NextStage AM
NextStage AM is an independent asset management company based in Paris, founded in 2002, specializing in multi-strategy private equity focused on innovative and growth-driven mid-market companies in France and Europe. As of June 2024, it manages nearly €8 billion in assets and supports a limited number of SMEs and intermediate-sized companies to accelerate their development and innovation capabilities.
NextStage AM is a Paris growth equity firm with €11.6B AUM, 78 active companies and 67 exits.
- ·39 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 66 realized deals: 7 years.
- ·Best return: 0.3x MOIC on Le Cèdre Rouge (2023).
- ·Top sector focus: TMT (40% of portfolio).
- ·Fund cadence: ~1Y between vintages · last raise 2026.
Sector breakdown
145 companiesGeography breakdown
2 geographiesKey facts
Recent exits
NextStage AM sold Port Adhoc to Ancala Partners in 2026 after 4 years.
NextStage AM sold Adopt Parfums to Arkéa Capital in 2025 after 3 years.
NextStage AM sold Cogra Quarante Huit to TEXI SAS in 2025 after 8 years.
NextStage AM sold Locamod to FLS + Phinancia Management in 2025 after 6 years.
Coverage notes
10 funds tracked, 145 portfolio companies (78 active · 67 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund NextStage AM has raised, with its portfolio companies. Hand-checked from public filings.
FCPI NextStage CAP 2026Growth20262 assetsGrowth2026 · 0yr–2–
Unrealized
2 held| Company | Entry |
|---|---|
| Arenit Industrie Industrials · Germany | 2026 |
| Groupe Pierre Yovanovitch France | 2026 |
FPCI NextStage Championnes IVGrowth2025€108M3 assetsGrowth2025 · 1yr€108M3–
Unrealized
3 held| Company | Entry |
|---|---|
| Emargence Business Services · France | 2021 |
| Optimix / Maxxing TMT · France | 2025 |
| Société des Eaux Minerales d Arcachon | 2026 |
FPCI NextStage Capital Entrepreneur IIIGrowth2024€100M3 assetsGrowth2024 · 2yr€100M3–
Unrealized
3 held| Company | Entry |
|---|---|
| Bichard Equipement TMT · France | 2025 |
| Evoluderm TMT · France | 2025 |
| Javelot Agriculture · France | 2022 |
NextStage Horizons20241 assets–2024 · 2yr–1–
Unrealized
1 held| Company | Entry |
|---|---|
| Nextstage Horizons Business Services · France | 2024 |
FCPI NextStage Découvertes 2022-202320220 assets–2022 · 4yr–0–
No portfolio companies tracked yet.
Pepites & Territoires by AXAGrowth2021€500M4 assets3 exitsGrowth2021 · 5yr€500M43
Unrealized
4 held| Company | Entry |
|---|---|
| Clareo Lighting Industrials · France | 2024 |
| Groupe Tera TMT · France | 2022 |
| Mediprix TMT · France | 2023 |
| Wiismileo Business Services · France | 2022 |
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Adopt Parfums Consumer · France | 2022 | 2025 | Recapitalization | Arkéa Capital | – |
| Eurobio Scientific MedTech · France | 2022 | 2024 | Recapitalization | EB Development / IK Partners | – |
| Port Adhoc Business Services · France | 2022 | 2026 | Secondary | Ancala Partners | – |
FCPR NextStage Rendement II2020€30M0 assets3 exits–2020 · 6yr€30M03
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Cogra Quarante Huit Software · France | 2017 | 2025 | Secondary | TEXI SAS | – |
| Grenade & Sparks Software · France | 2015 | 2018 | Trade Sale | BECOMING | – |
| H.t.i. Hoche Triomphe Industrie Software · France | 2013 | 2019 | Trade Sale | NMPO INVEST | – |
FPCI NextStage Championnes IIIGrowth2020€135M12 assetsGrowth2020 · 6yr€135M12–
Unrealized
12 held| Company | Entry |
|---|---|
| Aventa Business Services · France | 2023 |
| Efalia TMT · France | 2024 |
| Finacca TMT · France | 2021 |
| Greenoffice Business Services · France | 2024 |
| Groupe DMPS (Mondial Piscine) TMT · France | 2022 |
| Infolegale TMT · France | 2022 |
| Inpart HealthTech · France | 2020 |
| JurisCampus – Platinum Executive Education Business Services · France | 2025 |
| Mathematic Business Services · France | 2020 |
| Solstyce ClimateTech · France | 2021 |
| WiiSmile HR Tech · France | 2020 |
| Xerfi Business Services · France | 2021 |
NextStage Croissance2016€157M1 assets–2016 · 10yr€157M1–
Unrealized
1 held| Company | Entry |
|---|---|
| Nextstage Croissance Business Services · France | 2016 |
NextStage EvergreenGrowth2015€500M52 assets61 exitsGrowth2015 · 11yr€500M5261
Unrealized
52 held| Company | Entry |
|---|---|
| Abatilles Business Services · France | 2026 |
| Acorus TMT · France | 2017 |
| Aerophile Hospitality · France | 2023 |
| Alpha MOS TMT · France | 2020 |
| Altheora TMT · France | 2022 |
| Arcure Industrials · France | 2022 |
| Arkose Business Services · France | 2020 |
| Arkose&co Business Services · France | 2018 |
| Bagatelle Hospitality · France | 2019 |
| Bio-uv TMT · France | 2025 |
| Boa Concept TMT · France | 2019 |
| BOW TMT · France | 2020 |
| Cartonnerie Moderne TMT · France | 2010 |
| Demander Justice Business Services · France | 2018 |
| DHH Cloud Infrastructure · France | 2025 |
| DMS Group Healthcare · France | 2025 |
| Domaine de Chezelles France | 2026 |
| Dream Yacht Worldwide Business Services · France | 2017 |
| EasyMile TMT · France | 2021 |
| ELES Deep Tech · France | 2022 |
| FAE Technology TMT · France | 2023 |
| Faguo Consumer · France | 2023 |
| Finalease Group Security Business Services · France | 2021 |
| Forprof Education · France | 2024 |
| GenOway TMT · France | 2021 |
| Hunyvers Consumer · France | 2019 |
| Invibes Advertising TMT · France | 2021 |
| Irbis Group Consumer · France | 2018 |
| Kerala Business Services · France | 2015 |
| Kumulus Vape Consumer · France | 2022 |
| La Fabrique Cookies Consumer · France | 2026 |
| Lonsdale Business Services · France | 2016 |
| NaturaBuy E-commerce · France | 2017 |
| Nextstage Evergreen Energy · France | 2022 |
| Oodrive Software · France | 2017 |
| Orion Sante Healthcare · France | 2023 |
| Peers Group TMT · France | 2024 |
| Placeshaker PropTech · France | 2022 |
| Quadriplay TMT · France | 2010 |
| Ski Company (SKiSET / Skimium / Netski) Consumer · France | 2026 |
| Skipper NDT TMT · France | 2022 |
| Smaio TMT · France | 2019 |
| Sophie Lebreuilly Hospitality · France | 2024 |
| Sports Company Consumer · France | 2026 |
| Steel Shed Solutions Business Services · France | 2019 |
| Sys-dat Group TMT · France | 2024 |
| The Blockchain Group TMT · France | 2016 |
| UV Germi TMT · France | 2020 |
| Vinci Technologies TMT · France | 2025 |
| Wallix TMT · France | 2023 |
| Wolf Lingerie Consumer · France | 2022 |
| Yseop AI/ML · France | 2022 |
Realized
61 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Aasset Security TMT · France | 2010 | 2012 | Trade Sale | TKH Group | – |
| Abington Advisory TMT · France | 2015 | 2019 | Trade Sale | Baker Tilly Strego | – |
| ACR Group Business Services · France | 2010 | 2014 | Trade Sale | Autodistribution | – |
| Alpiski Business Services · France | 2004 | 2005 | Trade Sale | Skiset | – |
| Anevia TMT · France | 2012 | 2020 | Trade Sale | Ateme | – |
| Atream TMT · France | 2019 | 2024 | Recapitalization | Carac | – |
| Attestation Légale Business Services · France | 2018 | 2022 | Secondary | Fortius (Warburg Pincus) | – |
| Aubay IT Services · France | 2006 | 2009 | Secondary | – | – |
| Botanica Business Services · France | 2014 | 2021 | Trade Sale | Flore Participations | – |
| Cap’Cinéma TMT · France | 2008 | 2017 | Trade Sale | CGR Cinémas | – |
| Climpact TMT · France | 2014 | 2017 | Trade Sale | Weathernews | – |
| Colorado TMT · France | 2014 | 2023 | Trade Sale | Konecta/Comdata | – |
| CoorpAcademy SaaS · France | 2018 | 2022 | Trade Sale | Go1 | – |
| Delamaison Consumer · France | 2009 | 2012 | Trade Sale | Adeo (Leroy Merlin) | – |
| Delta Drone TMT · France | 2015 | 2023 | Secondary | – | – |
| Drouot Digital E-commerce · France | 2014 | 2021 | Trade Sale | Groupe Drouot | – |
| Ecritel Group TMT · France | 2014 | 2019 | Secondary | LBO France | – |
| Efeso Consulting Business Services · France | 2010 | 2019 | Secondary | Eurazeo PME | – |
| Enertime TMT · France | 2014 | 2024 | – | – | – |
| ESI Group TMT · France | 2006 | 2024 | Trade Sale | Keysight Technologies | – |
| Expertissim Software · France | 2017 | 2021 | Trade Sale | Drouot Patrimoine | – |
| Fermentalg Biotech · France | 2015 | 2024 | Secondary | – | – |
| Fillon Entreprise Software · France | 2016 | 2017 | Trade Sale | RUBICON Group | – |
| Fillon Technologies Industrials · France | 2006 | 2021 | MBO | Management (Jean-Christophe Doux + Sebastien Reinbold) | – |
| Fountaine Pajot (La Compagnie du Catamaran) Business Services · France | 2015 | 2020 | Secondary | Arkea Capital Partenaire | – |
| Gaussin Logistics · France | 2011 | 2024 | – | – | – |
| Glass Partners Solutions Construction · France | 2017 | 2022 | Secondary | iXO PE + Arkea Capital + CA Pyrenees Gascogne | – |
| Greenflex ClimateTech · France | 2013 | 2019 | Trade Sale | TotalEnergies | – |
| Groupe Gruau Mobility · France | 2007 | 2021 | MBO | Gruau family (management buyback) | – |
| Harvest Fintech · France | 2012 | 2019 | Secondary | Five Arrows (Rothschild & Co) | – |
| Infotel TMT · France | 2007 | 2023 | Secondary | – | – |
| Keyyo Telecom · France | 2012 | 2019 | Trade Sale | Bouygues Telecom | – |
| Konbini TMT · France | 2016 | 2024 | Trade Sale | DC Company | – |
| KXEN TMT · France | 2010 | 2013 | Trade Sale | SAP | – |
| Le Cèdre Rouge Consumer · France | 2008 | 2023 | Secondary | – | 0.3x |
| Le Chatelard 1802 Business Services · France | 2012 | 2018 | Trade Sale | Reward Group | – |
| Locamod Business Services · France | 2019 | 2025 | Trade Sale | FLS + Phinancia Management | – |
| Lonsdale Group Software · France | 2017 | 2018 | Trade Sale | LONSDALE DEVELOPPEMENT | – |
| Makheia Group TMT · France | 2007 | 2023 | Secondary | – | – |
| Micropole Univers Business Services · France | 2010 | 2024 | Trade Sale | Talan Holding | – |
| MoonBikes Consumer · France | 2021 | 2025 | Trade Sale | ENVO Drive Systems | – |
| Neolife TMT · France | 2013 | 2022 | Secondary | – | – |
| Nexeya Aerospace & Defence · France | – | 2013 | Secondary | Activa Capital | – |
| Numberly – Groupe 1000mercis TMT · France | 2015 | 2025 | Secondary | Positive YmpacT (Yseulys Costes & Thibaut Munier) | – |
| Once For All TMT · France | 2018 | 2022 | Secondary | Fortius (Warburg Pincus) | – |
| Ordissimo TMT · France | 2010 | 2024 | Secondary | – | – |
| Paulic Meunerie TMT · France | 2016 | 2020 | IPO | – | – |
| Pharmagest Interactive TMT · France | 2007 | 2021 | Secondary | – | – |
| Qwamplify TMT · France | 2016 | 2025 | Secondary | – | – |
| Réflectiv Business Services · France | 2016 | 2022 | MBO | Management / Jean-Charles Doll (founder family) | – |
| Resto-in Consumer · France | 2014 | 2015 | Trade Sale | Geopost | – |
| Soléo Services TMT · France | 2012 | 2021 | Trade Sale | Groupe Ortec | – |
| STPI TMT · France | 2005 | 2021 | Trade Sale | Crouzet | – |
| Streamwide TMT · France | 2007 | 2023 | Secondary | – | – |
| Thermador Consumer · France | 2008 | 2018 | Secondary | – | – |
| Trace TMT · France | 2011 | 2014 | Trade Sale | Modem Times Group | – |
| Travel Technology Interactive TMT · France | 2009 | 2024 | Trade Sale | CitizenPlane | – |
| Vulcain TMT · France | 2011 | 2016 | Trade Sale | SICLI Holding (UTC) | – |
| Wavestone TMT · France | 2012 | 2023 | Secondary | – | – |
| Winfarm Consumer · France | 2018 | 2023 | Secondary | – | – |
| Xiring Industrials · France | 2009 | 2012 | Trade Sale | Ingenico | – |
About NextStage AM
NextStage AM is an independent French asset management company founded in 2002 in Paris with €11.6 billion of assets under management as of December 2024, listed on Euronext Paris through its NextStage SCA evergreen investment vehicle since 2016. The firm specialises in multi-strategy private equity focused on innovative and growth-driven mid-market companies in France and selectively across Europe, combining traditional vintage closed-end funds with the long-duration listed permanent capital structure of NextStage SCA.
Investment thesis
NextStage targets European mid-market companies with strong growth profiles, deploying capital across multiple complementary strategies and vintage vehicles. Sector focus spans TMT, Business Services, Consumer, Industrials, Software and Healthcare, with the listed NextStage SCA evergreen providing optionality on holding periods beyond traditional fund durations. The firm emphasises supporting profitable scaling businesses through both majority and significant minority equity positions, with equity tickets ranging from €10 million to €100 million depending on the underlying vehicle and stage focus.
Recent activity
Recent realised exits include Locamod (TMT, 2025), MoonBikes (consumer, 2025), Numberly Groupe 1000mercis (TMT, 2025), Enertime (TMT, 2024), ESI Group (TMT, 2024) and Fermentalg (TMT, 2024), reflecting active distribution momentum across the technology vertical. The platform tracks 9 funds, 78 active portfolio companies and 59 realised exits across multiple investment cycles.
Frequently asked questions
- What investment strategy does NextStage AM focus on?
- NextStage AM focuses on Growth, Buyout strategies in the private equity space.
- How many portfolio companies does NextStage AM have?
- NextStage AM has 78 active portfolio companies and 67 completed exits and 10 funds tracked on GP Intel.
- Where is NextStage AM headquartered?
- NextStage AM is headquartered in Paris, France.
- What is NextStage AM's assets under management?
- NextStage AM manages approximately €11.6B in assets under management.
- When was NextStage AM founded?
- NextStage AM was founded in 2002.
- What sectors does NextStage AM invest in?
- NextStage AM invests across Software, Business Services, Healthcare, Financials, Industrials, TMT, Consumer.
- What are NextStage AM's recent exits?
- Recent realized exits by NextStage AM include: Port Adhoc (2026) to Ancala Partners; Adopt Parfums (2025) to Arkéa Capital; COGRA QUARANTE HUIT (2025) to TEXI SAS; Locamod (2025) to FLS + Phinancia Management; MoonBikes (2025) to ENVO Drive Systems; Numberly – Groupe 1000mercis (2025) to Positive YmpacT (Yseulys Costes & Thibaut Munier); Eurobio Scientific (2024) to EB Development / IK Partners; Atream (2024) to Carac.
Similar firms
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