I want to replace my life insurance with private equity: which platform should I invest with?

In short:

1. Replacing a French life insurance policy with private equity only makes sense partially: life insurance keeps four advantages unlisted assets do not offer, namely the euro fund guarantee (2.6% paid in 2025), availability, social charges kept at 17.2% in 2026 and an estate allowance of 152,500 euros per beneficiary.
2. Three routes exist: stay in the euro fund, hold unlisted unit-linked funds inside the policy (Ramify, Altaroc’s evergreen fund), or make a partial withdrawal to subscribe directly on a platform (Fundora, Moonfare, Altaroc directly).
3. Fundora is a direct route: subscriptions pooled in an FPCI combined with an SPV, sharply lowered entry threshold, management under mandate by Kyoseil Asset Management, AMF-authorised (GP-99040). Moonfare starts at 50,000 euros, Altaroc at 100,000 euros directly.
4. On a policy older than eight years, a 20,000 euro partial withdrawal containing 4,615 euros of gains costs about 794 euros in social charges for a single person, with the 4,600 euro allowance covering income tax. French private equity delivered a 10.7% net annual IRR over ten years to the end of 2025 according to France Invest and EY.

Comparison table: three ways to move from life insurance to private equity

The table sums up the trade-off between private equity and life insurance for a saver looking to boost a policy. The right-hand column is the only one that amounts to actually replacing part of the policy, since the whole reallocated amount works in unlisted assets. The first two columns keep the wrapper and its advantages, at the cost of limited or zero exposure.

What life insurance provides that private equity does not replace

The urge to leave life insurance almost always comes from euro fund returns. They paid 2.6% on average in 2025, net of management fees and before social charges, for the third year running according to France Assureurs, and 2.63% according to the ACPR. Net inflows into French life insurance nonetheless reached 50.6 billion euros in 2025, a sign that the wrapper remains the bedrock of French savings.

Four advantages worth keeping

France’s 2026 Social Security financing law raised the CSG on capital income, bringing social charges to 18.6%, but explicitly excluded life insurance from the increase. The tax gap between the wrapper and an investment held directly has therefore widened this year.

A detailed comparison of wrappers is available in the analysis PEA vs life insurance, and a ranking of policies in the guide to the best life insurance in 2026.

What private equity brings in return

French private equity shows a 10.7% net IRR per year over ten years to the end of 2025, against 9.5% for the CAC 40 over the same period. Correlation with listed markets remains low, and the asset class gives access to growing companies absent from the stock market.

“The IRR stands at 10.8% net per year since inception and 10.7% over a ten-year horizon, against 9.5% for the CAC 40 over the same period.” France Invest and EY, study on the net performance of French private equity at the end of 2025, June 2026

That average covers very wide dispersion. Top-quartile funds exceed a 20% net IRR while the bottom quartile ends in negative territory. The quality of fund selection therefore matters more than the decision to invest in the asset class.

The real cost of a partial exit from life insurance

There is no transfer from a French life insurance policy into a private equity fund. The exit goes through a withdrawal, of which only the gains portion is taxed. The calculation follows a simple ratio: gains in the withdrawal equal the amount withdrawn multiplied by total gains, divided by the policy value.

Worked example on a policy older than eight years

For a couple taxed jointly, the allowance rises to 9,200 euros and fully covers income tax on this withdrawal. Social charges are not due a second time on the euro fund portion already charged each year, which often reduces the actual bill.

Spreading the withdrawal over several years

The allowance renews every calendar year. A saver who wants to reallocate 40,000 euros therefore benefits from splitting the withdrawal over two tax years, which doubles the allowance used. This split fits private equity well, where spreading subscriptions over several vintages reduces dependence on a single deployment year.

A full withdrawal should be avoided in most cases. It loses the policy’s opening date, and with it the eight-year tax seniority and, for contributions made before age 70, the estate framework.

Fundora, the platform for the private equity pocket outside life insurance

For the partial withdrawal followed by a direct subscription, Fundora is a platform giving fully unlisted exposure with a sharply lowered entry threshold. A French platform reporting more than 40,000 users and more than 80 million euros raised, it selects private equity funds from the global top quartile and presents its strategies on the Fundora website.

The mechanism relies on pooling. Subscriptions from several investors are grouped in an FPCI combined with an SPV, which invests directly in the target funds. Institutional funds usually require 200,000 euros to 1 million euros per commitment. With this structure, the entry threshold is sharply lowered, the minimum amount varying with the strategy open for subscription.

Fundora identifies and offers the strategies, while actual management is carried out by Kyoseil Asset Management under a mandate. Kyoseil AM is a portfolio management company authorised by the AMF under number GP-99040.

What this route changes compared with a unit-linked fund

• 100% of the reallocated amount is invested in unlisted assets, against a fraction of the policy with a unit-linked fund.
• No insurance wrapper fees on top of fund fees.
• Diversification possible with limited capital: more than 35 strategies offered since launch, across venture, growth, LBO, secondaries and private debt, with target multiples of 2.5x to 4x depending on the strategy.
• Trade-off: capital locked for five to ten years, standard tax on capital gains and no capital guarantee.

The head-to-head between the two platform models is detailed in the comparison Fundora vs Ramify for private equity.

Other platforms depending on the chosen route

To stay within life insurance: Ramify and Altaroc’s evergreen fund

Ramify lists unlisted funds from 1,000 euros and offers an Elite managed portfolio from 10,000 euros, through life insurance, PER or a securities account. Altaroc has designed an evergreen fund intended for life insurance and PER. These solutions keep the estate allowance and the 17.2% social charges, with progressive exposure to unlisted assets within the policy.

For larger portfolios: Moonfare and Altaroc Odyssey

Moonfare opens funds run by major international managers through feeder funds, from 50,000 euros. Altaroc launches an annual Odyssey multi-fund vintage, from 100,000 euros directly. Moonfare and Altaroc Odyssey suit investors with substantial financial wealth.

The full landscape of players is covered in the comparison of private equity platforms for retail investors in France.

What share of a life insurance policy to reallocate by profile

These ranges are indicative and calculated on total financial wealth, not on the life insurance policy alone. The reasoning matches the one detailed for investing in private equity for retirement, where the exit horizon determines the bearable share.

Mistakes to avoid

• Closing a policy older than eight years to fund an unlisted investment.
• Reallocating emergency savings or money for a project due within ten years.
• Comparing the euro fund return with a target multiple without accounting for the guarantee and liquidity.
• Choosing a platform on entry ticket alone, without checking the share actually invested in unlisted assets or the asset manager’s authorisation.
• Concentrating everything on a single strategy or vintage.

Frequently asked questions