Zencap AM
Zencap Asset Management is a Paris-based, AMF-regulated private-debt manager and the private-debt arm of the Ofi Invest group. Founded in 2009, it finances the real economy through mid-market private debt across several segments: corporate direct lending in senior unitranche to small and lower-mid-cap companies, real estate debt, infrastructure debt, and specialty finance and securitisation. It originated as a securitised-credit manager and progressively expanded into real estate debt in 2013, infrastructure debt in 2014 and corporate direct lending in 2015. Investing exclusively in euro-denominated financings across Europe, the firm manages approximately EUR 3.8 billion, a figure lifted in 2023 by the integration of the private-debt team of Abeille Asset Management.
Key facts
Recent exits
No exits recorded yet.
Coverage notes
1 fund tracked, 5 portfolio companies (5 active · 0 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Zencap AM has raised, with its portfolio companies. Hand-checked from public filings.
Zencap Direct Lending IVPrivate Debt2023 · 3yr€403M5 active
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Lebronze Alloys | Industrials | France | 2023 |
| Les Bains | Hospitality | France | 2023 |
| Locala | AdTech | France | 2024 |
| Serapid | Industrials | France | 2024 |
| Volta Group | – | – | – |
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About Zencap AM
Zencap Asset Management, branded Zencap AM, is the private-debt specialist of the Ofi Invest group, one of France's largest asset managers. Founded in 2009, it is a Paris-based AMF-regulated manager with around €4 billion of assets committed under management and advisory as of December 2024, a figure lifted in 2023 by integrating the private-debt team of Abeille AM. As an institutional subsidiary it retains an entrepreneurial culture while drawing on the Ofi Invest group's institutional anchoring. Zencap AM organises its activity across roughly six specialised fund families spanning corporate debt, real-estate debt, infrastructure debt, specialty finance and securitisation, multi-private debt, and solidarity and impact financing.
Investment thesis
Zencap AM is a private-debt manager rather than an equity investor, providing financing to unlisted companies in loan or bond format rather than taking equity stakes. Its strategy spans four to six segments: corporate direct lending to small and mid-sized enterprises, real-estate debt, infrastructure debt, and specialty finance, securitisation and regulatory-capital transactions, plus multi-private-debt and impact strategies. Geography is principally France and continental Europe. Target net returns range from roughly 2 to 10 percent per year depending on the fund's risk profile. The limited partner base is institutional, spanning insurers, pension funds and the Ofi Invest distribution network. The most recently raised vehicle, Zencap Direct Lending IV, reached a first close of €225 million at end-2023 targeting more than €500 million. Value creation rests on origination, credit selection and structuring expertise.
Recent activity
Recent financings include Lebronze Alloys in industrials and specialty metals (2023), Les Bains in consumer and hospitality (2023), Serapid in industrials (2024) and the Volta Group through arranged mezzanine debt. As a private-debt manager, Zencap AM realises positions through loan repayment rather than equity exits. The platform continues to deploy across corporate direct lending, real-estate debt, infrastructure debt and specialty finance to French and continental European companies. Detailed buyer names and multiple data available on Pro at €29/month.
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