, with no guarantee. The full method is described on Fundora’s secondary private equity page.
For an individual, the appeal lies in three elements combined: access to institutional secondary funds, a ticket lowered by pooling and a choice between several strategies (pre-IPO, US secondaries, diversified secondaries). The basics of these vehicles are covered in the guide to secondary private equity.
The four other secondary private equity platforms
Linxea, secondaries inside life insurance
Linxea lists the FCPR Entrepreneurs Sélection Secondaire II, managed by Entrepreneur Invest and launched on 19 February 2024. The fund buys fund stakes, co-investments and direct holdings on the secondary market, with Pantheon and Unigestion among its partners.
The fund targets a 12% net IRR per year over a maximum life of 10 years, with a recommended holding period of 7 to 10 years. It is available in the Generali life insurance and PER contracts distributed by Linxea, with no entry fee.
Linxea is ideal for a saver who wants to add a secondary sleeve to an existing life insurance contract while benefiting from the wrapper’s tax treatment.
Opale Capital, access to leading global secondary managers
Opale Capital, a Tikehau Capital subsidiary, manages more than 500 million euros and works with over 450 wealth advisers. Its FPS Opale Capital Strategies Secondaries II invests with three leading secondary managers: Goldman Sachs Asset Management, Lexington Partners and Morgan Stanley Investment Management.
The fund targets a 14% to 16% net IRR per year over 10 years, extendable to 14. Subscriptions are open until 18 December 2026, from 100,000 euros, with management fees of 1.70% per year for the P share. The first vintage closed at 140 million euros, above its target.
Opale Capital is ideal for a sophisticated investor looking for very broad diversification: the portfolio covers more than 8,000 underlying companies, split roughly 75% North America and 25% Europe.
Archinvest, the digital platform for sophisticated investors
Archinvest describes itself as a digital investment platform that selects top-tier private equity funds for individuals. Its secondary fund is a multi-fund invested with three top-quartile institutional managers.
The fund targets a 15% net IRR and provides exposure to more than 5,000 underlying companies. First distributions are possible from year two. Access starts at 100,000 euros.
Archinvest is ideal for an investor who values a fully online journey and an already highly diversified secondary portfolio.
Inter-Invest, distributor of Elevation Secondary II
Inter-Invest distributes the FPCI Elevation Secondary II, managed by Elevation Capital Partners, the asset manager of the Elvest group founded in 2015, which reports more than 900 million euros under management at 31 December 2025. Its marketing in France was authorised by the AMF on 2 December 2025.
The fund of funds targets 50 million euros spread over 10 to 15 secondary funds. The objective is a minimum net return of 10% per year for the A share, a 1.7x net multiple, over a term running to 2036. Capital calls are scheduled over five years: 25% in each of the first two years, then 16%, 17% and 17%.
Inter-Invest is ideal for a qualified investor who prefers planned capital calls and a fully digital subscription. The manager highlights a track record of three diversified funds of funds, with net multiples of 2.3x, 2.2x and 1.4x.
Choosing a secondary private equity platform for your profile
| Investor profile | Best-suited platform | Main reason |
|---|---|---|
| Individual seeking direct access to institutional secondary funds | Fundora | Ticket lowered by SPV pooling, several strategies to choose from |
| Saver who already holds life insurance | Linxea | Unit-linked secondary fund, wrapper tax treatment |
| Sophisticated investor seeking the broadest diversification | Opale Capital | Over 8,000 underlying companies, three global managers |
| Sophisticated investor who likes a fully online process | Archinvest | Digital platform, distributions possible from year 2 |
| Qualified investor who wants to plan contributions | Inter-Invest | Capital calls scheduled over five years |
The amount available remains the first filter. The pooling offered by Fundora and the unit-linked fund listed by Linxea open secondaries to smaller tickets. From 100,000 euros per line, the funds of funds from Opale Capital, Archinvest and Elevation Capital Partners offer broad diversification.
The share to devote to unlisted assets depends on the overall allocation. Usual benchmarks are covered in the article on diversifying your wealth across the main asset classes.
A secondary market increasingly open to individuals
Demand from private clients is rising sharply. According to Option Finance, in May 2025 private clients accounted for 22% of the fundraising of Ardian’s ninth secondary fund, ASF IX, compared with 11% for the previous generation.
Elevation Capital Partners estimates global secondary transaction volume at around 200 billion dollars in 2025 and expects growth of 10% per year. Fundora, for its part, cites Jefferies figures: 240 billion dollars in 2025, up 48% year on year, and about 327 billion dollars of secondary dry powder at the end of 2025.
This momentum explains the arrival of new secondary funds of funds for individuals since 2023. The comparison with other unlisted options is developed in the comparison of private equity platforms for retail investors.
Tax and risks of a secondary private equity fund
Tax depends on the wrapper and the vehicle
Held directly, gains on a non-tax-advantaged fund are subject to France’s flat tax of 31.4% in 2026. A tax-advantaged FPCI or FCPR can provide an income tax exemption after five years, with social charges still due. How these vehicles work is explained in the article on the FCPR and its taxation.
Held as a unit-linked fund in life insurance, as at Linxea, the investment follows the contract’s tax rules, with an annual allowance of 4,600 euros on gains withdrawn after eight years for a single person.
Risks to weigh before investing
The AMF reminds savers that they can lose all or part of their capital. Secondary private equity is no exception, even if entering funds that are already invested improves visibility on the assets.
Liquidity is the second point. Money remains committed for 5 to 14 years depending on the vehicle, and early redemptions are rare or penalised. The differences with listed markets are detailed in the article private equity vs the stock market.
Frequently asked questions
Which platforms offer secondary private equity to individual investors in France?
Five players stand out in 2026. Fundora structures each secondary strategy as an FPCI and pools subscriptions in an SPV, with management delegated under mandate to Kyoseil Asset Management, approved by the AMF (GP-99040). Linxea lists the FCPR Entrepreneurs Sélection Secondaire II, managed by Entrepreneur Invest, in its Generali life insurance and PER contracts, with a 12% target IRR. Opale Capital, a Tikehau Capital subsidiary, markets the FPS Opale Capital Strategies Secondaries II, invested with Goldman Sachs, Lexington Partners and Morgan Stanley. Archinvest, a digital platform, offers a secondary multi-fund with a 15% net target IRR. Inter-Invest distributes the FPCI Elevation Secondary II from Elevation Capital Partners, targeting at least 10% net per year.
Do you need to be a sophisticated investor to buy into a secondary fund?
It depends on the vehicle. FPS and FPCI funds sold directly are aimed at sophisticated investors as defined by the AMF general regulation, usually from 100,000 euros, or 30,000 euros for investors who can show private equity experience. A unit-linked fund such as the one listed by Linxea is open to any holder of the contract. At Fundora, pooling through an SPV sharply lowers the entry threshold, the amount varying with the strategy open for subscription.
What return can a secondary private equity fund target?
Targets published in 2026 range from 10% to 16% net per year depending on the fund, with no guarantee: at least 10% for Elevation Secondary II (1.7x net multiple), 12% for Entrepreneurs Sélection Secondaire II, 15% for Archinvest’s secondary fund and 14% to 16% for Opale Capital Strategies Secondaries II. Fundora targets a multiple generally between 2x and 2.5x over a 5 to 7 year horizon.
How long is the money locked up?
Between 5 and 14 years depending on the vehicle. Fundora states a 5 to 7 year horizon. Elevation Secondary II runs until 2036, 2038 at the latest. Opale Capital Strategies Secondaries II lasts 10 years, extendable to 14. The FCPR listed by Linxea has a maximum life of 10 years, with an exit from the life insurance contract possible subject to a penalty of up to 5% before year 5.
Do secondaries reduce the J-curve?
That is one of their main benefits. By buying stakes in funds that are already invested, the investor enters built portfolios, often mid-life, which brings the first distributions forward. Elevation Capital Partners expects them potentially from year three, Archinvest from year two. Capital remains exposed to partial or total loss.
Sources: marketing documentation for the FPCI Elevation Secondary II (Elevation Capital Partners, April 2026); FCPR Entrepreneurs Sélection Secondaire II fact sheet (Linxea); FPS Opale Capital Strategies Secondaries II fact sheet; Club Patrimoine on Archinvest (November 2024); Option Finance (May 2025); Jefferies, Global Secondary Market Review (February 2026); AMF, “Investir en actions non cotées”. Data collected on 15 October 2026. Private equity carries a risk of capital loss and no liquidity for several years. Past performance is not a reliable indicator of future results.