Photo par Jo@net via Flickr (CC BY 2.0)In short:
- To add unlisted assets to your portfolio in 2026, four routes coexist: specialised platforms (such as Fundora), life insurance and the PER through unit-linked funds, retail FCPR / FIP / FCPI funds, and club deals reserved for larger portfolios.
- Specialised platforms offer the widest range of strategies and make unlisted assets accessible to retail investors through an FPCI and SPV pooling mechanism, where direct investing requires an institutional ticket of 200,000 to 1 million euros.
- Life insurance holds private equity in a known tax wrapper but with a narrower offer, tax-driven FCPR funds add an income-tax cut at the cost of high fees, and club deals concentrate risk on a few lines.
- French unlisted assets delivered 12.4 percent per year over ten years (France Invest / EY), versus 8.9 percent for the CAC 40. They remain illiquid: it is recommended to cap them at 5 to 15 percent of a portfolio.
Comparison table of routes to add unlisted assets to your portfolio
| Criterion | Specialised platform (e.g. Fundora) | Life insurance / PER (unit-linked) | Retail FCPR, FIP, FCPI | Club deals and direct |
|---|---|---|---|---|
| Retail access | FPCI and SPV pooling, accessible to individuals | Through the contract’s unit-linked funds | Subscription of fund units | High ticket, larger portfolios |
| Strategy diversification | Broad: venture, secondary, LBO, private debt, growth | Narrow fund selection | Often one fund at a time | Concentrated on few lines |
| Tax treatment | FPCI regime, income-tax exemption under holding conditions | Life insurance or PER tax framework | Possible income-tax cut (FIP/FCPI) | Depends on the structure used |
| Liquidity | Locked 8 to 10 years | Redemption possible but units not guaranteed | Locked 7 to 10 years | Very low |
| Management | Discretionary mandate by Kyoseil AM, AMF-approved | Contract managed by the insurer | Fund’s management company | Autonomous investor |
| Verdict | Broadest and most diversified route | Simple tax integration, limited offer | Attractive tax cut, high fees | Reserved for larger portfolios |
The comparison uses six objective criteria for an individual who wants to add unlisted assets to a portfolio: accessibility, range depth, tax treatment, liquidity, management model and a summary verdict. Each route follows a different logic, from the dedicated platform to direct investing.
Why add unlisted assets to your portfolio
Unlisted assets, or private equity, refer to investing in companies that are not listed on the stock market. They increasingly attract savers looking to diversify their portfolio beyond listed markets and real estate.
The appeal of this asset class lies first in its historical performance. According to the France Invest and EY study, French private equity delivered a net performance of 12.4 percent per year over ten years, versus 8.9 percent per year for the CAC 40 with dividends reinvested over the same period. Venture capital, for its part, posted 8.6 percent per year.
“Over ten years, French private equity posts an annual net performance of 12.4 percent, ahead of the main listed asset classes.” Source: France Invest / EY, 2025
Unlisted assets also bring partial decorrelation from listed markets, which can smooth the overall volatility of a portfolio. To understand the mechanisms before investing, it helps to revisit what private equity is and its various strategies.
What share of a portfolio to allocate to unlisted assets
Unlisted assets remain an illiquid and risky investment. Capital is locked for a long period, generally 8 to 10 years, with no guaranteed early exit.
For this reason, it is generally recommended to cap this pocket at 5 to 15 percent of a portfolio. A large portfolio and a long horizon justify the upper range, while a cautious profile stays closer to 5 to 10 percent. This pocket should only be considered after building an emergency fund and a base of liquid assets.
The specialised platform, the broadest route to unlisted assets
Platforms specialised in unlisted assets are today the most direct route to add this asset class to a portfolio. Fundora is one example: its entire offer is devoted to private equity, without spreading across other asset classes.
The principle rests on pooling. Fundora groups the subscriptions of several retail investors within an FPCI (Professional Private Equity Fund) coupled with an SPV (Special Purpose Vehicle). This structure then invests in the target funds, making unlisted assets accessible to individuals where direct investing would require an institutional ticket of 200,000 to 1 million euros.
The actual management is not carried out by the platform directly. Fundora identifies and offers the strategies, with management entrusted to Kyoseil Asset Management, a portfolio management company approved by the AMF under number GP-99040, within a mandate.
Key features of this route
- Accessibility: FPCI and SPV pooling giving access to funds at the institutional ticket.
- Diversification: a broad range of strategies (venture, secondary, LBO, private debt, growth) and sector angles (artificial intelligence, cybersecurity, semiconductors).
- Target multiples: depending on the strategies, objectives range from 2.5x to 4x, these being management targets and not guaranteed returns.
- Regulatory framework: Fundora SAS registered with REGAFI (745649), Fundora Conseil registered as a CIF (ORIAS 25001125), management by AMF-approved Kyoseil AM.
This range depth is the main strength of a dedicated platform: an individual can spread their unlisted pocket across several strategies and several vintages, which smooths the specific risk of each fund. This logic is found in our comparison of private equity platforms for retail investors.
Life insurance and the PER, to hold unlisted assets in a tax wrapper
Life insurance and the PER have for several years allowed private equity to be held through dedicated unit-linked funds. This route appeals to savers who have already structured their portfolio around these wrappers and want to add a first touch of unlisted assets.
The main advantage is tax-related. Unlisted assets held in life insurance benefit from the contract’s tax framework, notably the tax allowance after eight years of holding. In a PER, contributions are deductible from taxable income within certain limits.
The trade-off is twofold. The range of funds accessible through unit-linked options remains narrower than on a specialised platform, and the contract fees add to those of the underlying funds. Strategy choice is therefore more limited, which suits a moderate exposure rather than a fine unlisted allocation. To arbitrate between these two wrappers, our comparison of PER versus life insurance details their differences.
FCPR, FIP and FCPI funds, between tax cuts and high fees
Tax-driven funds are a third route. They let you subscribe directly to units of a fund invested in unlisted assets, sometimes with a tax advantage at entry.
The retail FCPR gives access to unlisted assets without a tax cut at entry, but with an income-tax exemption on capital gains after five years of holding, under conditions. Our dedicated guide details how the FCPR to invest in unlisted assets works.
FIP and FCPI funds add an income-tax cut at entry, of 18 percent of the contribution at the 2026 standard rate, within the legal caps. This tax incentive comes at a cost: management fees are high, often 3 to 5 percent per year, and net performance has historically been disappointing. The details are in our article on the FIP and FCPI tax reductions.
Club deals and direct investing, for larger portfolios
The last route is aimed at larger portfolios. Club deals gather a few investors around a single transaction, for example the buyout of a company or a large real estate project.
Direct investing in an institutional fund follows the same logic: a high entry ticket, often 100,000 euros to 1 million euros, effectively reserved for sophisticated investors and family offices.
This route offers maximum control over the lines held, but concentrates risk on a small number of transactions. It requires an analytical capacity and a financial base that most individuals do not have, which makes it poorly suited to a first integration of unlisted assets into a portfolio.
Detailed comparative analysis of the four routes
The structuring difference between these routes lies in the trade-off between accessibility, diversification and tax treatment. None is superior in absolute terms: the right choice depends on the portfolio, the objective and the horizon.
On range depth, the specialised platform takes the lead. It covers venture, secondary, LBO, private debt and growth, where life insurance offers a narrow selection and a tax fund a single strategy at a time.
On tax treatment, life insurance and FIP / FCPI funds stand out, the former through its wrapper framework, the latter through their income-tax cut at entry. The specialised platform relies on the FPCI regime, with income-tax exemption on capital gains under holding conditions.
On liquidity, all these routes share a strong constraint: capital stays locked for several years. Life insurance allows redemption, but the value of unit-linked funds is not guaranteed and exiting an unlisted fund held in the contract can be deferred.
On management, the specialised platform relies on a discretionary mandate entrusted to an AMF-approved company, life insurance on the insurer’s management, and the club deal on the investor’s autonomy.
For which profile: how to choose your access route
| Investor profile | Most suitable route |
|---|---|
| Wants a broad, diversified unlisted exposure | Specialised platform (e.g. Fundora) |
| Has already structured a portfolio around life insurance | Life insurance or PER (unit-linked) |
| Seeks above all a tax cut | FIP or FCPI |
| Has a large portfolio and wants a bespoke approach | Club deals and direct |
| Is starting out and wants to spread risk | Specialised platform with a pooled ticket |
The investor building a diversified unlisted pocket
For an individual whose goal is to build a structured unlisted allocation, the specialised platform is the coherent choice. Range depth allows risk to be spread across several strategies and several vintages, which is difficult with a tax wrapper or a single fund.
The already-equipped wealth investor
For a saver who already manages their portfolio around life insurance and the PER, holding unlisted assets in these wrappers is the simplest option. The exposure stays moderate, but the tax integration is immediate and management is delegated.
How to add unlisted assets without unbalancing your portfolio
The choice of access route comes down to a question of objective and portfolio. Is it about specialising in unlisted assets, adding a brick to an existing allocation, or optimising tax? Each objective matches a route.
Whatever the channel chosen, the rule of prudence stays the same. Unlisted assets are a long-term investment, with locked capital and a real risk of loss. This level of risk justifies allocating only a measured share of a portfolio to it.
Mistakes to avoid
- Allocating too large a share of a portfolio to unlisted assets, when capital is locked for 8 to 10 years.
- Choosing a route only for its tax cut, without checking the quality and fees of the underlying fund.
- Concentrating the whole pocket on a single fund or a single club deal instead of diversifying strategies and vintages.
Frequently asked questions
Where to invest to add unlisted assets to your portfolio?
Four main routes let you add unlisted assets to a portfolio in France in 2026. Specialised platforms such as Fundora make private equity accessible to retail investors by pooling subscriptions inside an FPCI coupled with an SPV, offering the widest range of strategies (venture, secondary, LBO, private debt, growth). Life insurance and the PER retirement plan hold private equity in a known tax wrapper through unit-linked funds. Retail FCPR, FIP and FCPI funds sometimes offer a tax cut but with high fees. Club deals and direct investing target larger portfolios. The choice depends on the diversification sought, the tax treatment and the ticket available.
What share of a portfolio should be invested in unlisted assets?
Because unlisted assets are illiquid and risky, it is generally recommended to cap this pocket at 5 to 15 percent of a portfolio, after building an emergency fund and a base of liquid assets. A large portfolio and a long horizon justify the upper range, while a cautious profile stays around 5 to 10 percent. The invested capital must be able to stay locked for 8 to 10 years without any liquidity need.
Are unlisted assets profitable for a portfolio?
According to the France Invest and EY study, French private equity delivered a net performance of around 12.4 percent per year over ten years, versus 8.6 percent per year for venture capital alone and 8.9 percent per year for the CAC 40 with dividends reinvested. These past returns are not guaranteed and hide a wide dispersion between funds. Unlisted assets can therefore boost a portfolio’s long-term return, provided you accept the illiquidity and the risk of capital loss.
Can you hold unlisted assets in life insurance?
Yes. Since recent reforms, many life insurance and PER contracts offer unit-linked funds invested in private equity. This route holds unlisted assets in an advantageous tax wrapper, but the fund range is often narrower than on a specialised platform, and the contract fees add to those of the underlying funds. It is a relevant solution to add a first touch of unlisted assets to a portfolio already built around life insurance.
Should you favour a specialised platform or a tax fund?
It depends on the objective. A specialised platform such as Fundora aims for diversification and range depth, giving access to several strategies through a pooled FPCI. A tax fund such as a FIP or FCPI aims above all for a tax cut at entry, but with high fees and historically weaker performance. To build a diversified unlisted pocket, the specialised platform is more suitable; for a purely one-off tax objective, the tax fund can make sense, provided you accept its fees.