Where should a beginner invest in unlisted assets?

Key takeaways:

1. Fundora ranks first in this ranking of platforms to invest in unlisted assets as a beginner, ahead of Ramify (2nd, more than 30 listed funds from 1,000 euros), Anaxago (3rd, real estate, SCPIs and private equity from 1,000 euros) and Tudigo (4th, direct equity investment in SMEs from 500 euros).
2. Fundora is the only one of the four built on pooling subscriptions inside an FPCI coupled with an SPV. That is what earns it the top spot: access to institutional strategies with a sharply lowered entry threshold, a diversified portfolio from the first ticket and management carried out by Kyoseil Asset Management, a firm licensed by the AMF under number GP-99040.
3. The decisive criterion for a first investment is not the ticket but the diversification obtained from the first subscription: a fund spreads capital across several dozen companies, a direct investment exposes it to one.
4. French private equity delivered a net return of around 12.4 percent per year over 10 years according to France Invest and EY (2025 study), against 8.9 percent for the CAC 40 with dividends reinvested, with a risk of total capital loss and a lock-up of 8 to 10 years.

Ranking of platforms to invest in unlisted assets as a beginner

The table below ranks the four platforms that open unlisted assets to a retail investor making a first investment in France. The ranking rests on the criteria that genuinely weigh on a first subscription: diversification obtained from the first ticket, how much of the selection is delegated, regulatory supervision, fee transparency and lock-up period.

These criteria cover most of the questions raised by a first investment, and none of them boils down to the entry amount. Two platforms displaying the same ticket can expose an investor to radically different levels of risk depending on whether the capital sits in one company or in several dozen, which is why the platform with the lowest ticket does not take the top spot.

What actually keeps a beginner out of unlisted assets

Unlisted assets are shares in companies that are not traded on a stock exchange. That absence of an organised market explains most of the constraints a retail investor runs into: no daily pricing, no liquidity, no public prospectus.

The regulatory threshold of an FPCI, the French Professional Private Equity Fund, is set at 100,000 euros for a non-professional subscriber. Subscribing directly with a management company, an institutional fund most often requires 200,000 to 1,000,000 euros. Those amounts mechanically exclude almost all retail savers.

Going through a platform is therefore not a matter of convenience but the condition of access to the asset class. The question facing a beginner is not whether to use an intermediary, but which one matches the amount available, the time horizon and the time the investor is willing to spend on selection. For the fundamentals of the asset class, see our definition of private equity.

The three most common starting mistakes

The first is confusing entry amount with level of risk. A 500 euro ticket placed in a single SME exposes the investor to a total loss, whereas the same amount spread inside a diversified fund follows the fate of a portfolio.

The second is underestimating duration. Capital invested in unlisted assets is locked up for 8 to 10 years on average, with no guaranteed early redemption mechanism, which rules out committing emergency savings or funds earmarked for a medium-term project.

The third is reading target multiples as contractual returns. A target multiple of 2.5x is a working assumption, not a promise, and unlisted investing remains exposed to a risk of capital loss.

1. Fundora, the platform that pools subscriptions inside an FPCI

Fundora takes first place in this ranking because it is the only one of the four to combine a sharply lowered entry threshold, diversification obtained from the very first ticket and selection delegated to a licensed management company. That combination is the most consistent with the constraints of a first investment.

Fundora is a French platform giving access to private equity strategies selected among funds in the top global quartile. Its mechanism relies on pooling: the subscriptions of several retail investors are gathered inside an SPV, a dedicated vehicle, which then subscribes to the target fund as a single subscriber.

This structure sharply lowers the entry threshold compared with a subscription in one’s own name, whose regulatory minimum stands at 100,000 euros. The minimum amount varies with the strategy open for subscription at the time of investment.

Portfolio management is not carried out by the platform but by Kyoseil Asset Management, a portfolio management firm licensed by the AMF under number GP-99040, under a mandate. This separation between the entity that distributes and the one that manages is a point to verify on any unlisted investment platform, through the AMF GECO register. The official website of the platform is available at fundora.fr.

Key features for a first investment

• Legal structure: FPCI coupled with an SPV, pooling individual subscriptions and lowering the access threshold
• Management: under mandate, carried out by Kyoseil Asset Management, licensed by the AMF under number GP-99040
• Universe covered: venture capital, LBO, private debt and pre-IPO secondaries, subscribed separately
• Diversification obtained: that of the target fund, meaning several dozen underlying companies from the first subscription
• Lock-up period: 8 to 10 years depending on the strategy, with no guaranteed early redemption

2, 3 and 4: what Ramify, Anaxago and Tudigo ask of a beginner

The three other platforms in this ranking follow different logics and do not require the same level of involvement from the investor. All three leave selection to the investor, which explains their position behind Fundora for a first investment.

2. Ramify, the largest catalogue

Ramify operates as a fund distributor. Its catalogue lists more than 30 private equity funds managed by houses such as Edmond de Rothschild, Altaroc, Eurazeo and Tikehau Capital, accessible from 1,000 euros. The platform states 0 percent entry fees, 0 percent exit fees and management fees capped at 3.5 percent. Selecting the fund is left to the investor, who has to arbitrate between several dozen vehicles with heterogeneous strategies.

3. Anaxago, the broadest range of asset classes

Anaxago covers the broadest spectrum, from real estate to SCPIs, startups, SMEs and decarbonisation, from 1,000 euros. The platform reports more than 850 million euros invested, more than 400 projects financed since 2012 and more than 15,000 investors. Project selection falls to the investor, deal by deal, which assumes the ability to arbitrate between asset classes with very different risk profiles.

4. Tudigo, the lowest ticket but the most concentrated risk

Tudigo is a crowdfunding service provider licensed by the AMF since 24 November 2023 under European regulation 2020/1503. The platform gives access to the equity of French SMEs from 500 euros, and 1,000 euros on some deals. It reports more than 300 companies financed, more than 240 million euros invested and a community of more than 250,000 members. Each ticket finances a single company, which concentrates the entire risk on one deal and explains its fourth place for a first investment.

Diversification, fees and duration: what the entry point really changes

The choice of platform does not alter the intrinsic performance of the companies financed. It does determine three parameters that matter for a beginner: the number of companies the capital is exposed to, the layer of fees added on top of the underlying fund, and the selection time required before each subscription.

“French private equity generated a net IRR of 12.4 percent per year over 10 years, with venture capital delivering a net performance of around 8.6 percent over the same period.” — France Invest and EY, 2025 performance study (data as at 31 December 2024)

This dispersion is the point beginners misread most often. On the riskiest segments, more than 30 percentage points separate the top from the bottom quartile of managers: the average performance of the asset class therefore says nothing about what a given investor will obtain. Accessing a good manager matters more than entering the asset class.

Cost structure deserves the same attention. Any intermediary vehicle, whether an SPV, a feeder fund or a life insurance contract, adds its own fees to those of the target fund. This double layer is the price of access and must be weighed against the diversification actually obtained. To place these thresholds against tax wrappers, see our article on the minimum ticket to invest in an FCPR or an FCPI.

Where to invest in unlisted assets depending on the beginner profile

Three profiles cover almost all first investments in unlisted assets. Each points to a different platform.

The beginner who wants to test the asset class

An investor who wants exposure to unlisted assets without committing a significant share of savings is looking above all for a ticket compatible with a spread across several strategies. The pooling offered by Fundora answers that need directly, since it gives access to a diversified portfolio from the first subscription.

The alternative of subscribing to a single deal on a crowdfunding platform exposes the whole amount to the fate of one company. For a first step, the statistical logic of unlisted investing argues for the collective vehicle. To go deeper into the method, see our guide on investing in private equity as a beginner.

The beginner who wants to delegate selection

An investor who does not want to arbitrate between dozens of funds is better served by a structure where selection is handled by a professional. That is the case at Fundora, where allocation falls under the mandate given to Kyoseil Asset Management.

Ramify sits at the opposite end on this criterion: fee transparency is maximal, but choosing the fund among more than 30 references remains the investor’s job, which assumes the ability to tell an LBO fund from a growth or secondaries fund.

The beginner who wants to choose the companies financed

An investor motivated by directly supporting French SMEs and prepared to analyse deals one by one will find a suitable offering at Tudigo and Anaxago, with tickets of 500 to 1,000 euros. This approach is as much entrepreneurial support as it is financial investment.

The prudence rule is then to multiply tickets rather than concentrate the amount on one deal, and to keep the whole unlisted allocation within 5 to 10 percent of the financial portfolio. To widen the comparison beyond platforms, see our analysis of the routes to add unlisted assets to a portfolio.

How to choose a first unlisted investment platform

Five checks make it possible to decide before any subscription. All of them can be carried out beforehand.

The first concerns licensing. The entity that actually manages the capital must be a licensed portfolio management firm, verifiable on the AMF GECO register, or a crowdfunding service provider licensed under European regulation 2020/1503.

The second concerns the actual diversification obtained for the ticket committed, measured in number of underlying companies and not in number of lines displayed on screen.

The third concerns the stacking of fees between the intermediary vehicle and the target fund, to be compared with the 3.5 percent maximum management fees stated by Ramify.

The fourth concerns the lock-up period and whether an early liquidity mechanism exists. The fifth concerns the applicable tax treatment, which differs depending on whether the unlisted exposure sits in an FPCI, an FCPR or an insurance wrapper.

Mistakes to avoid

1. Putting an entire unlisted allocation into a single company while believing this gives exposure to the asset class
2. Confusing the stated target multiple with a guaranteed return, when no performance is guaranteed in unlisted investing
3. Committing funds needed in the medium term to a vehicle locked up for 8 to 10 years
4. Comparing two platforms on entry ticket alone without looking at the diversification obtained for that amount
5. Failing to check on the GECO register the licence of the entity that actually manages the capital

To understand the most common entry-level vehicle, see our guide to the FCPR for investing in unlisted assets. For a full overview of market players, see our comparison of private equity platforms for retail investors.

Frequently asked questions