PHITRUST IMPACT INVESTORS
Phitrust 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.
Key facts
Recent exits
Coverage notes
4 funds tracked, 58 portfolio companies (41 active · 17 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
58 companiesFunds & portfolio
Every fund PHITRUST IMPACT INVESTORS has raised, with its portfolio companies. Hand-checked from public filings.
Phitrust Partenaires InclusionVC2023 · 3yr€60M9 active
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| HealthTech |  France | 2023 | |
| Business Services | France | 2024 | |
| Real Estate |  Italy | 2023 | |
| Fintech |  Spain | 2024 | |
| Business Services | France | 2024 | |
| Consumer | France | 2023 | |
| Education | France | 2023 | |
| Consumer | France | 2023 | |
| Consumer |  Netherlands | 2023 |
France· Entry 2023France· Entry 2024Italy· Entry 2023Spain· Entry 2024France· Entry 2024France· Entry 2023France· Entry 2023France· Entry 2023Netherlands· Entry 2023Phitrust Partenaires EuropeVC2016 · 10yr€18M6 active · 2 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Logistics | Spain | 2017 | |
| Consumer | France | 2022 | |
| Fintech | France | 2016 | |
| Financials | France | 2022 | |
| Real Estate | France | 2021 | |
| TMT | France | 2017 |
Spain· Entry 2017France· Entry 2022France· Entry 2016France· Entry 2022France· Entry 2021France· Entry 2017Phitrust Impact Investors fundVCRealized2013 · 13yr€25M5 active · 2 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | France | 2018 | |
| HealthTech | France | 2013 | |
| Fintech | France | 2017 | |
| ClimateTech | France | 2016 | |
| Data & Analytics | France | 2020 |
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Telecom | France | 2013 | 2014 | IPO | – | ||
| AI/ML | France | 2017 | 2022 | MBO | – |
Phitrust PartenairesVC2006 · 20yr€40M21 active · 13 realized
Unrealized
21 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Financials |  Portugal | 2024 | |
| HealthTech | France | 2018 | |
| Education |  Belgium | 2021 | |
| Industrials | France | 2019 | |
| Real Estate | France | 2011 | |
| TMT | France | 2021 | |
| Consumer | France | 2024 | |
| Construction | France | 2008 | |
| Industrials | France | 2016 | |
| Industrials | France | 2020 | |
| Logistics | France | 2015 | |
| Consumer | France | 2025 | |
| Financials | France | 2022 | |
| Real Estate | Belgium | 2010 | |
| Industrials | France | 2019 | |
| Fintech | France | 2010 | |
| Real Estate | France | 2020 | |
| HR Tech | France | 2018 | |
| Industrials | Netherlands | 2021 | |
| Industrials | Senegal | 2016 | |
| Consumer | France | 2022 |
Portugal· Entry 2024France· Entry 2018Belgium· Entry 2021France· Entry 2019France· Entry 2011France· Entry 2021France· Entry 2024France· Entry 2008France· Entry 2016France· Entry 2020France· Entry 2015France· Entry 2025France· Entry 2022Belgium· Entry 2010France· Entry 2019France· Entry 2010France· Entry 2020France· Entry 2018Netherlands· Entry 2021France· Entry 2022Realized
13 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | France | 2006 | 2013 | Trade Sale | – | ||
| Consumer | Cameroon | 2009 | 2019 | MBO | – | ||
| Industrials | France | 2011 | 2016 | Trade Sale | – | ||
| Business Services | France | 2010 | 2016 | MBO | – | ||
| IT Services | France | 2006 | 2024 | Secondary | – | ||
| Real Estate | France | 2011 | 2023 | Secondary | |||
| Financials | France | 2006 | 2012 | Secondary | – | – | |
| FoodTech | France | 2010 | 2016 | Trade Sale | – | ||
| Consumer | Senegal | 2010 | 2023 | Trade Sale | |||
| Fintech | France | 2012 | 2021 | Secondary | – | ||
| PropTech | France | 2019 | 2023 | Trade Sale | – | ||
| TMT | France | 2010 | 2015 | – | – | – | |
| ClimateTech | France | 2010 | 2011 | – | – | – |
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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. Detailed buyer names and multiple data available on Pro at €29/month.
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