PHITRUST IMPACT INVESTORS
Paris, FrancePhitrust Impact Investors is a Paris-based impact venture capital management company founded in 2003 by Olivier de Guerre, pioneer of private social-impact investment in France. The platform manages around EUR 155 million across four flagship vehicles plus four FCPI Innovation funds: Phitrust Partenaires (2006, EUR 40M), Phitrust Partenaires Europe (2016, EUR 50M, anchored by the European Investment Fund), Phitrust Partenaires Inclusion (2023, EUR 60M final close February 2026 with EIF COFIDES and SFPI as anchor LPs), and the FCPI Phitrust Innovation series (2012-2016 vintages totalling EUR 25M). The firm invests in unlisted European social enterprises through patient capital in equity and quasi-equity, targeting financial inclusion, food and circular economy, ageing and healthcare, social-economy real estate, and sustainable industrials. Phitrust is labeled Finansol, ESUS, and EuSEF, classified Article 9 SFDR, and has held SAPO status since June 2023. As of end-2023 the platform supports 33 active social enterprises across Europe Africa and Southeast Asia and has completed 14 historical exits including La Laiterie du Berger 2023 to Danone EUR 2.26M return 3.7x MOIC. SIREN 450119607 SAS HQ 7 rue d'Anjou 75008 Paris.
PHITRUST IMPACT INVESTORS is a Paris venture capital firm with €155M AUM, 42 active companies and 17 exits.
- ·7 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 17 realized deals: 7 years.
- ·Best return: 3.7x MOIC on La Laiterie du Berger (2023).
- ·Fund cadence: ~6Y between vintages · last raise 2023.
Sector breakdown
59 companiesGeography breakdown
9 geographiesKey facts
Recent exits
PHITRUST IMPACT INVESTORS sold Ecodair to Banque des Territoires, BNP Paribas, Crédit Mutuel Asset Management and Phitrust Partenaires Inclusion in 2024 after 18 years.
PHITRUST IMPACT INVESTORS sold Kelbongoo to Terra in 2023 after 2 years.
PHITRUST IMPACT INVESTORS sold Foncière Chênelet to Impact investors consortium in 2023 after 12 years.
PHITRUST IMPACT INVESTORS sold La Laiterie du Berger to Danone + Concert Bathily + Compagnie Sucriere Senegalaise in 2023 after 13 years.
Coverage notes
4 funds tracked, 59 portfolio companies (42 active · 17 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund PHITRUST IMPACT INVESTORS has raised, with its portfolio companies. Hand-checked from public filings.
Phitrust Partenaires InclusionVC2023€60M10 assetsVC2023 · 3yr€60M10–
Unrealized
10 held| Company | Entry |
|---|---|
| GoSense HealthTech · France | 2023 |
| Groupe Estille Business Services · La Roche-sur-Yon, France | 2024 |
| Groupe Estille Business Services · France | 2024 |
| Homes4All Real Estate · Italy | 2023 |
| La Bolsa Social Fintech · Spain | 2024 |
| La Conciergerie Solidaire Business Services · France | 2024 |
| Naria Consumer · France | 2023 |
| Telemaque Education · France | 2023 |
| Tête Haute Consumer · France | 2023 |
| United Repair Center Consumer · Netherlands | 2023 |
Phitrust Partenaires EuropeVC2016€18M6 assets2 exitsVC2016 · 10yr€18M62
Unrealized
6 held| Company | Entry |
|---|---|
| Koiki Logistics · Spain | 2017 |
| Les Alchimistes Industrials · France | 2022 |
| Lita.co Fintech · France | 2016 |
| MicroEurope Financials · France | 2022 |
| Novetape Real Estate · France | 2021 |
| Simplon EdTech · France | 2017 |
Phitrust Impact Investors fundRealizedVC2013€25M5 assets2 exitsVC2013 · 13yr€25M52
Unrealized
5 heldRealized
2 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| ateme Telecom · France | 2013 | 2014 | IPO | Euronext Paris IPO ATEME | – |
| cybeletech AI/ML · France | 2017 | 2022 | MBO | Management | – |
Phitrust PartenairesVC2006€40M21 assets13 exitsVC2006 · 20yr€40M2113
Unrealized
21 held| Company | Entry |
|---|---|
| 3XP Impact Innovation Fund Financials · Portugal | 2024 |
| Alenvi HealthTech · France | 2018 |
| BeCode Education · Belgium | 2021 |
| Envie Rhone-Alpes Industrials · France | 2019 |
| Etic Real Estate · France | 2011 |
| Kajou TMT · France | 2021 |
| L Univers d Ayden Consumer · France | 2024 |
| La Varappe Construction · France | 2008 |
| Lemon Tri Business Services · France | 2016 |
| Les Alchimistes Industrials · France | 2020 |
| Main Forte Logistics · France | 2015 |
| Maison Valencon Consumer · France | 2025 |
| MicroEurope Financials · France | 2022 |
| Mundo Lab Real Estate · Belgium | 2010 |
| Namé Recycling Industrials · France | 2019 |
| PerMicro Fintech · France | 2010 |
| Reseau Eco Habitat Real Estate · France | 2020 |
| Responsage HR Tech · France | 2018 |
| Sea Ranger Industrials · Netherlands | 2021 |
| Swiss Fresh Water Industrials · Senegal | 2016 |
| Tête Haute Consumer · France | 2022 |
Realized
13 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Alter Eco Consumer · France | 2006 | 2013 | Trade Sale | Wessanen | – |
| Cameroun Breuvages Consumer · Cameroon | 2009 | 2019 | MBO | Management | – |
| Chenelet SPL Industrials · France | 2011 | 2016 | Trade Sale | Association Chenelet | – |
| Dialogue Social Entreprise Business Services · France | 2010 | 2016 | MBO | Founder | – |
| Ecodair IT Services · France | 2006 | 2024 | Secondary | Banque des Territoires, BNP Paribas, Crédit Mutuel Asset Management and Phitrust Partenaires Inclusion | – |
| Foncière Chênelet Real Estate · France | 2011 | 2023 | Secondary | Impact investors consortium | 1.2x |
| I&P Developpement Financials · France | 2006 | 2012 | Secondary | – | – |
| Isomir FoodTech · France | 2010 | 2016 | Trade Sale | Buxiade | – |
| La Laiterie du Berger Consumer · Senegal | 2010 | 2023 | Trade Sale | Danone + Concert Bathily + Compagnie Sucriere Senegalaise | 3.7x |
| TagPay Fintech · France | 2012 | 2021 | Secondary | Long Arc Capital | – |
| UrbanHub PropTech · France | 2019 | 2023 | Trade Sale | Ezytail | – |
| Websourd TMT · France | 2010 | 2015 | – | – | – |
| Wirecom ClimateTech · France | 2010 | 2011 | – | – | – |
About PHITRUST IMPACT INVESTORS
PHITRUST IMPACT INVESTORS is a French venture capital firm headquartered in Paris with capital deployed across 5 active fund vehicles. Founded in 2003, the firm deploys institutional capital across early-stage and selective growth-stage equity rounds in European technology companies, with sector focus spanning healthcare, consumer and business services.
Investment thesis
PHITRUST IMPACT INVESTORS targets European and selectively global early-stage and growth-stage technology companies across healthcare, consumer and business services, deploying institutional venture capital across seed, Series A and Series B rounds. The firm emphasises hands-on operational support during the post-investment value-creation phase, leveraging founder and operator partners alongside institutional capital to support international expansion and category leadership across France and selectively across Europe. Average equity tickets vary by stage with reserve capital preserved for follow-on rounds across the platform.
Recent activity
Recent realised exits include cybeletech (TMT, 2022) and Zeugmo (software, 2019). The platform tracks 5 fund vehicles, 33 active portfolio companies and 2 realised exits across the strategy's history.
Frequently asked questions
- What investment strategy does PHITRUST IMPACT INVESTORS focus on?
- PHITRUST IMPACT INVESTORS focuses on VC strategies in the private equity space.
- How many portfolio companies does PHITRUST IMPACT INVESTORS have?
- PHITRUST IMPACT INVESTORS has 42 active portfolio companies and 17 completed exits and 4 funds tracked on GP Intel.
- Where is PHITRUST IMPACT INVESTORS headquartered?
- PHITRUST IMPACT INVESTORS is headquartered in Paris, France.
- What is PHITRUST IMPACT INVESTORS's assets under management?
- PHITRUST IMPACT INVESTORS manages approximately €155M in assets under management.
- When was PHITRUST IMPACT INVESTORS founded?
- PHITRUST IMPACT INVESTORS was founded in 2003.
- What sectors does PHITRUST IMPACT INVESTORS invest in?
- PHITRUST IMPACT INVESTORS invests across Consumer, Financials, Healthcare, Real Estate, Industrials, TMT.
- What are PHITRUST IMPACT INVESTORS's recent exits?
- Recent realized exits by PHITRUST IMPACT INVESTORS include: Ecodair (2024) to Banque des Territoires, BNP Paribas, Crédit Mutuel Asset Management and Phitrust Partenaires Inclusion; Kelbongoo (2023) to Terra; Foncière Chênelet (2023) to Impact investors consortium, 1.2x; La Laiterie du Berger (2023) to Danone + Concert Bathily + Compagnie Sucriere Senegalaise, 3.7x; UrbanHub (2023) to Ezytail; cybeletech (2022) to Management; TagPay (2021) to Long Arc Capital; Cameroun Breuvages (2019) to Management.
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