Zencap AM

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.

Frequently asked questions

How many portfolio companies does Zencap AM have?

Zencap AM has 24 active portfolio companies and 3 funds tracked on GP Intel.

Where is Zencap AM headquartered?

Zencap AM is headquartered in Paris, France.

What is Zencap AM's assets under management?

Zencap AM manages approximately €3.8B in assets under management.

When was Zencap AM founded?

Zencap AM was founded in 2009.

What sectors does Zencap AM invest in?

Zencap AM invests across Industrials, Consumer, Business Services, Real Estate, Energy.