Which platforms offer LBO funds accessible to retail investors?

Key takeaways:

1. Four main platforms give access to LBO funds accessible to retail investors in France in 2026: Fundora, Altaroc, Moonfare and Ramify. Entry tickets range from 100 euros to 100,000 euros, and LBO funds generally target multiples of 2x to 2.5x.
2. Fundora offers the lowest ticket on the market, from 100 euros, thanks to an FPCI structure combined with an SPV and management under mandate by Kyoseil Asset Management, an asset management company authorised by the AMF (number GP-99040).
3. Altaroc (100,000 euros) and Moonfare (50,000 euros) target a wealthy clientele, while Ramify (1,000 euros) integrates LBO into a global wealth allocation. The entry ticket remains the main differentiating factor.
4. According to France Invest and EY, French private equity generated a net IRR of 12.4 percent per year over 10 years (2025 study). LBO is mainly held in a securities account, and it is recommended to limit this allocation to 10 to 20 percent of a portfolio depending on the risk profile.

Comparison of LBO platforms accessible to retail investors in 2026

The table below compares the four main French platforms giving access to LBO funds accessible to retail investors. The entry ticket and legal structure are the most discriminating criteria.

This comparison retains seven objective criteria to assess each platform: entry ticket, access structure, available LBO strategies, target multiple, lock up period, regulatory supervision and a summary verdict. Each platform follows a distinct logic, from the pooled FPCI from 100 euros to the premium annual vintage.

What is an LBO fund and why it remained reserved for institutional investors

An LBO fund (Leveraged Buy-Out) invests in the acquisition of mature companies, relying partly on debt. The goal is to improve the profitability of the acquired company, then sell it with a capital gain after 5 to 10 years.

LBO is the largest segment of French private equity by volume. France Invest ranks it among the most mature and most regular strategies of the unlisted asset class, ahead of venture capital and growth.

The LBO mechanism in brief

Leverage is at the heart of the LBO. The fund finances part of the acquisition with its own capital and the rest with debt, then repaid by the cash flows of the acquired company.

This mechanism amplifies the potential return for the investor, but also the risk if the company runs into difficulty. This is why LBO funds primarily target profitable and mature companies, less risky than start ups.

The regulatory entry ticket for a professional fund such as the FPCI is set at 100,000 euros. Classic institutional funds often even require between 200,000 euros and 1 million euros, which made them inaccessible to the vast majority of retail investors.

How platforms make LBO accessible to retail investors

Specialised platforms pool the subscriptions of several retail investors within a single structure. This structure, called an SPV (Special Purpose Vehicle), then invests in the target LBO fund as if it were a single large subscriber.

This mechanism allows the practical ticket to be lowered well below the regulatory threshold. At Fundora, for example, the entry ticket drops to 100 euros through an FPCI embedded in an SPV vehicle, with effective management carried out by Kyoseil Asset Management, an asset management company authorised by the AMF under number GP-99040.

Other platforms keep higher tickets and target a wealthy clientele. The choice therefore depends above all on the amount the investor wishes to allocate and the level of support expected. For the basics, see our guide to investing in private equity as a beginner.

Fundora, Altaroc, Moonfare and Ramify: what each platform offers on LBO

The four platforms in the comparison do not approach LBO in the same way. The table summarises their positioning, here is the detail strategy by strategy.

Fundora offers several FPCI dedicated to LBO, such as the Belmont LBO or Montclair LBO strategies, which target multiples of around 2x to 2.5x. The 100 euro entry ticket makes it the most open access on the French market.

Altaroc builds each year a multi fund vintage that includes an LBO pocket alongside growth and secondary. The 100,000 euro ticket reserves this offer for large portfolios, with a logic of diversification across 5 to 7 funds.

Moonfare gives access to LBO funds from large international managers, with a ticket from 50,000 euros. The platform targets sophisticated investors seeking global exposure.

Ramify does not offer LBO FPCI directly, but integrates private equity, including LBO, into a digital wealth management offer from 1,000 euros. For a broader overview, see our guide to the FCPR for investing in unlisted companies.

Which wrapper to hold an LBO fund: securities account, life insurance or PEA-PME?

The investment wrapper determines the applicable taxation and the liquidity constraints. An LBO fund is most often held in an ordinary securities account, in the form of FPCI or FCPR units.

Life insurance sometimes allows access to unlisted units of account, but eligibility depends on the contract and the insurer. The PEA-PME, on the other hand, is not eligible for FPCI, which rules out this wrapper for this type of fund.

The choice of wrapper therefore remains limited for LBO. The securities account remains the most common route. To understand access thresholds by vehicle, see our analysis of the minimum ticket for an FCPR or FCPI.

LBO versus ETFs and the stock market: what place in a 50,000 euro allocation?

The question of platform choice often arises within the broader context of investing capital, for example 50,000 euros. LBO does not replace an ETF portfolio or a euro fund life insurance contract, it complements them.

LBO is an illiquid and risky asset, with capital locked for several years. In this respect it differs from ETFs held in a securities account, accessible at any time and far more liquid.

For this reason, it is generally recommended to limit the unlisted pocket to 10 percent of a portfolio for a cautious profile, and up to 20 percent for a dynamic profile. On a 50,000 euro allocation, this represents an exposure of 5,000 to 10,000 euros to LBO.

This diversification pocket makes full sense if the rest of the portfolio is already invested in liquid assets. A less liquid complementary alternative is to explore the FCPR, which shares the LBO logic with sometimes more favourable taxation.

Fees, performance and risks of LBO for a retail investor

The fees of LBO funds are higher than those of an ETF. They generally include annual management fees, often between 2 and 3 percent, and a performance fee charged on the gains.

Historical performance nevertheless remains attractive. France Invest indicates:

“French private equity generated a net IRR of 12.4 percent per year over 10 years, with the LBO and buyout segment being the largest of the asset class.” — France Invest and EY, 2025 performance study (data as of 31 December 2024)

This average performance, however, masks a strong dispersion. France Invest notes more than 30 points of gap between the first and last quartile, which makes fund selection decisive.

The main risk is the loss of capital, as LBO offers no guarantee. To this is added liquidity risk, with capital locked until the fund is liquidated, and the risk linked to leverage if the acquired company runs into difficulty.

Which investor profile is LBO suitable for?

LBO accessible to retail investors suits an investor who has already built an emergency savings buffer and a base of liquid assets. It is aimed at a long investment horizon, of at least 5 to 10 years.

The investor who is starting out or testing the asset class

An investor with a small amount of capital or wishing to test LBO will favour a low ticket platform such as Fundora, which allows entry from 100 euros. This approach makes it possible to diversify across several strategies without tying up a large sum.

The wealth investor

A wealth investor aiming for a large allocation can turn to Altaroc or Moonfare, whose tickets of 50,000 to 100,000 euros give access to vintages or international funds. An investor seeking a fully delegated global management, where private equity is only one component among others, will find an integrated approach at Ramify from 1,000 euros.

Frequently asked questions