Azulis Capital
Key facts
Recent exits
Coverage notes
4 funds tracked, 45 portfolio companies (20 active · 25 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
45 companiesFunds & portfolio
Every fund Azulis Capital has raised, with its portfolio companies. Hand-checked from public filings.
Azulis MMF VIBuyout2021 · 5yr€280M12 active
Unrealized
12 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| TMT |  France | 2025 | |
| Industrials | France | 2023 | |
| Healthcare | France | 2021 | |
| Construction | France | 2022 | |
| Industrials | France | 2021 | |
| Healthcare | France | 2026 | |
| Consumer | France | 2025 | |
| Consumer | France | 2021 | |
| Business Services | France | 2026 | |
| Construction | France | 2024 | |
| Business Services | France | 2021 | |
| Industrials | France | 2023 |
France· Entry 2025France· Entry 2023France· Entry 2021France· Entry 2022France· Entry 2021France· Entry 2026France· Entry 2025France· Entry 2021France· Entry 2026France· Entry 2024France· Entry 2021France· Entry 2023Azulis MMF VBuyoutDivesting2015 · 11yr€215M8 active · 9 realized
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Healthcare | France | 2016 | |
| TMT | France | 2019 | |
| Consumer | France | 2019 | |
| Consumer | France | 2019 | |
| Consumer | France | 2019 | |
| Business Services | France | 2018 | |
| Consumer | France | 2016 | |
| Consumer | France | 2019 |
France· Entry 2016France· Entry 2019France· Entry 2019France· Entry 2019France· Entry 2019France· Entry 2018France· Entry 2016France· Entry 2019Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Healthcare | France | 2016 | 2021 | Secondary | – | ||
| Construction | France | 2019 | 2022 | Trade Sale | – | ||
| Industrials | France | 2019 | 2024 | Secondary | – | ||
| Consumer | France | 2015 | 2021 | Secondary | – | ||
| TMT | France | 2018 | 2024 | Secondary | – | ||
| Consumer | France | 2017 | 2022 | Secondary | – | ||
| Healthcare | France | 2019 | 2024 | Trade Sale | – | ||
| Business Services | France | 2020 | 2021 | Secondary | – | ||
| Healthcare | France | 2015 | 2020 | Secondary | – |
Azulis MMF IVBuyoutDivesting2011 · 15yr€225M0 active · 8 realized
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Healthcare | France | 2012 | 2018 | Secondary | – | ||
| Construction | France | 2014 | 2022 | Secondary | – | ||
| Consumer | France | 2014 | 2025 | MBO | – | ||
| Industrials | France | 2012 | 2018 | Secondary | – | ||
| Logistics | France | 2014 | 2019 | Secondary | – | ||
| MedTech | France | 2011 | 2016 | Secondary | – | ||
| Logistics | France | 2013 | 2019 | Secondary | – | ||
| Business Services | France | 2011 | 2017 | Secondary | – |
Azulis MMF IIIBuyoutRealized2004 · 22yr€109M0 active · 8 realized
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | France | 2010 | 2016 | Secondary | – | ||
| Healthcare | France | 2010 | 2016 | Secondary | – | ||
| Consumer | France | 2009 | 2018 | Secondary | – | ||
| Consumer | France | 2009 | 2013 | Secondary | – | ||
| Construction | France | 2010 | 2015 | Secondary | – | ||
| Consumer | France | 2009 | 2014 | Trade Sale | – | ||
| Industrials | France | 2009 | 2021 | MBO | – | ||
| Consumer | France | 2007 | 2011 | Secondary | – |
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About Azulis Capital
Azulis Capital is a French mid-market private equity firm with €495 million of assets under management as of December 2024, headquartered in Paris. The firm has built a multi-decade track record across successive flagship vintage funds focused on French mid-cap LBO transactions, with sector breadth across industrials, healthcare, business services and consumer verticals spanning the French mid-market spectrum.
Investment thesis
Azulis targets French mid-cap LBO transactions with equity ticket sizes typically ranging from €10 million to €40 million per transaction, focusing on profitable companies with strong management teams and growth potential. Sector focus spans Industrials, Healthcare, TMT and Business Services, with the firm emphasising operational value creation through management team partnership and selective bolt-on M&A strategies across the holding period.
Recent activity
Recent realised exits include Ital Express (industrials, 2024), Meotec (TMT, 2024), Radiologie Paris Ouest (healthcare, 2024) and CEME (industrials, 2022), reflecting active distribution across multiple sectors. The platform tracks 4 funds, 18 active portfolio companies and 22 realised exits across the multi-vintage French mid-cap programme. Detailed buyer names and multiple data available on Pro at €29/month.
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