Grand Sud Ouest Capital
Private equity company (SCR) investing the own funds of Crédit Agricole regional banks of south-west France (Toulouse 31, Aquitaine, Nord Midi-Pyrénées, Pyrénées Gascogne, Charente-Périgord)
Also known as GSO Capital, Grand Sud-Ouest Capital, GSO Innovation, GSO Financement
Bordeaux-based SCR owned by five south-west Crédit Agricole regional banks, investing their own funds in regional SMEs/mid-caps (development, LBO), start-ups (GSO Innovation) and private debt.
- HEADQUARTERS
- Bordeaux, France
- FOUNDED
- —
- AUM
- —
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 9 people
Focus
- STAGES
- SeedSeries AGrowthBuyout
- SECTORS
- Industrial & ManufacturingHealthTechClimate & EnergySoftware & SaaSFood & AgricultureConsumer & E-commerce
- ASSET MIX
- Private equityVenture capitalPrivate credit
- GEOGRAPHY
- France
Investment arms & vehicles
- Equity for innovative start-ups of the greater south-west (seed and Series A, B2B), created 2018
- Private debt fund launched November 2019: €120M envelope, bullet bonds of €2–5M over 5–10 years
Overview
Grand Sud Ouest Capital (GSO Capital) is a Crédit Agricole group company whose shareholders are exclusively the five Crédit Agricole regional banks of south-west France. It is a société de capital risque (SCR) that states it invests only its own funds, without a fixed holding period, in development capital, buyouts (MBO, MBI, BIMBO) and capital reorganisations of regional SMEs and mid-caps, with decisions taken locally. GSO Innovation (created 2018) backs seed and Series A start-ups of the same territory, and GSO Financement (launched 2019) provides €2–5M bullet bond financing from a €120M envelope. It frequently co-invests with other Crédit Agricole vehicles such as IDIA Capital Investissement and Sofilaro.
Investment thesis
Long-term minority equity for profitable SMEs and mid-caps of the greater south-west in expansion, external growth, R&D and production projects; buyout financing alongside managers or new owners; share buy-backs in family or partner reorganisations; plus seed/Series A for B2B innovative start-ups and complementary bullet-bond debt.
PORTFOLIO (15)
- Paprec GroupNOTABLEClimate & Energy · since 2022
- Ceva Santé AnimaleNOTABLEHealthTech
- Magellan PartnersSoftware & SaaS · since 2026
- RECAEROIndustrial & Manufacturing · since 2026
- GenoskinBiotech & Life Sciences · since 2025
- Febus OpticsDeep Tech · since 2025
- H&Asince 2023
- LMB Fans & MotorsIndustrial & Manufacturing · since 2022
- ActeonHealthTech
- AmarencoClimate & Energy
- Apex EnergiesClimate & Energy
- ApsideSoftware & SaaS
- Chausson MatériauxIndustrial & Manufacturing
- ComeenSoftware & SaaS
- EthiquableFood & Agriculture
People
- Frank StephanDirecteur général · source
- Laurent MazardDélégué régional GSO Capital · source
- Cyril LaugierDirecteur de participations GSO Capital · source
- Romain FebvreDirecteur de participations GSO Capital · source
- Grégoire TorralbaDirecteur de participations GSO Capital · source
- Amandine BachelotDirectrice de participations GSO Capital · source
- Véronique BernatDirectrice d’investissement GSO Financement · source
- Adrien LejalDirecteur de participations GSO Innovation · source
- Anaïs RaluyDirectrice de participations GSO Innovation · source
Links
Frequently asked questions
Grand Sud Ouest Capital is a corporate venture arm based in Bordeaux, France.
Yes. Grand Sud Ouest Capital invests its own capital in private companies.
Grand Sud Ouest Capital invests at Seed, Series A, Growth and Buyout stages in Industrial & Manufacturing, HealthTech, Climate & Energy, Software & SaaS, Food & Agriculture and Consumer & E-commerce.
Key people at Grand Sud Ouest Capital include Frank Stephan (Directeur général), Laurent Mazard (Délégué régional GSO Capital), Cyril Laugier (Directeur de participations GSO Capital) and Romain Febvre (Directeur de participations GSO Capital).
Grand Sud Ouest Capital's investments include Paprec Group, Ceva Santé Animale, Magellan Partners, RECAERO, Genoskin, Febus Optics, H&A and LMB Fans & Motors, among others.
The most recent publicly reported investment by Grand Sud Ouest Capital is Magellan Partners (Equity entry (with IDIA, PG Développement, BNPP Agility and Capza; ICG partner since 2025) on Magellan’s acquisition of Worldline’s MeTS division), announced in Jun 2026.
No. Grand Sud Ouest Capital invests its own capital and does not raise money from outside investors.