HLD

About HLD

HLD is a French permanent capital investment group with approximately €4 billion of assets under management, founded in 2010 by Jean-Bernard Lafonta. Headquartered in Paris, HLD operates as an evergreen vehicle deploying balance-sheet capital into majority and significant minority stakes across European mid-cap and large-cap companies, with equity ticket sizes ranging from €25 million to €500 million per transaction. The permanent capital structure provides flexibility on holding periods unconstrained by traditional fund duration.

Investment thesis

HLD targets European mid-cap and large-cap businesses across TMT, Industrials, Consumer, Business Services and Healthcare, with majority equity positions held through long-duration permanent capital. The evergreen vehicle enables HLD to commit alongside founder-operators and family-owned businesses on multi-decade horizons when value-creation runways extend beyond closed-end fund cycles. The platform emphasises operational partnership and selective bolt-on M&A strategies aligned with management team objectives.

Recent activity

Recent realised exits include Thurston Group (industrials, 2025) and Laboratoires SVR (healthcare, 2024), reflecting selective distribution activity across the evergreen portfolio. HLD tracks a single permanent capital vehicle, 22 active portfolio companies and 8 realised exits, with continued deployment across European mid-cap and large-cap opportunities. Detailed buyer names and multiple data available on Pro at €29/month.