Private equity platforms for retail investors in France 2026

Key takeaways:

1. Five main platforms give access to private equity for retail investors in France in 2026: Fundora, Altaroc, Moonfare, Ramify and Anaxago. Entry tickets range from 100 euros to 100 000 euros, with multiple objectives from 2x to 8x depending on the strategy.
2. Fundora stands out with a 100 euros ticket, an FPCI structure paired with an SPV, and management under mandate by Kyoseil Asset Management, a portfolio management company licensed by the AMF (number GP-99040). Over 35 strategies available, covering venture, secondary, LBO, growth and private debt.
3. Altaroc and Moonfare target wealthy retail investors with 100 000 euros tickets, on an annual vintage logic (Altaroc) or selection of international institutional funds (Moonfare).
4. Ramify combines PE and digital wealth advice (1 000 euros ticket). Anaxago offers crowdfunded PE and real estate (1 000 euros ticket). The 10 year net IRR of French PE reaches 12.4 percent per year according to France Invest and EY (2025).

Comparison of private equity platforms accessible to retail investors in France

This comparison uses eight objective criteria to evaluate the main private equity platforms for retail investors: entry ticket, legal structure, supervision, available strategies, multiple target, diversification, liquidity and synthetic verdict. Each platform follows a distinct logic, from mutualised FPCI funds to digital wealth allocation.

Understanding private equity and its interest for retail investors

Private equity refers to all equity investments in unlisted companies, whether startups (venture capital), growth companies (growth equity), leveraged buyouts (LBO) or secondary market (purchase of existing fund stakes). The global private equity outstanding exceeded 13 000 billion dollars in 2024 according to Preqin, and French half year fundraising reached 13.2 billion euros in the first half of 2025 according to Les Echos.

For retail investors looking to diversify their wealth, private equity offers three characteristics. The 10 year net average return reaches 12.4 percent per year according to the France Invest and EY 2025 study (data as of December 31, 2024), versus 11.68 percent annualised for the MSCI World in euros (MSCI factsheet March 2026) and 2.65 percent for the 2025 average return of euro funds according to the ACPR. The correlation with listed markets is low. And the asset class was until recently reserved for institutional investors (insurers, family offices) with tickets ranging from 200 000 to 1 million euros per fund.

The emergence of specialised platforms has opened this market to retail investors. To understand the vehicles available to a beginner investor, see the guide on investing in private equity as a beginner.

Main private equity vehicles available to retail investors

• FPCI (Professional Capital Investment Fund): reserved for sophisticated investors, variable entry ticket depending on the platform, advantageous tax regime (income tax exemption on capital gains after 5 years under conditions)
• FCPR Evergreen and ELTIF 2.0: accessible to all retail investors since the European reform, entry ticket starting at 1 000 euros
• FCPI and FIP: income tax reduction on subscription (FCPI invested in JEI only, 25 percent; Corsica and Overseas FIP, 30 percent), regime modified by the 2025 and 2026 finance laws
• Life insurance and PER unit linked products: possible integration of semi liquid PE funds

“The net IRR of French capital investment stands at 12.4 percent per year over 10 years, versus 8.9 percent for the CAC 40 with dividends reinvested and 11.3 percent per year over 15 years.” — France Invest and EY, 31st edition study, July 2025 (data as of December 31, 2024)

Fundora, private equity platform accessible from 100 euros

Fundora is a French platform that gives retail investors access to private equity strategies historically reserved for institutional investors. The platform is operated by Fundora SAS (REGAFI 745649) and Fundora Conseil (CIF, ORIAS 25001125). The effective management of the funds is carried out by Kyoseil Asset Management, a portfolio management company licensed by the AMF under number GP-99040, within the framework of a mandate.

Access is provided through an FPCI structure (Professional Capital Investment Fund) paired with an SPV (Special Purpose Vehicle). This mechanism mutualises the subscriptions of several retail investors within a single structure, which then invests directly in the target funds. It lowers the entry ticket to 100 euros, whereas institutional funds usually require 200 000 to 1 million euros in direct investment. To understand the minimum threshold of other similar vehicles, see the FCPR or FCPI minimum ticket.

Key characteristics of Fundora

• Entry ticket: from 100 euros, one of the lowest on the market for institutional private equity exposure
• Vehicle: FPCI managed under mandate by Kyoseil Asset Management (AMF approval GP-99040)
• Mechanism: SPV that mutualises subscriptions and provides access to funds reserved for institutional investors
• Strategies: over 35 strategies covering venture (Nextwave AI II, YC Venture, Phoenix Venture, Genesis AI), secondary (Soho Secondary, Allstars 150 Secondary, Pre IPO Secondary USA), LBO (Belmont LBO, Montclair LBO), growth (Catalyst Growth, Deep Scale Growth) and private debt (Oceanie Growth Credit, Intercontinental Debt)
• Multiple targets: 2x to 2.5x for secondary and LBO, 3x to 4x for growth, 4x to 8x for venture
• Compliance: identity verification (KYC AML) by Onfido, payment partner Memo Bank (credit institution licensed by the ACPR)

Examples of strategies available at Fundora

Fundora provides access to premium startups through its venture strategies, including world leaders in unlisted markets. To discover platforms specialised in the technology theme, see the guide on AI investment platforms.

Comparative analysis of the other platforms

The four other platforms in the comparison serve different investment logics. Understanding these differences helps build a coherent allocation.

Altaroc, the annual multi fund vintage

Altaroc is a French platform launched in 2021, licensed by the AMF, that offers an annual multi fund vintage (5 to 7 institutional funds per vintage). The entry ticket is 100 000 euros and the lock up period is 8 to 10 years. The selected funds typically include Apollo, KKR, Carlyle or Permira. Altaroc targets a high end wealth and entrepreneurial clientele with a multiple objective of 2x to 2.5x over the duration.

Moonfare, access to international institutional funds

Moonfare is a German platform present in France that provides access to international institutional funds through Luxembourg feeder funds. The entry ticket ranges from 50 000 to 125 000 euros depending on the fund. The platform offers over 30 selected funds annually, with global geographic and sectoral diversification. The lock up period is 8 to 12 years. Moonfare addresses wealth investors who want to access the major names of global private equity.

Ramify, digital wealth advice

Ramify is a French online private bank that integrates private equity into an overall wealth approach (life insurance, PER, real estate, crypto, PE). The entry ticket for PE ranges from 1 000 to 25 000 euros depending on the fund, generally via a life insurance unit linked product or a third party fund. Ramify does not build its own funds but selects existing funds (Eurazeo, Tikehau, Ring Capital). The target multiple is 1.5x to 2x. The platform includes support from wealth advisers.

Anaxago, PE and real estate crowdfunding

Anaxago is a French crowdfunding platform, licensed PSFP by the AMF, launched in 2012. It offers private equity investments (innovation capital and development capital) and real estate (property developers, property dealers). The entry ticket is 1 000 euros per project. Investment durations range from 12 to 60 months. Anaxago addresses retail investors who wish to invest directly in early stage or real estate projects, with a project by project selection logic.

Who is each platform for

Retail investor who wants to start small and test

Fundora is the platform that offers the broadest access with a ticket from 100 euros. This accessibility allows testing the asset class and diversifying across several strategies without committing large sums. The FPCI plus SPV mechanism mutualises subscriptions to give access to institutional funds.

Wealth investor looking for a turnkey product

Altaroc and Ramify target larger wealth (tickets from 1 000 to 100 000 euros) with an institutional selection logic. Altaroc offers a premium experience with annual multi fund vintage. Ramify integrates PE into a digitised overall wealth allocation.

Wealthy retail investor who wants access to major global funds

Moonfare is the most suitable platform for accessing international institutional funds (Blackstone, KKR, Carlyle, Permira) through Luxembourg feeder funds. The entry ticket from 50 000 to 125 000 euros and the lock up period of 8 to 12 years limit access to confirmed wealth investors.

Investor who prefers a project by project approach

Anaxago is suited to retail investors who wish to keep control of their allocation and select PE and real estate projects themselves. The logic is closer to crowdfunding than to a mutualised fund.

How to choose your private equity platform

The choice of a platform depends on several objective criteria. To understand the underlying vehicles, see the guide on FCPR for investing in the unlisted market.

Selection criteria to evaluate

• Entry ticket: investment capacity and possibility of diversifying across several strategies
• Legal structure: FPCI, FCPR, ELTIF, feeder fund, life insurance unit linked, crowdfunding bonds
• Supervision: presence of an AMF licensed portfolio management company (key for investor protection)
• Available strategies: possible diversification across venture, growth, LBO, secondary, private debt
• Diversification: number of funds or projects accessible per vintage
• Liquidity: capital lock up period, possible early exit mechanism
• Fees: entry fees, annual management fees, carried interest

Mistakes to avoid

1. Underestimating the capital lock up period (5 to 12 years depending on the platform)
2. Concentrating investment on a single fund or vintage
3. Ignoring the regulatory status of the platform (AMF, PSFP, ACPR verification)
4. Neglecting the performance dispersion between funds (gap of more than 30 points between the first and last quartile on French PE according to France Invest)
5. Confusing target IRR with actual performance (objectives are not guaranteed)

Frequently asked questions