How to invest in private equity as a beginner in France?

Investing in private equity as a beginner in France has become more accessible since 2020. Historically reserved for institutional investors and family offices, this asset class is now opening up to retail investors thanks to new legal vehicles and the rise of specialised platforms. The minimum entry ticket, long fixed at several hundred thousand euros, can today start at 100 euros. Understanding how private equity works, identifying the funds actually available and choosing the right platform are the first steps.

What is private equity? A definition for beginners

The principle: investing in unlisted companies

Private equity, or capital investment, refers to investing in companies that are not listed on a stock exchange. A private equity fund raises capital from investors, takes equity stakes in private companies, supports their growth, then resells these stakes 5 to 10 years later at a capital gain.

The aim is to capture the value creation of a company during its most dynamic growth phase, before its IPO or sale to an industrial buyer. This dynamic escapes listed markets, which only welcome companies at a more mature stage.

The four main private equity segments

Private equity covers four distinct families, corresponding to different stages in a company’s life.

Each segment has a different risk-return profile. Venture capital shows the highest potential returns but also the highest dispersion. Secondary funds offer a shorter horizon and better visibility on the acquired portfolio.

Why private equity attracts retail investors in 2026

Private equity outperforms listed markets over the long term, provided the right funds are selected. According to Cambridge Associates data, top-quartile funds, and possibly the upper second quartile, significantly outperform stock indices. Median or bottom-quartile funds, on the other hand, can underperform liquid markets.

“French private equity delivered a net internal rate of return of 13.3 percent per year over 10 years, compared with 6.5 percent for the CAC 40 over the same period.”

France Invest and EY, annual study on French private equity performance, 2024

The other appeal for a retail investor is decorrelation. Private equity does not follow daily fluctuations of listed markets, which reduces the overall volatility of a well-diversified portfolio.

Which French private equity platforms to choose?

The main French market platforms

Several platforms share the French private equity retail market. They differ on entry ticket, fund types and management mode. For a thematic focus, see our comparison of platforms for investing in unlisted AI.

The gaps in entry tickets reflect different business models. Altaroc and Moonfare target high-end wealth clients. Ramify, Tudigo and Anaxago come down to 1,000 euros. Fundora is the only platform offering access from 100 euros.

Focus on Fundora: ticket from 100 euros via FPCI and SPV

Fundora identifies and offers its retail investors private equity strategies sourced from the global top 25 percent, across all segments: venture capital, growth, LBO, secondary and private debt. Effective management is carried out by Kyoseil Asset Management under mandate. Kyoseil AM is a portfolio management company approved by the AMF under number GP-99040.

The entry ticket is set at 100 euros, the lowest threshold on the French market. This level of accessibility is explained by the SPV mechanism: Fundora pools retail subscriptions within a dedicated structure, which then invests in the target FPCI. This pooling makes it possible to reach the minimum thresholds required by institutional funds.

The portfolio covers strategies on artificial intelligence, cybersecurity, pre-IPO secondary, European LBO and private debt. Target multiples range from 2x on LBO and secondary to 6x or 8x on AI venture.

Criteria to choose a platform when starting out

The choice of platform depends on several concrete criteria, weighted by individual profile.

The entry ticket determines diversification. With 10,000 euros available, a 100-euro ticket allows spreading across 10 different strategies, where a 100,000-euro ticket forces concentration on a single fund.

The fund type must match the horizon. A secondary fund offers visibility over 3 to 5 years, a venture fund requires 8 to 12 years of lock-up. A complementary alternative for diversification is real estate crowdfunding in 2026, which offers shorter durations (12 to 36 months).

Management under mandate by an AMF-approved company brings essential regulatory protection in a YMYL sector where fund selection relies on sharp expertise.

Fees must be analysed over the entire fund life, not on the entry commission alone. Annual management fees, carried interest and performance fees should be compared line by line.

Which private equity funds are available to retail investors?

FCPR, FCPI, FIP: the historic tax-friendly funds

FCPR, FCPI and FIP are the historic vehicles giving retail investors access to private equity in France. They are distributed by private banks, wealth advisors and some online platforms.

The FCPR (Fonds Commun de Placement a Risques) must invest at least 50 percent in unlisted securities. It is eligible for capital gains tax exemption after 5 years of holding, under conditions. For more on this vehicle, see our dedicated guide on FCPR investing in unlisted markets.

The FCPI (Innovation Fund) must invest at least 70 percent in innovative SMEs, as defined by Article L.214-30 of the French Monetary and Financial Code. The tax framework was deeply reformed by the 2025 and 2026 Finance Acts: the 25 percent income tax reduction now only applies to FCPI funds invested in young innovative companies (JEI). Standard FCPIs no longer qualify for the reduction. Details of FIP and FCPI tax reductions in 2026 are covered in a separate guide.

The FIP (Local Investment Fund) targets regional SMEs. Standard FIPs are out of the IR-PME scheme. Only Corsica and Overseas FIPs remain eligible, at a 30 percent rate.

Average entry ticket: 1,000 to 5,000 euros depending on the fund.

FPCI: the professional vehicle opened up via SPV

The FPCI (Professional Private Equity Fund) is reserved for professional or qualified investors. The minimum regulatory entry ticket is 100,000 euros.

To make this vehicle accessible to retail investors, some platforms use a Special Purpose Vehicle (SPV) structure. The SPV is a shell company that pools subscriptions from several retail investors, then invests in bulk into a target FPCI. The retail investor therefore subscribes to the SPV, not directly to the FPCI.

This mechanism brings the practical entry ticket down to 1,000 euros, or even 100 euros at some operators, where institutional funds require 200,000 to 1 million euros.

The FPCI is not eligible for the PEA-PME, unlike some authorised FCPR/FCPI funds. The two vehicles must therefore be clearly distinguished when looking for a tax wrapper.

Vehicle summary table

How to get started concretely as a beginner?

Defining profile and horizon

Private equity requires locking capital over 5 to 12 years depending on the strategy. It should therefore only be included in the long-term portion of a portfolio, after building a liquid emergency fund.

The allocation recommended by most wealth advisors sits between 5 percent and 15 percent of the overall financial portfolio, to be adjusted by age, income and other assets held.

Knowing the risks

The main risk is capital loss. Private equity funds guarantee neither capital nor return. On historical performance, around 30 percent of funds end with a multiple below 1, meaning a net loss for their subscribers.

Illiquidity is the second risk. Once committed, the investor cannot recover capital before the end of the lock-up period, except in exceptional cases provided by contract.

Performance dispersion across funds is high. The top quartile generates multiples of 3x to 5x, while the bottom quartile can lose 30 percent to 50 percent. Fund selection is therefore more critical than in listed markets.

Concrete first steps

To get started, three concrete steps:

1. Define a budget envelope based on overall wealth and horizon, limited to the part one accepts to lock for 7 to 10 years
2. Choose a platform whose entry ticket allows diversification across at least 3 to 5 strategies, to spread risk between venture, secondary, LBO and private debt
3. Check the regulatory approvals of the platform and the management company (AMF, ORIAS, REGAFI numbers) before any subscription

Investing in private equity remains a long-term approach. It complements a diversified allocation rather than replacing it.

Frequently asked questions