How many portfolio companies does Astorg have?

Astorg has 40 active portfolio companies and 44 completed exits and 10 funds tracked on GP Intel.

Where is Astorg headquartered?

Astorg is headquartered in Paris, France.

What is Astorg's assets under management?

Astorg manages approximately €24.0B in assets under management.

What are Astorg's recent exits?

Recent realized exits by Astorg include: ERT (1) (2026) to Thermo Fisher Scientific; Clario (2026) to Thermo Fisher Scientific; Anaqua (2025) to Nordic Capital; Acturis (2024) to Astorg VIII; Normec (2024) to CVC Secondary Partners / Pantheon / Lexington Partners / Eurazeo; IQ-EQ (2022) to IQ-EQ Continuation Fund (AlpInvest / Goldman Sachs Asset Management); IQEQ (2022) to Astorg IQ-EQ Continuation Fund; AutoForm (2021) to Carlyle.

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Astorg

Paris, France·astorg.com

AUM

€24.0B

Funds

vintages 1999–2024

Portfolio

Exits

Astorg is a Paris private equity firm with €24.0B AUM, 40 active companies and 44 exits.

Key takeaways

·10 exits in the last 5 years · consistent DPI cadence.
·Average hold across 43 realized deals: 5 years.
·Fund cadence: ~3Y between vintages · last raise 2024.

Sector breakdown

84 companies

MedTech

18 · 21%

Business Services

18 · 21%

Industrials

11 · 13%

TMT

10 · 12%

Construction

5 · 6%

HealthTech

4 · 5%

Aerospace & Defence

3 · 4%

SaaS

3 · 4%

Geography breakdown

7 geographies

France

72 · 86%

5 · 6%

Netherlands

2 · 2%

Luxembourg

2 · 2%

1 · 1%

Germany

1 · 1%

Belgium

1 · 1%

Key facts

HQParis, France

Websiteastorg.com

Recent exits

Astorg sold ERT (1) to Thermo Fisher Scientific in 2026 after 7 years.

Astorg sold Clario to Thermo Fisher Scientific in 2026 after 10 years.

Astorg sold Anaqua to Nordic Capital in 2025 after 6 years.

Astorg sold Acturis to Astorg VIII in 2024 after 5 years.

Coverage notes

10 funds tracked, 84 portfolio companies (40 active · 44 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Astorg has raised, with its portfolio companies. Hand-checked from public filings.

10 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Astorg Normec Continuation Fund

Buyout2024€1.4B4 assets

Buyout

2024 · 2yr

€1.4B

–

Unrealized

4 held

Company	Entry
Independence Products MedTech · UK	2025
Lebronze Alloys Aerospace & Defence · France	2025
Normec Business Services · Netherlands	2024
Steliau Technology TMT · France	2024

Astorg VIII

Buyout2023€4.4B11 assets

Buyout

2023 · 3yr

€4.4B

–

Unrealized

11 held

Company	Entry
Acturis TMT · France	2024
Fastmarkets Business Services · France	2023
Hamilton Thorne MedTech · US	2024
hg medical GmbH MedTech · Germany	2023
IPL MedTech · France	2026
LBA - Lebronze alloys Industrials · France	2025
Nexpring Health MedTech · US	2024
Redslim TMT · France	2025
Sofico SaaS · France	2024
Solabia Industrials · France	2025
Thermo Fisher Microbiology Division MedTech · US	2026

Astorg IQ-EQ Continuation Fund

Buyout2022€1.3B1 assets

Buyout

2022 · 4yr

€1.3B

–

Unrealized

1 held

Company	Entry
Iq-eq Business Services · Luxembourg	2022

Astorg Mid-Cap

Buyout2022€1.3B10 assets

Buyout

2022 · 4yr

€1.3B

–

Unrealized

10 held

Company	Entry
Armor-iimak Industrials · France	2022
Attikon Business Services · France	2025
Avania MedTech · France	2022
Barkene Business Services · France	2026
CordenPharma Pharma · France	2022
EcoVadis SaaS · France	2022
hg medical MedTech · France	2023
Ipcom Industrials · France	2022
OPEN Health HealthTech · France	2022
Steliau Business Services · France	2024

Astorg VII

Buyout2019€4.2B11 assets5 exits

Buyout

2019 · 7yr

€4.2B

Unrealized

11 held

Company	Entry
Corialis Construction · Belgium	2021
Corsearch TMT · France	2021
Cytel HealthTech · France	2021
Demetra MedTech · France	2021
Fenergo TMT · France	2021
LGC MedTech · France	2020
Nemera MedTech · France	2019
Opus 2 TMT · France	2021
Solina Business Services · France	2021
Third Bridge Business Services · France	2021
Xceptor Fintech · France	2021

Realized

5 exits

Company	Entry	Exit	Type	Buyer	MOIC
Acturis TMT · France	2019	2024	Continuation Vehicle	Astorg VIII	–
Anaqua SaaS · France	2019	2025	Secondary	Nordic Capital	–
ERT (1) HealthTech · US	2019	2026	Trade Sale	Thermo Fisher Scientific	–
Iq-eq Business Services · France	2022	2022	Continuation Vehicle	IQ-EQ Continuation Fund (AlpInvest / Goldman Sachs Asset Management)	–
Normec Business Services · Netherlands	2020	2024	Continuation Vehicle	CVC Secondary Partners / Pantheon / Lexington Partners / Eurazeo	–

Astorg VI

Buyout2016€2.1B3 assets8 exits

Buyout

2016 · 10yr

€2.1B

Unrealized

3 held

Company	Entry
Echosens MedTech · France	2018
IGM Resins Industrials · France	2018
SGG Financials · Luxembourg	2016

Realized

8 exits

Company	Entry	Exit	Type	Buyer	MOIC
Aries Alliance Aerospace & Defence · France	2018	2020	Trade Sale	Ace Aéro Partenaires (Ace Management)	–
Audiotonix Industrials · France	2017	2020	Secondary	Ardian	–
AutoForm TMT · France	2016	2021	Secondary	Carlyle	–
Clario HealthTech · US	2016	2026	Trade Sale	Thermo Fisher Scientific	–
Flowbird TMT · France	2016	2021	Secondary	Searchlight Capital Partners	–
HRA Pharma Pharma · France	2016	2021	Trade Sale	Perrigo Company	–
IQEQ Business Services · France	2016	2022	Continuation Vehicle	Astorg IQ-EQ Continuation Fund	–
Surfaces Group Construction · France	2017	2020	Secondary	TA Associates	–

Astorg V

Buyout2011€1.1B0 assets7 exits

Buyout

2011 · 15yr

€1.1B

Realized

7 exits

Company	Entry	Exit	Type	Buyer	MOIC
Kerneos Construction · France	2014	2017	Trade Sale	Imerys	–
Linxens Industrials · France	2011	2018	Trade Sale	Tsinghua Unigroup	–
M7 Group Telecom · France	2014	2019	Trade Sale	Canal+ (Vivendi)	–
Megadyne Industrials · France	2014	2018	Secondary	Partners Group	–
Metrologic Group TMT · France	2015	2018	Trade Sale	Sandvik	–
Saverglass Industrials · France	2011	2016	Secondary	Carlyle	–
Sebia MedTech · France	2014	2018	Secondary	CVC Capital Partners / CDPQ / Tethys	–

Astorg IV

Buyout2007€800M0 assets9 exits

Buyout

2007 · 19yr

€800M

Realized

9 exits

Company	Entry	Exit	Type	Buyer	MOIC
Ethypharm MedTech · France	2007	2016	Secondary	PAI Partners	–
Gras Savoye Business Services · France	2009	2015	Trade Sale	Willis Group Holdings	–
Metalor Industrials · France	2009	2016	Trade Sale	Tanaka Kikinzoku Kogyo	–
OGF Business Services · France	2007	2013	Secondary	Pamplona Capital Management	–
Photonis Aerospace & Defence · France	2008	2011	Secondary	Ardian (ex-AXA Private Equity)	–
SCT Telecom · France	2007	2011	Secondary	Management backed by TIP Gestion	–
Sebia MedTech · France	2010	2014	–	–	–
Trescal Business Services · France	2007	2010	Secondary	3i and TCR Capital	–
Webhelp IT Services · France	2007	2011	Secondary	Charterhouse Capital Partners	–

Astorg III

Buyout2003€300M0 assets6 exits

Buyout

2003 · 23yr

€300M

Realized

6 exits

Company	Entry	Exit	Type	Buyer	MOIC
CIS Business Services · France	2004	2006	Trade Sale	Ista International GmbH	–
Geoservices Business Services · France	2005	2010	Trade Sale	Schlumberger	–
Mecatherm Industrials · France	2003	2006	Secondary	Alpha Associes	–
Onduline Construction · France	2006	2017	Secondary	Naxicap Partners	–
Sebia MedTech · France	2006	2010	–	–	–
Staci Logistics · France	2006	2014	Secondary	Management backed by Intermediate Capital Group	–

Astorg II

Buyout1999€185M0 assets9 exits

Buyout

1999 · 27yr

€185M

Realized

9 exits

Company	Entry	Exit	Type	Buyer	MOIC
Animalis Consumer · France	1999	2003	–	–	–
Cerba Healthcare MedTech · France	2002	2006	Secondary	Industri Kapital	–
Frans Bonhomme Construction · France	2000	2003	Secondary	Apax Partners	–
Lowendal Business Services · France	2001	2004	Secondary	AXA Private Equity	–
Picard Consumer · France	2001	2004	Secondary	BC Partners + Intermediate Capital Group	–
Pizza Pino Hospitality · France	1999	2008	MBO	Lucien Urano / Andre Sfez (founder)	–
RLD Business Services · France	1999	2006	Secondary	Sagard	–
Sebia MedTech · France	2001	2006	Secondary	Montagu Private Equity	–
Un Jour Ailleurs Consumer · France	2002	2006	Secondary	Atria Capital Partenaires	–

About Astorg

Astorg is a leading European mid-market private equity firm with €23.0 billion of assets under management as of December 2024, headquartered in Paris with offices in London, Luxembourg, Milan, Munich, New York and Frankfurt. The firm was founded in 1998 as a spinoff from Suez Group, becoming partner-owned and independent through subsequent management transitions. Astorg focuses on building lasting global leaders in selected sectors through majority and significant minority equity investments, typically held for five to seven years across successive flagship fund vintages.

Investment thesis

Astorg targets European mid-market and upper-mid-market companies with €300 million to €2 billion in enterprise value, deploying equity tickets between €150 million and €700 million per transaction. The firm's sector focus has consolidated around B2B services, healthcare, technology and selected industrial niches, with dedicated sector teams driving thematic origination and value creation. Astorg also operates complementary strategies including Mid-Cap and Co-Investment vehicles, plus a continuation-fund capability to extend ownership of high-conviction assets beyond traditional fund duration.

Recent activity

Recent realised exits include Clario (healthcare, 2026), Anaqua (TMT, 2025), Acturis (TMT, 2024) and Normec (business services, 2024), reflecting active distribution momentum across the healthcare and software franchises. The platform tracks 10 funds, 34 active portfolio companies and 44 realised exits, with ongoing deployment from the latest flagship vintage across European target geographies.

Frequently asked questions

How many portfolio companies does Astorg have?: Astorg has 40 active portfolio companies and 44 completed exits and 10 funds tracked on GP Intel.
Where is Astorg headquartered?: Astorg is headquartered in Paris, France.
What is Astorg's assets under management?: Astorg manages approximately €24.0B in assets under management.
What are Astorg's recent exits?: Recent realized exits by Astorg include: ERT (1) (2026) to Thermo Fisher Scientific; Clario (2026) to Thermo Fisher Scientific; Anaqua (2025) to Nordic Capital; Acturis (2024) to Astorg VIII; Normec (2024) to CVC Secondary Partners / Pantheon / Lexington Partners / Eurazeo; IQ-EQ (2022) to IQ-EQ Continuation Fund (AlpInvest / Goldman Sachs Asset Management); IQEQ (2022) to Astorg IQ-EQ Continuation Fund; AutoForm (2021) to Carlyle.