Surperformance du capital-investissement français à fin 2023 (France Invest)

Summary

• Over a 15-year period to the end of 2023, French private equity achieved a recalculated net IRR of 12,9% versus 8,9% for the reference index, generating an alpha of 4,0%.p.11
• Since inception through end-2023, the asset class produced a recalculated IRR of 15,0% against 8,4% for the benchmark, reflecting an alpha of 6,6%.p.15
• On a 10-year horizon, Infrastructure generated the highest outperformance with an alpha of 5,8%, followed by Capital-Transmission (Buyout) at 4,7%.p.9
• On a 15-year horizon, Capital-Transmission delivered the highest alpha at 6,0%, while Infrastructure stood at 5,4% and Venture & Growth recorded an alpha of 0,4%.p.13
• Since inception, Capital-Transmission registered an alpha of 9,5%, compared to 5,6% for mixed vehicles, 5,4% for Infrastructure, and 0,2% for Venture & Growth.p.17

Key insights

1. The overall 10-year alpha contracted from 5,3% at year-end 2022 to 3,4% at year-end 2023.p.9
2. Infrastructure assets showed the highest 10-year alpha at 5,8% at end-2023, despite declining from 7,9% at end-2022.p.9
3. Capital-Transmission maintained a stable 15-year alpha of 6,0% at end-2023, identical to the 6,0% recorded at end-2022.p.13
4. Venture & Growth experienced a sharp drop in 10-year alpha, moving from 4,9% at end-2022 down to 0,4% at end-2023.p.9
5. Capital-Développement was the only segment with a negative 15-year alpha at end-2023, recording -0,2%.p.13
6. Since inception, Capital-Transmission remains the strongest segment with an alpha of 9,5% at end-2023.p.17
7. The methodology developed with Gottschalg Analytics adjusts net member performance using a discount factor to eliminate traditional IRR calculation biases against the CAC 40.p.4