Net Performance of French Private Equity in 2023 (France Invest)

Summary

• The 30th edition of the annual study by France Invest and EY covers 1,079 private equity and infrastructure funds at end-2023.p.1
• Net performance since inception reached 11.7% at end-2023, compared with 12.1% at end-2022.p.1
• Over a 10-year horizon, the net annual internal rate of return (IRR) of French private equity reached 13.3%.p.1
• Over a 3-year horizon, net performance stood at 13.4% at end-2023 compared to 15.2% at end-2022.p.1
• French private equity outperformed the CAC 40 (10.5% per year) and CAC All-Tradable (10.1% per year) over a 10-year period.p.2
• Fully liquidated funds returned 1.87x the initial investment to their investors, yielding a net IRR of 14.5% per year.p.2

Key insights

1. French private equity performances remained at high levels across all horizons despite a complex macroeconomic environment.p.1
2. The venture and growth segment experienced a more pronounced decline due to valuation adjustments globally.p.2
3. French private equity continued to demonstrate long-term outperformance over public equity markets.p.2
4. Fully liquidated funds achieved a net investment multiple of 1.87x and a net IRR of 14.5% per year.p.2
5. The 2023 edition of the study covers over 1,000 vehicles managed by 165 management companies.p.3