We are seeing more and more private equity firms diversify into new strategies. A lot of them have truly become investment platforms deploying several investment strategies, some connected to one another, others where the connection is more difficult to spot.

To tell us more about the platform strategy today is Laurent Benard, CEO of Capza. Here is what I asked him:

– Who is Capza?

– What pushed you to broaden your horizons until very recently integrating venture capital through the acquisition of Time for Growth ?

– We are currently going through unprecedented times because of the Coronavirus situation. How are each of your strategies positioned in today’s market ?

– How do investors react to your platform strategy?

– Do you believe that with a platform strategy a management company is better equipped to face an economic crisis ?

– Can a platform strategy with large amounts of AuM make these firms too big to fail?

– How does Capza’s future look in the next few years ? More acquisitions in the pipe ?

– Do you have any personal favorites amongst the different segments you operate in ?

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Today we’re going to talk about fundraising. Fundraising is always quite a stressful process, it is not an easy task raising a significant amount of money in a short period of time, well which more often than not becomes quite long. A few months ago, in reponse to this challenge, Angel List launched a concept called Rolling Funds.

It’s new, its intriguing and so I chatted with Carlos Diaz, who launched Diaspora Ventures a few months ago and started raising money through a rolling fund. Here is what I asked him:

– What are you looking to achieve on the tech scene with Diaspora Ventures?- You co-founded Diaspora Ventures in July 2020 and launched a rolling fund. Why a rolling fund instead of a classic VC fund ?
– You have raised 2.5M$ so far. How did you go about it and how does the fundraising process work in general through a rolling fund ?
– A quarterly fund launch means that you will be fundraising all the time. Sounds quite tedious and time consuming, will you be on the road all the time ?
– What about the terms and conditions and the exit process ? Are they different?
– In time, do you think that rolling funds could replace certain categories of classic VC funds ?

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My guest for this episode is Kevin Monserrat, CEO of Consilience Ventures, a platform using digital currency to bring together leading experts, deep tech start-ups and investors, to create a high-tech VC ecosystem that aligns the interests of its members and adds value to all.

In this episode of Planet PE, Kevin talks to us about:
– How CV is doing things differently,
– How investors benefit from CV’s non-traditional VC model,
– How liquidity is created for investors,
– How CV ensures its growth despite a zero fees model.

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In the 11th episode of Planet PE, I interview the biggest infrastructure fund in the world. Macquarie Asset Management (MAM)manages 340 bn€and has more than 1000 institutional investors. Adam Lygoe, Senior Managing Director at MAM and head of clients solutions Group in the EMEA region, takes us backstage and tells us how Macquarie managed fundraising and investor relations during the lockdown period due du Covid19. Great insights not to be missed.
Spoiler – in April 2020, Macquarie raised AUD 3,5bn, compared to AUD 20bn over the whole of 2019.

Episode sponsored by Jasmin Capital.

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In Episode 10 of Planet PE, Isabelle de Crémoux, CEO of Seventure, takes us backstage and talks about:

– Seventure’s positioning in digital tech and life sciences but also in sports.

– Seventure’s core value-add across all its verticals.

– The firm’s position as leader in Europe in the microbiome segment in life sciences.

– The impact of Covic 19 on the current portfolio and the opportunities it may create.

–  As always, my guest ends the podcast with a piece of wisdom for young PE professionals.

Episode sponsored by Jasmin Capital.

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Planet PE is proud to present it’s 9th episode, with William Greene, Partner at Stafford.

Stafford has two business lines, private markets and real assets, each representing about 50% of total AuM of 7bn$. Private markets include PE and credit, while real assets cover timber, infrastructure and agriculture & food. In this episode sponsored by Jasmin Capital, William, head of infrastructure, takes us backstage and talks about:

• Stafford’s overall business scope.
• The infrastructure strategy.
• His perspective on future investment opportunities in light of the Covid19 crisis.
• The impact of the Covid19 crisis on the current portfolio and if the current funds will take longer to realise exits.
• What prompted William to work in real assets.
• His advice to a young professional working in real assets.

Questions or comments ? Contact me on Linkedin, https://bit.ly/3dTMQ2r

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Planet PE is proud to present it’s 8th episode, with Nicolas Celier, co-founder of Ring Capital.

Ring Capital is a VC firm founded in 2018 and dedicated to growth equity in tech. In this episode sponsored by Jasmin Capital, Nicolas takes us backstage and talks about:

• The story behind the creation of Ring Capital.
• What Ring Capital is doing differently and how it is adding value to its portfolio companies.
• The state of the VC segment today. Over the past few years there have been so many initiatives around venture capital and around startups, is the space getting saturated ?
• The Fear of missing out in VC.
• His takeaways as an entrepreneur who started his own firm only 2 years ago ?
• His favourite business ressources.

Questions or comments ? Contact me on Linkedin, https://bit.ly/3dTMQ2r

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Planet PE is proud to present it’s 7th episode, with Eddie Misrahi, CEO of Apax Partners.

Apax Partners, a private equity pioneer in France, having started operations in 1983, and investing today in mid-market and development. In Episode #7, sponsored by Jasmin Capital, Eddie takes us backstage and talks about :

• Apax Partners’ market position.
• How the firm has evolved since Eddie joined 30 years ago.
• What the firm’s defining moments have been over this long period of time.
• Apax’s USP in today’s competitive market.
• Eddie’s own career progression at Apax.
• His advice to young PE professionals and his favourite business ressources.

Questions or comments ? Contact me on Linkedin, https://bit.ly/3dTMQ2r

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Au micro du podcast Planète PE cette semaine, c’est Nicolas Renauld, Head of Portfolio Management de l’activité Private Markets chez Indosuez Wealth Management. Dans cet épisode, réalisé en partenariat avec Jasmin Capital, on apprend:

• Les modifications potentielles de la stratégie menée par Nicolas dans le primaire, le secondaire et le co-investissement suite à la crise de la Covid19.
• Le recul qu’a l’équipe par rapport à la crise de 2008.
• Les attentes de Nicolas en matière de transparence de la part des GP.
• La disparité de communication entre les fonds small mid market et les fonds upper mid market.

Un très bel échange avec un invité chaleureux et généreux.
NB : cet épisode a été enregistré le 8 mai.

Spoilers sur le podcast de la semaine prochaine : il sera en anglais comme tous les futurs épisodes, et la ligne directrice des discussions changera un peu. Mais ça restera passionnant, je vous promets.

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Bonne écoute!

Cette semaine c’est Serge Savasta, Associé Gérant en charge de l’activité infrastructure chez Omnes, qui a parlé au micro (virtuel) du Podcast Planète PE. Il nous explique :
– La place de l’infrastructure dans la stratégie globale d’Omnes qui compte 4Md€ d’actifs sous gestion.
– Le choix de se focaliser sur les énergies renouvelables et les bâtiments durables.
– Les critères d’investissement.
– Son sentiment sur l’évolution du marché de l’énergie renouvelable en termes de dealflow mais aussi en termes de fundraising.

Toutes les études prédisent un bel avenir pour les énergies renouvelables et l’infra, mais Serge garde les pieds sur terre. Un très bel échange, à découvrir sans attendre.

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Bonne écoute!