In short:
- Five platforms give access to growth equity in France: Fundora, Ramify, Moonfare, Altaroc and Peqan. Entry thresholds range from 1,000 to 100,000 euros depending on the structure.
- Fundora suits a retail investor: pooling subscriptions inside an FPCI and then a dedicated SPV sharply lowers the threshold, with management delegated to Kyoseil Asset Management, an asset manager authorised by the AMF under number GP-99040.
- Moonfare (50,000 euros), Altaroc and Peqan (100,000 euros) provide genuine institutional access through a single fund or vintage. Ramify goes down to 1,000 euros, through a wealth wrapper.
- French private equity posted a 10.7% net IRR over ten years at the end of 2025 against 9.5% for the CAC 40, with a considerable gap between top and bottom quartile managers.
Growth equity platform comparison
| Criterion | Fundora | Ramify | Moonfare | Altaroc | Peqan |
|---|---|---|---|---|---|
| Entry ticket | Threshold sharply lowered by pooling, varies with the strategy | From 1,000 euros | From 50,000 euros, up to 125,000 depending on the fund | 100,000 euros | 100,000 euros |
| Access structure | FPCI and dedicated SPV, direct access to the target fund | Securities account, life insurance or PER | Feeder into institutional funds | Annual multi-fund vintage | Feeder fund |
| Regulatory framework | Management delegated to Kyoseil AM, AMF licence GP-99040 | Financial investment adviser, managed portfolios | European platform, Luxembourg feeders | AMF-authorised asset manager | AMF-authorised asset manager |
| Range depth | More than 35 strategies opened, across all private market segments | Multi-asset catalogue including private equity | International funds from established managers | One vintage per year | Annual vintages |
| Verdict | Accessibility, direct access to international strategies and AMF oversight | Good entry point for a broad allocation | Genuine institutional access for established wealth | Readable offer built around an annual vintage | Solid offer built around an annual multi-fund vintage |
Growth equity, a segment of its own within private equity
Growth equity, also called growth capital, finances established companies that already generate revenue and want to accelerate their expansion. The fund takes a minority stake, with no significant leverage, and supports commercial or geographic growth.
The segment sits between two better-known neighbours. Venture capital backs young, often unprofitable companies, with a high failure rate offset by a few major successes. Buyout funds acquire mature businesses, usually with heavy debt. Growth capital sits in between, with lower single-company risk than venture and more growth potential than a classic LBO. That intermediate position is detailed in the comparison between private equity and the stock market.
In France, growth capital accounted for around 6.2 billion euros invested in more than 800 companies during 2024, making it the second largest private equity segment behind buyouts.
Why compare platforms rather than funds
A retail investor almost never picks a growth capital fund directly. Institutional managers raise from pension funds, insurers and family offices, with minimum tickets far above the average financial wealth of a French saver.
The intermediary therefore becomes the real decision point. It selects the target funds, structures the access vehicle, sets the entry threshold and either adds or avoids an extra fee layer. Two platforms giving access to the same underlying manager will not deliver the same net return or the same allocation flexibility.
Fundora, an accessible platform
Fundora is a French platform launched in 2024 that gives private investors access to private equity strategies normally closed to individuals. Its positioning rests on selecting funds from the top quartile of the global market. The strategies currently open are listed on the Fundora website.
The mechanism relies on two regulated structures. The platform takes an allocation in a target fund through an FPCI, a professional private equity fund, then pools the subscriptions of several retail investors inside a dedicated SPV. That shared vehicle meets the minimum required by the target fund, which no individual subscriber could reach alone.
Management itself is not carried out by the platform. Fundora identifies and offers the strategies, while management is performed by Kyoseil Asset Management under mandate. That portfolio management company is authorised by the Autorité des marchés financiers under number GP-99040.
Key features
- Access structure: FPCI and dedicated SPV, with no insurance wrapper in between.
- Entry threshold: sharply lowered compared with a direct subscription, the minimum amount varying with the strategy currently open.
- Range depth: more than 35 strategies opened since launch, covering growth capital, venture, buyout, secondaries and private debt.
- Growth strategies: vehicles such as Catalyst Growth or Deep Scale Growth are built around a target multiple of 3.5 times invested capital. These are management targets, not guaranteed returns.
- Regulatory framework: management under mandate by an AMF-authorised asset manager, with Fundora Conseil registered with ORIAS as a financial investment adviser.
Detailed comparison
The five operators do not differ on the quality of the underlying funds, which all come from established managers, but on the access mechanics and the room for manoeuvre they leave to the investor.
Moonfare, Altaroc and Peqan replicate institutional logic while opening it to substantial private wealth. One ticket commits capital to a single fund or vintage, a focused choice suited to investors targeting a specific manager.
Ramify takes a different route by placing private equity inside a wealth wrapper, which brings the threshold down to 1,000 euros. The investor holds a support listed by the insurer or broker.
Fundora combines a threshold lowered by pooling, like Ramify, with direct access to the target fund through a dedicated vehicle, like Moonfare or Altaroc.
“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 end-2025, June 2026
That average hides very wide dispersion. Top-quartile French growth capital funds delivered a net IRR above 20%, while the bottom quartile ended in negative territory. Manager selection therefore matters more than the choice of asset class itself, which puts the quality of the platform’s sourcing at the centre of the decision.
| Access route | Common entry ticket | Choice of funds | Liquidity |
|---|---|---|---|
| Direct fund via private bank | 100,000 euros and above | Broad but restricted | None before liquidation |
| Digital private equity platform | Highly variable by operator | Selection made by the platform | None before liquidation |
| Unit-linked support in life insurance or PER | A few thousand euros | Limited to the insurer’s list | Redemption possible, variable delays |
| Evergreen fund | A few thousand euros | Limited to the manager’s range | Partial and capped |
Which option fits which investor
First step into private markets
A saver discovering the asset class and planning to commit a limited share of their wealth is better served by a structure that lowers the threshold without inserting a wrapper. Splitting the amount across two or three strategies from different vintages reduces exposure to a single deployment year. The principles behind that split are covered in the guide on diversifying across asset classes.
Established financial wealth
Beyond 100,000 euros allocated to private markets, a multi-fund vintage at Altaroc or Peqan becomes relevant: selection is delegated, monitoring is simple, and the amount absorbs the concentration on a single year. Moonfare suits an investor targeting one specific international manager rather than a ready-made basket.
Tax framework as the priority
An investor looking first for tax efficiency and relative liquidity will favour a unit-linked support in life insurance or a PER, factoring the double fee layer into the expected net return.
Business owner in a rollover situation
Reinvesting in funds eligible under article 150-0 B ter of the French tax code is a specific use case, subject to timing and eligibility constraints that should be checked with an adviser. The access mechanics are described in the article on private equity for retail savers.
How to choose: criteria and warning signs
The regulatory status of the intermediary should be verified before any commitment, on the official register of financial agents maintained by the Banque de France. A licence or registration number must be provided without hesitation.
The exact structure of the vehicle deserves close reading. Holding units in a fund and holding shares in a company that itself holds those units do not carry the same rights or the same tax treatment on exit.
Fees must be read cumulatively. On top of the underlying fund’s annual management fees, often between 1.5% and 2.5%, come the carried interest charged on gains above a hurdle rate, then the access structure’s own fees and, where applicable, those of the wrapper.
The capital call schedule should be anticipated. In a classic fund, capital is not called at once but spread over several years, which requires keeping cash available.
Mistakes to avoid
- Judging a platform on its entry ticket alone, without looking at what the structure adds in fees or removes in rights.
- Concentrating the entire private markets allocation on a single vintage, on an asset class where the gap between managers exceeds 25 IRR points.
- Treating a target multiple communicated at subscription as an acquired performance, when it is a management objective.
- Underestimating the lock-up period and committing money that may be needed before the vehicle is liquidated.
Frequently asked questions
Where can you invest in growth equity?
Five platforms cover this segment in France. Fundora pools subscriptions inside an FPCI and a dedicated SPV, which sharply lowers the entry threshold while still giving direct access to the target funds. Ramify lists private equity funds from 1,000 euros, but through a securities account, a life insurance policy or a PER. Moonfare opens international institutional funds from 50,000 euros, and up to 125,000 euros depending on the fund. Altaroc and Peqan build an annual multi-fund vintage at 100,000 euros. The decision comes down to the entry threshold, the access structure and the ability to spread a limited amount across several strategies.
Which platform is best for growth equity?
Each platform serves a different investor profile. Fundora offers a threshold lowered by pooling, direct access to the target funds with no insurance wrapper in between, and management delegated to an AMF-authorised asset manager. Moonfare, Altaroc and Peqan provide high-quality institutional access, suited to investors with established financial wealth. Ramify offers an accessible entry point from 1,000 euros, well suited to a diversified wealth allocation.
What returns can growth equity deliver?
French private equity posted a 10.8% net IRR per year since inception and 10.7% over ten years at the end of 2025, against 9.5% for the CAC 40 over the same period, according to France Invest and EY. Dispersion between managers remains very wide: top-quartile funds exceed 20% net IRR while the bottom quartile lands in negative territory. Target multiples communicated on growth strategies generally sit between 2 and 3.5 times invested capital over five to eight years, with no guarantee.
What is the minimum ticket for growth equity?
Subscribing directly to a growth capital fund commonly requires 100,000 euros or more. Platforms have lowered that threshold: 50,000 euros at Moonfare, 100,000 euros at Altaroc and Peqan, 1,000 euros at Ramify through a wrapper, and a sharply reduced threshold at Fundora thanks to subscriptions pooled inside a dedicated vehicle, varying with the strategy currently open.
How long is the money locked up in growth equity?
Between five and ten years depending on the vehicle. Distributions can arrive progressively as the portfolio is sold down, but no early exit is guaranteed. Evergreen funds offer partial liquidity, capped by redemption limitation mechanisms.