France Invest / Grant Thornton Report March 2024

France Invest and Grant Thornton provide us with a detailed analysis of the activity of private equity players in France each year.
They highlight several key aspects of the market, including capital raisings, investments, disposals and the activity of infrastructure funds.

In 2023, despite more complicated economic conditions, capital raising reached a high level, buoyed by a very active 2nd half.

Infrastructure funds, individuals and family offices remain very active private equity investors, concentrating 23% of capital raised in 2023. Investments, after two years of decline, picked up again in the 2nd half of 2023, a sign of the strength and resilience of the French market. On the other hand, disposals are down in 2023, in terms of both volume and value, against a backdrop of longer lead times and more difficult financing conditions.

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Business Angel activity saw a sharp rise in investments, particularly in refinancing, with a sector breakdown marked by an increase in investments in the healthcare sector. In addition, the size of investments focused more on tickets over €200k, confirming a progression of more numerous and higher tickets above this threshold.

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In conclusion, private equity activity in France in 2023 reflects market resilience, despite more complex economic conditions. Capital raisings and investments maintained a high level, although disposals were down. In addition, Business Angels' activity recorded a strong increase in investments, particularly in refinancing, with a predominance of investments in the healthcare sector.

👉 These trends indicate an effective adaptation of the private equity market to a changing economic environment, underlining its robustness and ability to seize new investment opportunities.

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