AXA IM Prime, through its GP stake strategy, and Patria GPMS to take a minority stake in Latour Capital to accompany its continued development and success

• The aim of the investment is to accelerate the development of Latour Capital, an investment firm specializing in European mid-cap private equity, by leveraging the complementary resources and expertise of AXA IM Prime and Patria Investments.

Paris, 22nd January 2025 - AXA IM Prime, through its GP¹  Stake strategy, and Patria Investments, via its Global Private Market Solutions platform (“Patria GPMS”) on behalf of its clients, have entered into an agreement to acquire a c.15% equity stake, each, in Latour Capital (“Latour”), an investment firm specializing in European mid-cap private equity, with over €4 billion²  of AUM.

AXA IM Prime, the private markets platform of AXA IM, with c.€40 billion³  of AUM across all private markets, and Patria GPMS, a historical investor in Latour with a total AUM over US$12 billion⁴ , will bring together their extensive expertise and resources to help accelerate Latour’s development. Some of the capabilities that will be deployed to support Latour’s expansion include an in-depth view of the market, industry know-how and multi-sector exposure to primary and secondary investments as well as co-investments, and international operational capabilities.

As a recognized player in the European mid-cap private equity market, Latour manages c. €4 billion of assets for large institutional investors. Created in 2011, with a strong entrepreneurial mindset and significant operational expertise, Latour’s team of 30 professionals, of which 10 partners, focus on adding value and accompanying the growth of the many mid-cap companies they have invested in, for over more than a decade.

Latour is currently deploying its fourth vintage fund, which closed at €1.2 billion of AUM⁵ . Latour will continue to operate independently, led by its current Management team, whilst keeping full autonomy of investment decision making.

"We are delighted to start this new chapter of growth for Latour Capital with two teams that we know well and that appeal to us through their dynamism, their perfect understanding of the new challenges in the world of private equity and their human values. With their complimentary support, Latour Capital will be even better equipped for the future." said Cédric Bannel and Philippe Leoni, Founding Partners at Latour.

Gilles Dusaintpère, Head of AXA IM Prime GP Stake Investments at AXA IM said: “We are proud and excited to partner with Latour Capital. Our decision to take this minority stake, together with Patria Investments, was based on Latour Capital’s track record, its entrepreneurial mindset as well as its deep operational expertise and commitment to sustainable value creation. Latour Capital’s approach to generating performance over the long term includes integration of ESG⁶  considerations at every step of the investment process, which aligns closely with our own values. This partnership reflects our confidence in Latour Capital’s talented team and their focus on driving long-term value creation for their clients and portfolio companies. We look forward to supporting their continued development and success as they capitalise on new opportunities in the market.”

Alistair Watson, Partner and Deputy Head of Private Equity at Patria GPMS said: “As long-term investors in Latour funds, we have been consistently impressed with their operational and entrepreneurial mindset. From inception, this mindset is what has set them apart in the market. We see this joint investment as a highly attractive and strategically aligned opportunity for Patria GPMS and our clients, given our proven track record of investing in European mid-market private equity, and our longstanding experience in backing leading managers in this space. Together with AXA IM Prime, we bring an international perspective and deep understanding of global private markets trends, and are looking forward to working closely to support Latour as the firm develops in the coming years.”

AXA IM Prime’s GP Stake investment team aims at identifying blue-chip private market players that it can invest in, to accompany them in their development and provide them with access to AXA IM Prime’s wider platform including strategic and operational expertise. The partnerships take the form of minority equity investments, with the GPs remaining independent in their day-to-day management as well as in their investment processes.

Patria GPMS is a global mid-market private equity specialized division offering an integrated platform across primaries, secondaries and co-investments. The platform and its respective team, which were formed in 2024 following the completion of the acquisition of abrdn’s private equity solutions business by Patria Investments, has held a decade-long relationship with Latour as a limited partner and co-investor. The investment in Latour reflects Patria GPMS’ commitment to surfacing attractive, hard to access mid-market opportunities for clients.

Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to occur in the coming months.

All investment involves risk, including the loss of capital. The investment provided above is for illustrative purposes only and is intended to reflect the typical analysis that could be deployed by the strategy. This example does not represent all of the investments made or recommended for the client’s accounts. No representation is made that this investment will be successful.

About Latour Capital

Latour Capital is an independent French asset management company with an entrepreneurial culture and extensive operational experience. With €4bn under management and a team of thirty professionals, Latour is positioned as an active investor, working closely with the management of its portfolio companies.

Focusing on companies with strong growth potential in France and abroad, Latour Capital benefits from the strategic vision of its two active founding partners, Cédric Bannel (founder of Caradisiac.com) and Philippe Leoni (Chairman and CEO of the Spir group for 13 years and co-founder of Leboncoin website, among others), who have brought together a team of Partners with solid operational experience. Latour Capital thus highlights the specialised expertise of its team, with 50% of its partnership now made up of former managers, contributing to the development and growth of its portfolio companies.

For more information: www.latour-capital.com

About Patria Investments

Crafting attractive returns for its clients and building a legacy in the regions where  it operate, Patria is a leading alternative investment firm with over 35 years of history specialized in key sectors. Its unique approach combines the knowledge from macro analysts, operating partners and on the ground team. With over US$40 billion pro forma assets under management and a global presence, it aims to provide consistent returns in attractive long-term investment opportunities while creating sustainable value for society.

Asset classes: Private Equity, Infrastructure, Credit, Public Equities, Real Estate and Global Private Market Solutions

Investment Regions: Latin America, Europe and United States

For more information: www.patria.com

About AXA IM Prime

Launched in 2022, AXA IM Prime is the Private Markets Enabler and Hedge Funds platform of AXA IM with c. €40 billion of assets under management as at the end of September 2024. It offers global and diversified private market solutions through primaries, secondaries and co-investments across private equity, infrastructure equity, private debt and hedge funds.

As both a principal investor and a General Partner, AXA IM Prime holds a deep understanding of client needs and offers a differentiated, global perspective of the investment world. It aims to create sustainable value for its clients, integrating ESG practices and encouraging ESG best practices within the industry.

Visit our website: https://www.axa-im.com/prime

About AXA Investment Managers

AXA Investment Managers (AXA IM) is a leading global asset manager offering a diverse range of global investment opportunities in both alternative and traditional asset classes. Through our products we aim to diversify and grow portfolios, while delivering long-term investment performance and value for clients.

AXA IM manages approximately €869 billion in assets*, and has €480 billion of ESG-integrated, sustainable or impact assets**. Our purpose is to act for human progress by investing for what matters. As a responsible asset manager, we are committed to integrating ESG principles across our business, from stock selection to our corporate actions and culture.

Part of the AXA Group, a worldwide leader in insurance and asset management, AXA IM employs over 2,800 employees and operates from 23 offices in 18 countries globally**.

*As at the end of September 2024, including non-consolidated entities.

** As at the end of December 2023.

Visit our website: www.axa-im.com 

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