Investment
funds

INVESTMENT FUNDS PORTFOLIO CONSTRUCTION

Our Investment Funds portfolio is shaping according to the redefinition of our strategy initiated in 2021.

This is the result of the in-depth work of our internal team that analyses the market in a systematic way. Our objective is to detect the best third-party teams and to spot the right market opportunities, while keeping a permanent focus on creating, over the long term, a well-balanced and diversified portfolio in terms of geographies, strategies and vintages.

In line with our long-term Investment Fund strategy, we build up our fund allocation based on five principles:

1. Extensive analysis of the market
2. Selection of the best managers
3. Geographical diversification
4. Strategy diversification
5. Vintage investing

We aim, by 2025, to have a geographical diversification as follows:

• Europe: 40-50%
• North America: 40-50%
• Asia: 10-20%

In terms of investment strategies, we ambition to build the following allocation over time, with a good sectorial diversification as well:

• Buyouts: 40-50%
• Growth: 20-30%
• Venture: 10-20%
• Secondaries/co-investments: 10-20%