How many portfolio companies does Blackfin Capital Partners have?

Blackfin Capital Partners has 36 active portfolio companies and 10 completed exits and 6 funds tracked on GP Intel.

Where is Blackfin Capital Partners headquartered?

Blackfin Capital Partners is headquartered in Paris, France.

What is Blackfin Capital Partners's assets under management?

Blackfin Capital Partners manages approximately €4.0B in assets under management.

What are Blackfin Capital Partners's recent exits?

Recent realized exits by Blackfin Capital Partners include: NoveoCare (2025) to Harmonie Mutuelle; Ravelin (2025) to Worldpay; FundRock (2022) to Apex Group; NeoXam (2022) to Eurazeo; AMfine (2020) to Compliance Solutions Strategies; Santiane (2020) to Latour Capital; Comparadise (2020) to APRIL; Cyrus Conseil (2018) to Management (MBO).

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Blackfin Capital Partners

Paris, France·blackfin.com

BlackFin Capital Partners is the leading pan-European Financial Services PE platform, founded 2009 in Paris. EUR 4bn raised across 6 funds (Fund I 2011 EUR 220M, Fund II 2016 EUR 400M, Fund III 2019 EUR 980M, Fund IV 2024 EUR 1.8B, Tech 2018 EUR 180M, Tech 2 2022). 110+ deals lifetime. 50+ people across 5 offices (Paris, Amsterdam, Brussels, Frankfurt, London). Targets asset-light financial businesses: asset management, brokerage, insurance distribution, banking, payments, fund administration, BPO, and financial software.

AUM

€4.0B

Funds

vintages 2011–2024

Portfolio

Exits

Blackfin Capital Partners is a Paris private equity firm with €4.0B AUM, 36 active companies and 10 exits.

Key takeaways

·4 exits in the last 5 years · consistent DPI cadence.
·Average hold across 10 realized deals: 5 years.
·Top sector focus: Financials (40% of portfolio).
·Fund cadence: ~3Y between vintages · last raise 2024.

Sector breakdown

45 companies

Financials

18 · 40%

Fintech

15 · 33%

SaaS

4 · 9%

InsurTech

3 · 7%

AI/ML

2 · 4%

Data & Analytics

1 · 2%

Cybersecurity

1 · 2%

Consumer

1 · 2%

Geography breakdown

8 geographies

France

21 · 47%

Netherlands

6 · 13%

Germany

5 · 11%

Luxembourg

4 · 9%

Denmark

4 · 9%

3 · 7%

Spain

1 · 2%

Estonia

1 · 2%

Key facts

HQParis, France

Websiteblackfin.com

Recent exits

Blackfin Capital Partners sold NoveoCare to Harmonie Mutuelle in 2025 after 5 years.

Blackfin Capital Partners sold Ravelin to Worldpay in 2025 after 5 years.

Blackfin Capital Partners sold FundRock to Apex Group in 2022 after 2 years.

Blackfin Capital Partners sold NeoXam to Eurazeo in 2022 after 8 years.

Coverage notes

6 funds tracked, 46 portfolio companies (36 active · 10 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

6 funds

Fund

Strategy

Vintage

Size

Assets

Exits

BlackFin Financial Services Fund IV

Buyout2024€1.8B5 assets

Buyout

2024 · 2yr

€1.8B

–

Unrealized

5 held

Company	Entry
Arendt Investor Services Financials · Luxembourg	2025
IBS Capital Allies Financials · Netherlands	2025
INKA (Internationale Kapitalanlagegesellschaft) Financials · Germany	2025
Lemanik Asset Management Financials · Luxembourg	2025
OpGroen Financials · Netherlands	2024

BlackFin Tech 2

VC2022€390M12 assets

2022 · 4yr

€390M

–

Unrealized

12 held

Company	Entry
Aufinity Group SaaS · Germany	2025
Carbon Equity Fintech · Netherlands	2023
Cryptio Fintech · France	2026
Embankment Fintech · Denmark	2025
Formalize AI/ML · Denmark	2024
Hawk AI Fintech · Germany	2024
Indy SaaS · France	2023
Sinpex Fintech · Germany	2026
Timeline Fintech · UK	2023
TransFICC Fintech · UK	2025
Wealthcome Fintech · France	2025
WeeFin Fintech · France	2025

BlackFin Financial Services Fund III

Buyout2019€980M8 assets2 exits

Buyout

2019 · 7yr

€980M

Unrealized

8 held

Company	Entry
Blauwtrust Groep Financials · Netherlands	2021
Cafpi Financials · France	2021
Concentra Group Financials · Spain	2022
De Hypotheker (DHA) Financials · Netherlands	2021
Fokus Nordic Financials · Denmark	2021
Fundsight Financials · Luxembourg	2025
MorgenFund Financials · Germany	2022
SPB Financials · France	2024

Realized

2 exits

Company	Entry	Exit	Type	Buyer	MOIC
FundRock Financials · Luxembourg	2020	2022	Trade Sale	Apex Group	–
NoveoCare InsurTech · France	2020	2025	Trade Sale	Harmonie Mutuelle	–

BlackFin Tech

VC2018€180M9 assets1 exits

2018 · 8yr

€180M

Unrealized

9 held

Company	Entry
Agicap Fintech · France	2019
Akur8 AI/ML · France	2020
Descartes Underwriting InsurTech · France	2019
Friss Data & Analytics · Netherlands	2017
Memo Bank Fintech · France	2020
Mooncard Fintech · France	2020
Pretto Fintech · France	2018
Tuum SaaS · Estonia	2020
ViaBill Fintech · Denmark	2019

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Ravelin Cybersecurity · UK	2020	2025	Trade Sale	Worldpay	–

BlackFin Financial Services Fund II

Buyout2016€400M1 assets3 exits

Buyout

2016 · 10yr

€400M

Unrealized

1 held

Company	Entry
Aestiam Financials · France	2019

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
AMfine SaaS · France	2015	2020	Trade Sale	Compliance Solutions Strategies	–
Cyrus Conseil Financials · France	2017	2018	MBO	Management (MBO)	–
Santiane InsurTech · France	2015	2020	Secondary	Latour Capital	–

BlackFin Financial Services Fund I

Buyout2011€220M0 assets4 exits

Buyout

2011 · 15yr

€220M

Realized

4 exits

Company	Entry	Exit	Type	Buyer	MOIC
Comparadise Consumer · France	2013	2020	Trade Sale	APRIL	–
Kepler Cheuvreux Financials · France	2013	2018	Secondary	Atlas Merchant Capital	–
NeoXam Fintech · France	2014	2022	Secondary	Eurazeo	–
Primonial Financials · France	2011	2017	Secondary	Bridgepoint	–

Other portfolio companies

1 more Blackfin Capital Partners investment not tied to a tracked fund.

Groupe Bacalan · Financials · France · 2022

About Blackfin Capital Partners

BlackFin Capital Partners is a leading pan-European financial services private equity platform with €4 billion of assets under management as of December 2024, founded in 2009 and headquartered in Paris. The firm specialises exclusively in financial services and adjacent technology sectors, with successive flagship vintage funds (Fund I 2011 €220M, Fund II 2016 €400M, Fund III 2019 €980M, Fund IV 2024 €1.8B) plus a dedicated Tech fund (2018 €180M) across the platform's evolution.

Investment thesis

BlackFin targets European financial services and fintech mid-market companies across insurance services, asset management, banking technology, payments, lending platforms and InsurTech businesses. Sector adjacency expands into AI/ML applied to financial services, cybersecurity supporting financial infrastructure, and Software platforms serving regulated financial intermediaries. Equity ticket sizes typically range from €50 million to €300 million per transaction across the flagship buyout strategy, with majority and significant minority positions held through five to seven year horizons.

Recent activity

Recent realised exits include NoveoCare (InsurTech, 2025), Ravelin (cybersecurity, 2025), FundRock (financials, 2022) and NeoXam (software, 2022), demonstrating active distribution across the financial services franchise. The platform tracks 7 funds, 14 active portfolio companies and 5 realised exits, with the latest Fund IV vintage actively deploying capital across European financial services targets.

Frequently asked questions

How many portfolio companies does Blackfin Capital Partners have?: Blackfin Capital Partners has 36 active portfolio companies and 10 completed exits and 6 funds tracked on GP Intel.
Where is Blackfin Capital Partners headquartered?: Blackfin Capital Partners is headquartered in Paris, France.
What is Blackfin Capital Partners's assets under management?: Blackfin Capital Partners manages approximately €4.0B in assets under management.
What are Blackfin Capital Partners's recent exits?: Recent realized exits by Blackfin Capital Partners include: NoveoCare (2025) to Harmonie Mutuelle; Ravelin (2025) to Worldpay; FundRock (2022) to Apex Group; NeoXam (2022) to Eurazeo; AMfine (2020) to Compliance Solutions Strategies; Santiane (2020) to Latour Capital; Comparadise (2020) to APRIL; Cyrus Conseil (2018) to Management (MBO).