2023 Report – After a record year of investments and exits, Andera Partners sets a target of 7 to 8 billion Euros in AUM by 2028 and announces its European ambitions

Andera Partners, a leading private equity investment firm, had a particularly active 2023, with €627 million deployed (+25% as compared with 2022), €790 million in sales proceeds (+53%) and €680 million in new funds raised.

Through its six investment teams, Andera Partners maintains its status as a leading multi-specialist private equity firm, on a European level, positioned at the heart of sustainable transformation and economic impact. With already more than €4.1 billion assets under management, Andera Partners exceeded its 2025 target and now seeks to reach €7 to 8 billion in assets under management by 2028.

In 2023, Andera Partners re-affirmed its European objectives and strengthened its presence and impact in geographical regions close to France – Germany, Italy, Benelux – through teams present on the ground, but also investments and external growth operations. A specialist in providing support for growth and scale change to French and European companies, Andera Partners also distinguishes itself by offering in-depth support for its portfolio companies in their decarbonisation and sustainable transformation.

In line with its objectives, Andera Partners strengthened its teams increasing total staff to 112 persons, including 69 investment professionals. In January 2024, Andera Partners welcomed Sophie Elkrief, a new partner in charge of Business Development and the Investor Relations team. She joins the board of Partners which now has 13 members.

2023 HIGHLIGHTS

• Threshold of €4 billion in assets under management reached in June 2023. This result is specifically related to the record €750 million fundraising of Andera MidCap, reaching two hard caps. In total, the teams of Andera Partners raised €680 million in 2023.
• The validation by the Science-Based Targets of an ambitious decarbonisation trajectory and the launch of an innovative program, “Andera Climate Solutions”, deployed successfully with portfolio companies to accelerate the reduction of their environmental footprint.
• Andera Partners generated record growth in its performance. With the deployment of €627 million, a significant increase of 25% as compared with 2022, its six business activities carried out 29 investment operations. Andera Acto was particularly active, carrying out 10 investment operations in France and in Europe. At the same time, sales proceeds increased by 53% reaching €790 million, with an average multiple of 3.6x. The disposals in 2023 included significant exits, such as Orest and FCG (both in Andera Expansion portfolio) towards LVMH and Michelin, as well as those of Scalian and Infra Group (both in Andera MidCap portfolio) towards Wendel and PAI Partners.
• Continued international expansion, with 14 investments in companies outside France for the Andera Life Sciences, Andera MidCap and Andera Acto, and Andera Infra teams, i.e. 50% of new investments, and 21 external growth operations abroad. Andera Infra, specialised in the financing of infrastructures of ecological transition, thus completed its first investment in Spain, in Ingenostrum, an expert in the development of renewable energy projects.
• A strong commitment to innovation, with focus on health and quality of life of patients (anchored by a strong activity in the life sciences sector: 12 new investments in healthcare and 21 portfolio companies currently in clinical development phase with 25 advanced clinical trials ongoing) and on promoting energetic transition and decarbonisation.

120 portfolio companies                                    

As of this date, Andera Partners provides support to 120 companies, whose cumulative turnover represents close to €7 billion. In an uncertain economic context, the companies supported by Andera Partners demonstrated dynamism reflected notably by 68 external growth operations.

Over and beyond financial growth metrics, the teams of Andera Partners focus on values of partnership and teamwork, notably through the corporate footprint of the portfolio companies. Thus, 2023 has also been a rich year for companies supported by Andera Partners:

• About 33 000 employees
• About 1 600 new jobs
• 1 642 shareholder employees

An innovative and well-acknowledged Corporate Social Responsibility (CSR) commitment

For more than 10 years, Andera Partners has encouraged significant and sustainable transformation within its portfolio, thus demonstrating a CSR commitment intrinsic to its investment strategy. Andera Partners has intensified its CSR support initiatives, sharing its expertise with its portfolio companies and strengthening its positive impact. More than 40 companies are currently being actively provided support to meet CSR goals.

By joining forces with the Science-Based Targets initiative, Andera traced and validated an avant-garde decarbonisation trajectory. For this purpose, an innovative program called “Andera Climate Solutions” was successfully implemented in 2023 with its portfolio companies, including the strict carbon footprint measure, the development of a decarbonisation trajectory in line with the Paris Agreement and the systematic establishment of a decarbonisation action plan to reach it. Nine companies in the portfolio are already on the path towards validating their ambitious CSR trajectory.

Beyond the Climate, the support initiatives of Andera relating to the portfolio are increased with regard to all components of sustainability, with notably the management company joining the “Finance for Biodiversity Foundation” and commitments in favour of value-sharing and inclusion. These reflect the commitment of Andera towards shared profits and value creation for the entire ecosystem.

Andera also obtained the maximum score in each of the modules in the last rating of the Principles for Responsible Investment (PRI) of the UN and was on the Real Deals 40 Climate Champions list, which demonstrates the strong acknowledgement of its stake holders.

Fixed cap for next five years: €7 to 8 billion in assets under management and an increased presence in Europe

The growth of Andera Partners in the coming years will be underpinned by dynamic activity in the three principal investment areas including health (Andera Life Sciences), financing and succession planning for small  and medium-sized companies (Andera MidCap, Andera Acto, Andera Expansion/Croissance, Andera Co-Invest) and renewable energy transition (Andera Infra), through the internationalisation of its activities and acquisitions of management companies complementary with the development strategy of Andera Partners.

In 2024, priority will be given to:

• Widening the investor base of Andera Partners by targeting main European actors.
• Acceleration in fundraising, in particular through the upcoming fifth fund generation for Andera Acto, with a target of €1 billion by 2025. The Andera Smart Infra I fund itself exceeded its target of €150 million raised.
• Preparation of next fund generations for Andera Expansion, Andera Smart Infra, Andera Co-Invest, and Andera Life Sciences.

Laurent Tourtois and Raphaël Wisniewski, Partner-Managers of Andera Partners, note as follows:
“ Thanks to the performance of our funds, our positioning in areas with high potential (smid cap, health, energetic transition, sponsorless mezzanine debt) and our proven capacity to transform companies we support, we have become a key player in the French and European markets. Andera Partners has notably distinguished itself by its record returns to subscribers, despite a difficult market context in 2023. The teams of Andera Partners are driven by the search for innovation and positive impact and the will to enable portfolio companies transition to the next level. We believe that the economic fabric which is woven of small and medium-sized innovative companies plays a key role in value creation and building social cohesion. Our mission is to provide these companies with support on the road to sustainable growth, everywhere in Europe, based on an increasingly stronger European footprint which we
will continue to consolidate in 2024 ”.