- Assets under management pass the symbolic €5 billion threshold
- Solid investment and liquidity momentum: 22 new investments, 58 external growth operations and rise of almost 50% in sale proceeds
- Acceleration in fundraising, €1.2 billion raised
- Structural strengthening of the platform, marked by the closing of the strategic partnership with New York Life Investments and its European subsidiary, Candriam
- Intensification of European footprrint, driven by teams and operations outside France
- Pursuit of cross-functional commitments, with a more in-depth CSR strategy aimed at creating value
Against an economic and financial backdrop marked in 2025 by a global slowdown and a sharp downturn in the private equity market – fund investments were down by more than 20% in France – Andera Partners is continuing to implement its strategy, combining a sustained level of investment, an active sales drive and a solid fundraising capacity.
2026 began with strong performance by the Acto V fund, which reached €1.1 billion at the final closing, illustrating the change in scale within the company and the realisation of its ambitions. Building on the success of the Andera Dette Privée unit-linked vehicle, developed in partnership with MACSF, which alone represented 20% of this fundraising, Andera Partners intends to step up the development of new private market vehicles for retail investors, in particular two products structured under the ELTIF regime, Andera Rendement Privé and Andera MBO (Multi Buy-out Strategy), two evergreen funds.
With its six investment teams, Andera Partners has established itself as a key European GP by consolidating its position as a leading European multi-specialist, supporting the growth and transformation of French and European companies in key sectors of the economy.
Against this demanding backdrop, Andera Partners is stepping up its international expansion on all fronts:
Fundraising: the strengthened partnership with its US shareholder New York Life Investments and its European subsidiary Candriam, the final closing of which took place in the autumn.
Its European locations for direct investment and support for portfolio companies: now 5 European offices (Paris, Antwerp, Munich, Milan and Madrid) and nearly 25% of its investments outside France, with 370 companies invested in for nearly 25 years, including 92 abroad.
An international focus is at the heart of the portfolio companies’ external growth strategy: the MidCap strategy, for example, carries out 2 out of 3 build-ups in Europe (excluding France).
Highlights in 2025
The threshold of €5billion in assets under management was reached in September 2025 (€5.1 billion as of 09/30/2025). In total, the Andera Partners teams doubled the amounts raised compared to the previous year, with €1.2 billion raised in 2025.
With €584million deployed, the six activities carried out 22 investment transactions and refinancing operations. At the same time, sale proceeds rose by almost 50% to €634 million in 2025, with an average multiple of 2.35x. The year’s sales included Mastergrid, a leader in maintenance of high-voltage switchgears, sold to Ardian; Patrimmofi, a private wealth advisory group, sold to the VYV group; and Imcheck, a specialist in immuno-oncology, acquired by Ipsen.
The expansion of Andera Partners’ European footprint, with seven new investments in companies outside France, i.e. one in three investments, and more than one in two external growth operations carried out abroad (31 out of 58).
A resilient portfolio in a selective environment
In a highly selective economic environment, the 136 companies supported by Andera Partners have generally shown resilience, as evidenced by the 58 external growth operations carried out in 2025.
In addition to financial performance, Andera Partners attaches particular importance to the responsible development of its holdings. Thus, in 2025, the social impact of its portfolio translated into more than 40,000 employees, 1,550 new jobs and 1,820 employee shareholders.
Sustainability as a driver for supporting and improving the performance of portfolio companies
While debate on sustainability intensified in 2025, it remains a major strategic issue for companies and their investors. Andera Partners has reaffirmed its commitment to the sustainable transformation of its portfolio by creating a hub dedicated to supporting companies (ESG Operating Partner), within its Sustainability Department. Sustainability is a genuine growth driver for companies and a factor that gives the edge for investors when fundraising, and is fully in line with Andera Partners’ value creation strategy. Since 2018, more than 75 companies have benefited from structured support, and several successful company sales that have significantly enhanced their CSR approach attest to the link between performance and sustainability.
Andera Partners has also led a pioneering approach in the private equity industry with the publication of a comprehensive, open-source methodology for analysing water impact and dependencies. Presented in the white paper “Managing Water, A New Strategic and Operational Challenge”, this approach has made it possible to analyse 605 physical sites in the portfolio and identify their exposure to water stress, physical risks and value chain vulnerabilities, in order to develop credible and measurable mitigation plans.
In addition, Andera Infra has published a white paper on the energy transition and the central role played by infrastructure in its success, providing expert insight into the strategic challenges of this transformation.
Andera Partners steps up its commitment to innovation
In 2025, Andera Partners made innovation a cornerstone of its investment strategy, with the aim of creating sustainable value and supporting sectors undergoing profound transformation.
This approach to innovation is fully embodied in Life Sciences, where the Andera Life Sciences team currently supports 31 companies in the clinical development phase, involved in 33 late-stage clinical trials, which have already led to the approval of six new products. These investments illustrate Andera Partners’ ambition: to support innovation with solid scientific and technological content, capable of transforming healthcare pathways in a sustainable manner while delivering solid, sustainable performance to its investors.
Against a backdrop of rapid technological progress, data and digital tools are boosting the capability to analyse, select and monitor investments, requiring new trade-offs in terms of talent, governance and team culture.
Based on the conviction that this is a pivotal moment, Andera Partners has strengthened its position with the recruitment of Mickaël Clavier as Chief Digital & Data Officer. Artificial intelligence, predictive analysis and automation are strategic levers, complementing the sector-specific and human expertise that is the platform’s DNA.
Andera Partners expands its European network of senior advisors
Andera Partners is continuing to develop its platform in Europe. This dynamic is illustrated in particular by the expansion of Andera Acto’s European network of Senior Advisors, with strategic appointments in Germany, Belgium, Italy and shortly in Spain, aimed at supporting the international deployment of the sponsorless activity.
This is also reflected in the promotion of Francesco Gonzaga to Partner in Milan in early 2025, confirming the solid foundation and growing strength of the teams in Italy, and in the bolstering of the Madrid office with several new recruits for the Andera MidCap team.
The course set for the next five years: €10 billion in AUM and a stronger presence in Europe
Andera Partners’ growth trajectory for the coming years will be based on sustained activity within its three main investment themes: healthcare (Andera Life Sciences), the financing and transfer of SMEs and MSBs (Andera Expansion, Andera MidCap, Andera Acto, Andera Co-Invest) and the energy transition (Andera Infra), as well as the continued Europeanisation of its activities. Andera Partners has now set itself the target of reaching €10 billion in AUM within five years.
In this context, following the recent final closing of the Andera Acto V fundraising at €1.1 billion, the teams are continuing to raise the next vintages in 2026. The final closings of Andera Expansion 4 and BioDiscovery 7 will take place during the year, while Andera Smart Infra II, Andera MidCap 6 and Andera Co-Invest III are already seeing very favourable fundraising momentum.
For Stéphane Bergez and François-Xavier Mauron, Partners at Andera: “Driven by innovation, the search for positive impact and business transformation, Andera’s teams are approaching 2026 with a clear ambition: to provide sustainable support for the change of scale of SMEs, MSBs and innovative companies throughout Europe. The continuation and expansion of our fundraising is key to leveraging this ambition, by giving us the resources to invest and support growth. At the same time, we will continue to strengthen our teams and our European footprint, so that we can build on an integrated platform, close to entrepreneurs, to create sustainable value for our portfolios and our investors”.