Surperformance du capital-investissement français à fin 2025 (France Invest)

Summary

• Over a 10-year horizon to the end of 2025, French private equity delivered an alpha of 1,7% compared to the CAC All Tradable index, with a recalculated IRR of 10,7% versus 9,0% for the index and a TVPI of 1,4x.p.7
• Over 15 years to the end of 2025, French private equity generated an alpha of 1,5% over the CAC All Tradable, with a recalculated IRR of 10,3% compared to 8,8% for the public benchmark.p.11
• Since inception through the end of 2025, French private equity outperformed the CAC All Tradable by an alpha of 3,1%, posting an 11,2% recalculated IRR against 8,1% for the benchmark and a TVPI multiple of 1,5x.p.15
• Compared to the CAC SMID index over 10 years to end 2025, French private equity generated an alpha of 5,0%, reflecting a recalculated IRR of 10,6% versus 5,6% for the index.p.19
• Against the CAC SMID index over a 15-year period to end 2025, private equity recorded an alpha of 2,2%, based on an IRR of 9,1% compared to 6,9%.p.23
• Since inception through end 2025, private equity outperformed the CAC SMID benchmark with an alpha of 5,0%, achieved with an 11,3% recalculated IRR against 6,3% for the index.p.27

Key insights

1. Across a 10-year period ending in 2025, buyouts (capital-transmission) posted the highest alpha against CAC All Tradable among private equity strategies at 3,7%, while venture and growth recorded an alpha of -2,0%.p.9
2. Over 15 years ending in 2025, buyout funds achieved an alpha of 2,8% and infrastructure funds reached 1,8% relative to the CAC All Tradable benchmark.p.13
3. Since inception to end 2025, buyout strategies led outperformance versus the CAC All Tradable index with an alpha of 5,9%.p.17
4. When benchmarked against CAC SMID over 10 years to end 2025, all segments delivered positive alpha, led by capital-transmission at 6,8% and infrastructure at 4,7%.p.21
5. Over a 15-year horizon against the CAC SMID index, buyout funds generated an alpha of 2,8% and infrastructure achieved 3,5% at end 2025.p.25
6. Since inception relative to CAC SMID, capital-transmission delivered an alpha of 7,7%, followed by infrastructure at 3,6% and capital-développement at 1,4%.p.29