What investment strategy does FnB Private Equity focus on?

FnB Private Equity focuses on Buyout strategies in the private equity space.

How many portfolio companies does FnB Private Equity have?

FnB Private Equity has 8 active portfolio companies and 2 completed exits and 2 funds tracked on GP Intel.

Where is FnB Private Equity headquartered?

FnB Private Equity is headquartered in Paris, France.

What is FnB Private Equity's assets under management?

FnB Private Equity manages approximately €242M in assets under management.

When was FnB Private Equity founded?

FnB Private Equity was founded in 2015.

What sectors does FnB Private Equity invest in?

FnB Private Equity invests across Consumer.

What are FnB Private Equity's recent exits?

Recent realized exits by FnB Private Equity include: Lartigue & Fils (2021) to French family office (undisclosed).

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FnB Private Equity

Paris, France·Founded 2015·

Buyout

·fnbpe.com

Paris-based food and beverage specialist private equity firm, founded around 2015 and launched in February 2017 by Olivier Marchand and Valerie Lutt, both formerly of Unilever Benedicta, alongside investor Antoine Sage. Mission-driven and classified SFDR Article 9 since 2022, the firm invests as majority shareholder via LBOs and carve-outs in European food and beverage SMEs with EUR 25-100M revenue, primarily in France with Spain, Italy, Benelux, Germany and Portugal as secondary markets. Two funds: FnB Europe Fund I (2018, EUR 135M) and FnB Europe Fund II (2023, around EUR 107M), for around EUR 242M combined. The portfolio counted 10 companies as of 2026, including the Nestlé carve-outs Mousline (2022) and Azure baby food (2024), with two exits: Lartigue and Fils Baserria, sold to a family office in a 2021 secondary, and Cafés Legal, the first Fund II realisation, placed in court-ordered liquidation by the Paris Commercial Court in December 2024. FnB Private Equity was absorbed by UI Investissement in November 2025, following exclusive negotiations opened in September 2025, and now operates as the Agro vertical of UI Investissement, which manages FnB Europe Fund I and Fund II.

AUM

€242M

Funds

vintages 2018–2023

Portfolio

Exits

FnB Private Equity is a Paris buyout firm with €242M AUM, 8 active companies and 2 exits.

SectorsConsumer

Key takeaways

·Top sector focus: Consumer (100% of portfolio).
·Fund cadence: ~5Y between vintages · last raise 2023.

Key facts

HQParis, France

Founded2015

Websitefnbpe.com

Recent exits

FnB Private Equity exited Cafés Legal in 2024 after 1 year.

FnB Private Equity sold Lartigue & Fils to French family office (undisclosed) in 2021 after 3 years.

Coverage notes

2 funds tracked, 10 portfolio companies (8 active · 2 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

2 funds

Fund

Strategy

Vintage

Size

Assets

Exits

FNB Europe Fund SLP II

Buyout2023€107M1 assets1 exits

Buyout

2023 · 3yr

€107M

Unrealized

1 held

Company	Entry
Nestlé Baby Food (Azuré holding / P'tit Business) Consumer · France	2024

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Cafés Legal Consumer · France	2023	2024	–	–	–

FnB Europe Fund SLP

Buyout2018€135M7 assets1 exits

Buyout

2018 · 8yr

€135M

Unrealized

7 held

Company	Entry
Coustenoble Consumer · France	2020
France Aligrain Consumer · France	2020
Fromageries Terres d’Or Consumer · France	2021
Groupe Bur Consumer · France	2017
Groupe Valade Consumer · France	2018
Henri Raffin Consumer · France	2018
Mousline Consumer · France	2022

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Lartigue & Fils Consumer · France	2018	2021	Secondary	French family office (undisclosed)	–

About FnB Private Equity

FnB Private Equity is a French private equity firm with €135 million of assets under management as of December 2024, headquartered in Paris. Founded in 2016, the firm focuses on buyout and growth equity investments in European mid-cap businesses across consumer, deploying capital from successive flagship funds with institutional limited partner support.

Investment thesis

FnB Private Equity deploys buyout capital into European mid-cap and small-cap businesses across consumer, targeting majority equity positions in profitable companies with clear value-creation runways. Investment focus emphasises operational improvement, selective bolt-on M&A acceleration and selective international expansion across France and selectively across Europe, with capital deployed from successive flagship funds backed by institutional limited partners.

Recent activity

Realised exits across the current platform vintages remain limited, with the portfolio in active deployment and value-creation phase. The platform tracks 3 fund vehicles, 15 active portfolio companies and 0 realised exits across the strategy's history.

Frequently asked questions

What investment strategy does FnB Private Equity focus on?: FnB Private Equity focuses on Buyout strategies in the private equity space.
How many portfolio companies does FnB Private Equity have?: FnB Private Equity has 8 active portfolio companies and 2 completed exits and 2 funds tracked on GP Intel.
Where is FnB Private Equity headquartered?: FnB Private Equity is headquartered in Paris, France.
What is FnB Private Equity's assets under management?: FnB Private Equity manages approximately €242M in assets under management.
When was FnB Private Equity founded?: FnB Private Equity was founded in 2015.
What sectors does FnB Private Equity invest in?: FnB Private Equity invests across Consumer.
What are FnB Private Equity's recent exits?: Recent realized exits by FnB Private Equity include: Lartigue & Fils (2021) to French family office (undisclosed).